What Is The Difference Between Fair Market Value And Replacement Value?

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Nov 13, 2022

These are the two levels of appraisal for fine art and antiques.

Fair Market Value (also known as potential sales price) is the amount a willing buyer would give for the item(s) in question.

The appraisal involves establishing demand, and ensuring that a seller (and a potential buyer) are on the same page about the market value of a piece.

Replacement Value (also known as gallery value) is primarily used for insurance appraisals and is the amount of money the owner can charge on short notice.

The appraisal involves identifying the market and understanding the context of the piece, including the artist and their unique style.

Every association of antiques requires that the appraiser defines the level of the appraisal before any amount is stated.

If you’re unsure which is right for you, The Appraisal Group is here to help.

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