Appraising of antiques is a professional activity of establishing the value of antiques. It is carried out by evaluators - individuals and legal entities - using special rules and techniques. Type of antiques value depends on the objectives of the appraising (market, investment, collateral, etc.). Works of art, including antiques, are very specific types of property that have a number of properties distinguishing them from such more frequently encountered types of property as real estate, property complexes, cars and equipment, etc. Appraising of real estate, machinery and equipment, vehicles, land, operating enterprises, etc. is based on well-defined sections of economics. As for works of art and antiques, there is not yet a theoretical economic basis for evaluating these types of property, and at present, there is no regulation mechanism for this type of appraising activity. Appraising of works of art cannot be carried out using generally accepted economic approaches, since there are no general theoretical principles of economic justification necessary to create a methodology for valuing works of art and antiques. The appraising of this type of value is a specific and unique type of activity based on art and historical research work. Appraising of works of art, including antiques, is meaningless without establishing the authenticity of the item being evaluated, therefore, before proceeding with the appraising, our company conducts a comprehensive examination of the property being evaluated. The appraising of antiques is not only an expert determination of the “right” price, but also the process of creating an appraising report strictly complying with the Law on valuation activity and the international standards and norms.
The appraising of antiques is carried out in order to determine:
- transaction prices for purchase and sale;
- collateral amount for lending;
- determination of the state duty for notarial acts (appraising of antiques for a notary);
- contribution to share capital;
- compensations in litigation;
- insurance amounts.
Appraising antiques, factors such as its degree of preservation, affiliation with the manufacturer or author, the number of copies and the time of creation are taken into account. But the main factor in determining the value of antiques is supply and demand. Therefore, in the pricing field for antiques, an important role is played by auctions, specialized publications and shops.