I have been an art appraiser for more than twenty-five years. For the past eighteen, I have run a firm that works with specialists across categories—paintings, furniture, decorative arts, jewelry—each one deeply knowledgeable in their field. Together, we are often asked to do what seems, on the surface, quite simple: determine what something is worth.

But valuation is never just about the object. It is about the context in which that object exists, and more importantly, the reason the value is being established in the first place.

Every assignment begins with a question that is rarely asked out loud, but is always present:

Why does this number need to exist?

Not in a philosophical sense, but in a practical one.

• Is the value being determined so that a work can be replaced after loss?
• Is it to divide an estate among family members?
• Is it to substantiate a charitable donation to the IRS?
• Is it to guide a sale?
• Is it to support a legal argument?

Each of these scenarios requires a different kind of answer. Not just a different number, but a different way of thinking.

Continue reading on Jennifer Garland Ross’ Substack: The Currencies of Value or learn more in the video below.

What is Retail Replacement Value, Retail Value, Fair Market Value and Marketable Cash Value?

What type of value is used for fine art Insurance policies?