What a Fine Art Appraisal Is and What It Is Not – Understanding Opinions of Value vs. Opinions on Authenticity
The phone rings, the email dings: “We need an appraisal on a work of art. We would like to know if it’s authentic.”
There is a gaping misunderstanding of what an appraisal is and what a qualified appraiser will offer. In simple terms, an appraisal gives you a monetary value, whereas an authentication tells you if an artwork was really made by a particular artist. While part of fine art advisory and appraisal services can encompass an authentication process, presenting an opinion on authenticity is not part of an appraisal. An appraiser offers an opinion of value – but not an opinion on authenticity. But there is an important relationship between the two. Let’s investigate.
Appraisal = Opinions of Value
The formal definition of an appraisal is the act or process of developing a credible opinion of value for a specific purpose on a particular date.[1] An appraisal is numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark.[2] This numerical value is expressed in an appraisal report. However, this opinion of value is not provided by just anyone. An opinion of value is offered by an educated, professional appraiser with years of experience in fine art with training in valuation methodology.
Offering an opinion of value is a professional service widely used and needed by other professional service providers, art collectors, and cultural institutions who require unbiased and justified valuations of fine art.
There are many purposes for an appraisal report, for example, insurance coverage or claim, for the donation of fine art to a registered charity, for an estate used in the preparation of a will or for probate, or for the dissolution of assets in a marriage or business. An appraisal can be used as an expert report in a legal matter or used to estimate what a work of art may sell for if listed for sale in the marketplace. And just as there are different purposes for appraisal reports, there are various types of values tied to each specific purpose. Understanding the differences in purpose and values are part of the specialized knowledge a qualified appraiser brings to their practice.
Cover of the 2024 Uniform Standards of Professional Appraisal Practice (USPAP); Fine Art Appraisal and Services library and appraisal cover, photo courtesy of the author
In an appraisal report, the appraiser will describe and identify a work of fine art using precise physical characteristics such as medium, dimensions, and condition. The appraiser collects this information from viewing the artwork itself. Using these descriptive characteristics, the appraiser will research the artist’s oeuvre[3] in order to position the work of art being appraised into context. They will ask a series of questions, including when the artwork was created, what was happening in the artist’s career at that time, whether the artwork represents an important piece for the artist, and for what style the artist was known.
Appraisers will then examine key market factors, including buyer demand, current and past pricing, the volume of the artist’s works in the market, and the economic and social conditions of the time.
When it comes to recording authorship in an appraisal report, appraisers will use an object’s “readily apparent identity.” This level of identification encompasses what the appraiser observes and concludes based on personal knowledge and previous experience and what information the fine art market recognizes as sufficient to establish authenticity.[4]
The appraiser will need more information on authorship to verify that the work was indeed created by the artist to whom it is attributed. The appraiser gathers this information from other fine art professionals and experts or directly from the artist. This leads us to opinions on authenticity.
Authentication = Opinions on Authorship
Authentication involves a different set of characteristics than those used in the description of an artwork. Authentication uses characteristics covering age, authorship, provenance, and place of origin.[5]
Having the credibility to offer an opinion on authorship and to authenticate an artwork takes a lot of time, education, research, and expertise. Fine art appraisers, albeit highly knowledgeable in categories of fine art, will not have had the same level of inquiry as a curator or art historian. These experts have studied a particular artist or period of art over many years. They may have published a catalogue raisonné[6], monograph[7], exhibition catalogue,[8] or other scholarly publications on their findings.
Jack Bush Paintings: A Catalogue Raisonné, Sarah Stanners, David Mirvish Books & Coach House Press, 2024, photograph by and courtesy of Kelly Juhasz
Catalogue raisonné de Jean Paul Riopelle, Catalogue raisonné des estampes, Yseult Riopelle, Hibou Éditeurs, Montréal, Québec, 2020, photograph by and courtesy of Kelly Juhasz
Authentication can also be offered by an artist’s representative gallery, which may have worked directly with the artist for many years, selling and exhibiting their artwork. These specialists hold a depth of knowledge that other art professionals in the market would not have been able to obtain.
