How do appraisers determine values?

Depending on the type of property and the appraisal assignment, Winston Art Group appraisers will use one or more of the following approaches to valuation.
Comparable Market Data Approach – The most common approach for personal property appraisals. Value is determined based on comparing subject property to sole comparable property.
Cost Approach – Value is determined based upon the price of the components comprising the property. This approach is often used for works by artists whose work has never sold. It is also used for donation appraisals when the donor is the artist him or herself.
Income Approach – Value is determined based on the amount of income the property can potentially generate. For example, if appraising a work that is a showcase within a museum collection and generates income through ticket sales, an income approach would be appropriate.