When a work of art is damaged, its market value may be diminished even after professional conservation. A loss-of-value appraisal quantifies this residual diminution—the difference between the work's value before the damage occurred and its value after restoration.
Damage history affects how the market perceives a work. Collectors, dealers, and institutions factor condition into purchasing decisions, and works with documented damage typically command lower prices than comparable undamaged examples. The extent of this diminution depends on the nature and visibility of the damage, the quality of the restoration, the artist's market, and the significance of the specific work.
We provide loss-of-value appraisals for insurance claims, legal proceedings, and private dispute resolution. Each report establishes the work's pre-loss value, assesses the impact of damage and restoration on market perception, and quantifies the resulting diminution with reference to comparable market data.
When Loss-of-Value Appraisals Are Required
Loss-of-value assessments are most frequently engaged in connection with insurance claims following transit damage, environmental incidents, or accidents. They are also required in litigation where damage to artwork is at issue, including disputes between collectors, shippers, storage facilities, and contractors.
We work with conservators, insurance adjusters, and legal counsel to ensure the appraisal addresses the specific documentation requirements of each matter. Where expert testimony is required, our appraisals are prepared to withstand scrutiny in legal and arbitration proceedings.