appraisals
The LAC offers a variety of fine art appraisal services for various functions and all our appraisal reports follow standards for appraisal writing practice as well as the Uniform Standards of Professional Appraisal Practice (USPAP). If you require a formal written appraisal report for insurance, resale or for a donations, you are in the right place. If you purchased a work of art at a thrift store or at a yard sale or inherited a work of art, please read this page carefully and see our FAQ section below for more information about appraisals and what it entails.
Appraisal Services Offered
- Written appraisal reports for charitable donations + acquisitions, insurance coverage + claims, resale + liquidation (separation, death, downsizing, etc)
- Evaluations fine art (less formal and more economical, often a more suitable options for lower value works)
- Consultations in identifying most suitable markets for resale of fine art, restoration and cleaning, repair referrals
- Description, identification and arranging authenticity when required
Types of Property Appraised
Fine art such as paintings, lithographs and prints, drawings, photographs, sculpture.
Types of Property Generally Not Appraised
Large estates, antiques, jewelry, silver, furniture, china, ceramics, figurines, rugs, baskets, coins, stamps, Asian and European items, real estate or business valuations.
Appraisal Services Not Offered
The Leamington Arts Centre, nor its appraiser are an auction house or commercial dealer gallery seeking to sell your artwork. We are not an “Antiques Road Show” appraisal service as seen on TV and we do not give information or values over the phone or verbal values to walk-in clients. We do however offer consultations and evaluations to assist clients in discovering information about works of art or to determine if a written appraisal is suitable. A consultation varies case by case but typically includes identifying artwork, providing artist biographical information, artwork condition reporting, sales data records, market information and other relative information. Please note, appraisers do not “authenticate” artwork, they appraise based on the assumption the work is legitimate.
We also offer comprehensive detailed written and justified appraisal reports for specified intended use which follow standards for appraisal writing practice, as well as Uniform Standards of Professional Appraisal Practice (USPAP) and Revenue Canada guidelines.
If you are inquiring about an appraisal for the purpose of donation to an accredited institution such as the LAC, we can assess and discuss all options, including possible acquisition to our collection. Learn More…
About the Appraiser
Chad Riley is a personal property appraiser specializing in fine art servicing the Windsor-Essex Region. Riley is also the Director/Curator of the Leamington Arts Centre (LAC), a regional community art gallery.
Chad Riley completed the core course in appraisal studies from the International Society of Appraisers in 2018 and was a member of the ISA for many years. Riley is currently a member of the Canadian Professional Appraisers (CAP).
Riley holds a Master of Fine Arts (M.F.A.) degree from Wayne State University, Detroit, MI USA with a specialization in Photography. He earned a Bachelor of Fine Arts (B.F.A.) with Honours distinction and a minor in Art History from the University of Windsor, School of Visual Arts in Windsor, ON Canada.
Riley is noted for his previous experience as adjunct professor of digital photography at the Art Institute of Michigan – Troy and is recognized for his achievements as an arts leader in the region by numerous awards, nominations and academic scholarships.
Also an accomplishes artist, Riley has exhibited nationally and internationally nearly 100 exhibitions. His work is on permanent display and in collections in a variety of institutions and public spaces in Canada and in the United States.
FAQ
What is an appraisal?
An appraisal is the process of developing an opinion of value, estimating cost, or calculating the present worth of future earnings (ISA, 2014) based on an informed opinion by a qualified appraiser and supplied in a formal written or oral report. Value is obtained using a variety of information including but not limited to: the artist, provenance (history of ownership), purchase price, recent selling prices of similar comparable items, condition, rarity, historical significance, aesthetic beauty and authenticity.
When is an appraisal required?
An appraisal is required for determining adequate theft or fire insurance coverage, various tax functions with the Canada Revenue Agency such as income tax deduction for charitable contribution (donation), and for equitable distribution of property in divorce, death or estate division. It is recommended that an appraisal be done every three to five years, or sooner if market changes are evident, to keep values current. Appraisal reports are generally accepted by government, insurance companies, banks, lawyers, galleries and museums.
Artwork donations valued over $1,000: when you donate property to a registered charity (such as the LAC), you qualify for a tax credit based on 75% of the fair market value of the property. If the deduction is $1,000 or greater, you are required by Revenue Canada to have a fair market value appraisal and the charity’s policies should also require an appraisal. Capital gains taxes must be paid on the difference between the fair market value and the price at the time of purchase.
What is the difference between an appraisal and a consultation/evaluation/valuation?
An appraisal is an opinion of value based on specific criteria around a specific intended use, objective and purpose. Different uses of appraisals require different approaches to determine value and result in different value amounts. An appraisal is a formal valuation service completed in a manner that is independent, impartial and objective. For example, a client’s insurance company is requesting an appraisal report for proper insurance coverage of a high value work of art. Appraisal reports are a detailed and lengthy (often 20+pages) and typically take a few weeks to prepare, but each appraisal is unique based on the scope of the work, type of appraisal, and the artwork itself.
A consultation/evaluation/valuation is a more informal sharing of information and consulting regarding physical and other characteristics of the artwork which typically include (media, condition, age, etc.), identifying the artist and biographical information, market data, comparable sales records, etc. that can be determined through studies and experience in the field and readily apparent identity. No consultation or evaluation/valuation is the same and it varies based on the client’s needs as well as the available information and the artwork itself.