Authentication can be subjective and involve studying an artist’s style, brush stroke, medium or subject matter, and how they signed and/or dated their artwork. It could also include biographical or geographical information tied to the artist or known dealer/gallery labels on the back of artworks that have been associated with the artist. Often, authentication contains elements of all of the above.
How Appraisers Use Opinions on Authenticity
An appraisal report will use authentication information clearly established by history of ownership or scholarly assessment. Together with descriptive details, the appraiser can assign a defined value on a specific date based on market evidence for a particular work of art or a similar work of art (depending on the purpose of the valuation). Qualified appraisers will consult these scholarly and art market resources as part of their valuation process.
The appraiser exercises due diligence in documenting and collecting authenticity data to support their opinions of value. They always ask clients about provenance – the past ownership of an artwork – and when and where it was acquired. They also inquire about family history or purchase records detailing how and when the artwork became the property of the client or their ancestors.
Further inquiry could include published authentication evidence such as exhibition catalogues or academic articles about the artwork or the opinion of a recognized art historian or curator with specific knowledge of the artist’s work. Part of the authentication process may also include testing materials to determine age. However, paint analysis can only prove age, not authorship. Researching the writings or documents included in an artist’s archives or sketchbooks may also provide evidence of authorship.
For some artists, a signature is sufficient to establish authorship. However, the absence of a signature does not necessarily indicate inauthenticity, as not all artists signed their work or did so consistently. Conversely, a signature is also one of the easiest elements to forge.
If an artwork is recorded in an artist’s catalogue raisonné, its authenticity may be established. However, the absence of an artwork in a catalogue raisonné does not necessarily mean it is inauthentic. In some cases, an artwork may have been privately owned and acquired directly from the artist. It may never have been publicly exhibited, listed for sale, or inventoried by the artist.
It is important to understand that a single piece of authentication evidence when used in isolation, may not be enough to prove authorship. Past records, written or oral, may contain inaccurate information. Family histories may include information that, over the years, was passed down incorrectly. Auction records and sale catalogues produced prior to the 1960s may not have included images of the artwork. This makes identification of the exact artwork listed in the catalogue more difficult. The catalogues may have included an artist attribution that, with further research, has been proven to be false.
When combined, the authentication data mentioned above may result in sufficient evidence to attribute authorship. An appraisal report will record known facts and authenticity information, but it will not establish authenticity.
When Would An Appraiser Request an Opinion on Authenticity
There are occasions when the appraiser may suggest that an artwork undergo an authentication process. This occurs, when the evidence in the marketplace indicates that an expert review, inclusion in a catalogue raisonné or the opinion on authorship significantly affects value, and when authenticity information is unavailable or unpublished.
Not every artwork requires this level of research or investigation. In the cases where authorship is known, i.e., the client purchased the artwork directly from the artist or the artwork is already authenticated, the appraiser will not need to investigate further. The appraiser then states in their report that the authenticity is based on readily apparent identity.
The market may demonstrate that missing details, the absence of expert examination, or a lack of inclusion in recognized publications do not significantly impact value when other credible attribution evidence is present. Understanding the art market and the artist’s creative practice is part of the specialized knowledge held by fine art appraisers and used in providing opinions of value.
If further research uncovers new historical information or proves any authentication details in an appraisal report incorrect, the appraiser’s opinion of value may change. Each appraisal report includes assumptions based on the authentication information available at the time. If those assumptions are later challenged by new findings that affect authorship, the opinion of value must be updated accordingly.
Authenticity is a key reason why fine art collectors should preserve all documentation related to their artwork. This includes purchase records, past ownership history, publication citations in fine art literature, and records of exhibitions or loans. It is advisable to regularly update this information, which can be documented in an appraisal report. This ensures that when the artwork is inherited, sold, or donated in the future, the correct authentication details and description are also transferred.
What About Certificates of Authenticity?
