Appraisal and valuation.
- Thomas P. McNulty
Terms that both refer to the assignment of monetary value to works of fine or decorative artworks; they are often used interchangeably but, in fact, are only partially related in meaning. “Appraisal” represents the field whose practitioners assign values to properties for specific—often official or legal—purposes (e.g. tax deductions for museum donations, equitable distribution of property in the event of a divorce or dissolution of a gallery co-ownership, etc.). The documents that convey these substantiated values are also referred to as “appraisals.”...