Will the current Coronavirus pandemic impact the value of artwork? The short answer, it depends.
There are several types of appraisals based on your objective (insurance, resale, donation) and each has relevant markets that are researched for comparables. In addition, when determining value the appraiser also needs to identify an effective date.
Depending on the effective date, the pandemic may or may not have had an impact on the markets and on the overall value of the artwork.
For example, if the appraisal’s objective is to determine fair market value for a tax deduction of a donation, then the effective date is the date of donation. In this case, value would be determined using only the comparables in the relevant markets up to the effective date. If the effective date is before early/mid-March the pandemic should not effect the value of the artwork. In the same example, if the effective date is after the date the pandemic was declared, it probably will have an effect on the relevant markets and therefore to value of the artwork.
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