An example of a evaluation can often more broadly answer the questions: “How old is this work of art?”; “Is this an original or a print?”; “Do you think this is worth having a written appraisal done?”; “Is this artwork worthwhile to have restored?”; “How should I go about selling this work of art?” A consultation is not an appraisal and is limited by on the spot or short research conducted in advance and are usually done by photographs, via email or in person by appointment and under limiting conditions. The fee for a consult is less than an appraisal as the scope of work is less, however it is an affordable alternative to getting an overview and answering some general questions about a work of art. Evaluations and valuations can also be completed via email, where the client sends details of the artwork and a response is sent with market information, comparable sales, bio and/or relevant others information where the client then has information to determine if they are going to sell, keep, donate, etc.. the work of art, or if an written appraisal is a suitable next step.
What does it mean to be a qualified appraiser? Do all appraisers have similar qualifications?
Appraising requires an understanding of the theory, principles and standards that pertain to both valuation and evaluation. Appraising is an inexact science requiring study and the application of a learned methodology (ISA, 2014). The profession is governed in both Canada and the United States by standards set by the Appraisal Standards Board at The Appraisal Foundation called the Uniform Standards for Professional Appraisal Practice (USPAP), and theories and principles set by professional associations. A qualified appraiser can appraise any type or period of art provided they have or acquire the necessary knowledge.
How much does an appraisal or evaluation cost?
In-person, email or phone consultations/evaluations/valuations are typically $50-75 and an appointment must be scheduled if in-person. Should you choose to have a formal written appraisal report completed, appraisal costs are based on the time and scope of work required to complete the assignment according to the clients intended use of the appraisal, i.e.: for insurance or the CRA, etc. and how much research time is undertaken. Some artists and artwork are more uncommon than other more well-known artists where there is a good supply of data and records. Therefore each appraisal fee is determined case by case and an estimate is given in advance based on the hours to complete the assignment. Appraisal reports typically start at about $250 and up, based on the time, number of works, etc. The more information about the work of art supplied in advance by the client, such as photographs, receipts for purchase or repairs, previous appraisals, identification, provenance, etc. that can aid in the report may help to lessen the time and costs associated. It is against ISA code of ethics and USPAP to charge a contingency fee or a percentage based on the value of the artwork, please keep this in mind should you seek the services of another appraiser. Additionally, appraisal reports for income tax for the Revenue Canada must be completed by a “qualified appraiser” and be USPAP compliant in order to be accepted. Read More…
What information should I prepare and what do I need for my in-person consultation or appraisal?
A personal inspection of the work is required in most cases to identify, condition and photograph, so plan to bring the work with you for inspection. You will be asked to fill out an intake form/questionnaire to aid the appraisal process. For an accurate appraisal, it is important to provide as much information as possible in advance regarding the artwork including the artist’s name, title of the work, date created, media (i.e.: oil paint on canvas), damage, wear or repair, is it signed, edition, how you obtained the work and what you know about its history.
What are the service term?
Chad Riley is the Director of the Leamington Arts Centre (LAC) and performs appraisal services in affiliation with the Leamington Arts Centre (LAC).
A consultation and any values expressed or implied by Chad Riley, in no way constitute a formal written or oral appraisal. The values provided by Chad Riley in such cases are based on personal observations, readily apparent identity, familiarity with the assets or research conducted on the spot. In such cases, Chad Riley may or may not use online resources to conduct basic market research on selected assets included in the evaluation/valuation and assumes the values found are accurate. The valuation time period may vary, research and consideration period, all, which constitute constraint and limiting conditions.
During the evaluation examination period, any incorrect assumption made by Chad Riley or incorrect information provided by the client may alter or change opinions and conclusions. Furthermore, the intended use of an appraisal and approach to value used are directly linked, a change in the use will impact the value conclusion. Chad Riley is providing client with marketability information on the personal property being evaluated and in no way can guarantee a sale price or other expected outcomes.
The liability of the appraiser for this appraisal report will be limited solely to fees rendered. The appraiser’s contractual obligations are complete with the submission of the services.
Possession of any information received does not carry with it the right of publication. No part of the contents of a report or consultation (especially any value conclusions or the identity of the appraiser) shall be disseminated to the public through advertising, public relations, news, sales or other media without the prior written consent and approval of the appraiser.
All information concerning this appraisal is regarded as confidential by the appraiser. I retain a copy of this document along with my original notes, and I will not allow others to have access to these records without written permission of the client unless so ordered by a court of law.
A written estimate will be prepared for all appraisal services . A 50% deposit will be required on all appraisals services before any work begins. For larger assignments over $1,000, payment in full is required. Evolutions/valuations must be paid in full in advance.
Most appraisals and evaluations can be completed via email. In rare circumstance, if travel is required, travel costs within the surrounding ares of Leamington are charged at the standard hourly rate for travel time plus mileage using the accepted Revenue Canada rate of 54¢ per kilometre.
Intake Form
For evaluations/valuations and appraisal inquiries, the first step is to complete the intake form below.
Upon receipt of the from, clients will receive an email response within 1-4 days with an estimate for appraisal services, or asked to provide more information.
Estimates are based on the scope of work (time to research and prepare reports.) The more information a client is able to share, the better. The artist’s name in most cases is the primary piece of information in determining value. If an artwork cannot be identified, an appraisal or evaluation may not be able to be completed.