Appraisers often hear statements like, “We have a certificate of authenticity,” or “We would like you to issue a certificate of authenticity.”
Many works of art, in particular contemporary editioned prints, are sold with certificates of authenticity that are produced by the artist or the artist’s representative. For older works of art, a certificate of authenticity could come in the form of a letter from an authorized body of experts who represent an artist’s estate or a member of the artist’s family who holds a solid understanding of the artist’s work. These certificates or evidence of authenticity are known and accepted in the marketplace.
Certificate of Authenticity, Alex Colville, Three Sheep, Limited Edition Print, 1991, photograph by and courtesy of Kelly Juhasz
It is also important to note that many unauthorized dealers or forgers of an artist’s work may have produced falsified certificates of authenticity to accompany the sale of forged artwork. As a result, having purchased an artwork whereby a certificate of authenticity was provided may not ultimately be valid proof of authorship.
The appraiser must account for how the marketplace views the information available, including description and authenticity, in order to present their opinions of value. This is another example of specialized knowledge that a fine art appraiser brings to their service offering when performing their due diligence.
In conclusion, an appraiser does not authenticate artwork or issue certificates of authenticity when providing an opinion of value. Instead, they rely on credible authentication data to support their valuation.
An appraiser’s role in the art market is to provide an evidence-based opinion of value for a specific purpose, at a specific time, and in accordance with recognized industry standards. Their appraisal reports justify conclusions by clearly outlining sourced information, market evidence, and methodologies. These detailed, well-documented reports ensure that users understand the basis of the valuation and receive competent, reliable, and meaningful assessments.
Appraisers play a crucial role in financial decision-making, supporting professionals such as estate planners, insurance brokers, claims adjusters, lawyers, nonprofit advisors, and fine art curators. As part of cultural property, estate, and financial planning teams, they provide expert insight that informs key financial and legal strategies.
About the Author:
Kelly Juhasz is a qualified appraiser and principal of Fine Art Appraisal and Services, an art advisory and appraisal consultancy offering a range of services for fine art and archival collection needs, serving clients throughout North America. Her appraisal knowledge of personal property is highly recognized by government agencies, legal firms and cultural institutions. She has been interviewed, quoted, and written articles for Art & Museum, CBC Radio, Canadian Art, Canadian Cultural Property Export Review Board (CCPERB), Canadian Insurance Top Broker, Canadian Underwriter, The Globe and Mail, The Medical Post, Investors Group, National Post, New York Post, and Worthwhile Magazine.
[1] The definition of an appraisal as stated in the Uniform Standards of Professional Appraisal Practice (2024) by The Appraisal Foundation who sets standards and qualification for all valuation professionals to ensure appraisals are independent, consistent and objective; pg. 3.
[2] Ibid, pg. 3.
[3] An artist's oeuvre is simply all the works they have created throughout their career. It includes everything they’ve made – paintings, sculptures, music, films, or any other creative work. Think of it as their complete body of work.
[4] International Society of Appraisers, Core Course in Appraisal Studies Manual, Edited by Meredith Meuwly, 2021, p. 9-10.
[5] David J. Maloney, Appraising Personal Property: Principles & Methodology, 9th Edition, 2020, pg. 326.
[6] Catalogue Raisonnés are critical tools for researching the provenance and attribution of artwork” (International Foundation for Art Research). “It is a published compendium of an artist’s complete works or a defined subset of works” (Wildenstein Plattner Institute). It is a systematic comprehensive and annotated list of accepted authorship of an artist’s artwork. (See Catalogue Raisonné: An Art Collector’s Underutilized Friend (2018) by Sarah Reeder published in Worthwhile Magazine.)
[7] Book publishers use the term "artist monograph" or "art monograph" to indicate books dealing with a single artist, as opposed to broader surveys of art subjects (Wikipedia).
[8] Exhibition catalogues “provide documentation relating to all the items displayed in a show at a museum or art gallery and they contain new scholarly insight by way of thematic essays from curators and academics” (University of Toronto Libraries).
© Kelly Juhasz 2025