An evaluation of the fair market value of a work of art; in other words what the work would bring if sold at auction or by other means on the secondary market.
Quite often the purposes of an appraisal are for insurance of the item, for tax purposes for donations and for inheritance.
In order to be valid, the appraisal must be done by a certified appraiser, who usually evaluates the work by using comparables—-other works of art that have similar characteristics.