Park West Appraisals Explained: What the Number Means (and Doesn’t)

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If you buy from Park West, you’ll get an appraisal for most pieces, often weeks after the auction. It’s a single page with a dollar figure on it, usually larger than what you paid. Collectors understandably treat that figure as “what my art is worth”. It isn’t quite that. This guide explains what the number actually measures, where it’s useful and where it isn’t.

Below is a real Park West appraisal from our own collection. It’s for the same Mark Kostabi sculptograph as the certificate in our certificate guide. We’ve removed our name and address and the last digits of the registration number. The numbered marks match the sections below.

Reading the appraisal, line by line

1. The date. An appraisal is a snapshot, and this one is dated March 27, 2023. If you have several appraisals for the same piece, the latest one is the current figure. Keep the older ones too, because they show how the value has moved.
2. The key sentence. “The current Park West Gallery retail replacement price for this work is:” Read it slowly. It isn’t “fair market value” or “what you could sell it for”. It’s what it would cost to replace the piece by buying it from Park West at retail, on that date. Everything else in this guide follows from that sentence.
3. Registration number. The same number as on the certificate of authenticity and the invoice. It’s how you match the appraisal to the right piece and the right certificate, which matters once a collection reaches a few dozen pieces.
4. Appraised value. The figure itself, in US dollars.
5. The description. Artist, title, year, size, medium, signature and the full edition breakdown, normally word for word the same as the certificate. If the two disagree, ask Park West to correct one of them.
6. The terms. “This Appraisal is subject to the terms and conditions set forth on the reverse side hereof.” As with the certificate, the back of the page matters. Scan both sides.
7. Who issued it. It’s signed by Park West’s Gallery Director on behalf of the gallery and carries the Park West seal. In other words, the appraisal comes from the gallery that sold you the piece, not from an independent appraiser. For insurance that’s usually fine. For a few other purposes it isn’t, as explained below.

What “retail replacement price” is good for

Insurance. This is where the appraisal earns its keep. If a piece is lost or damaged, the practical question is what it costs to replace, and that’s what the appraisal states. Insurers who schedule fine art typically ask for exactly this kind of document. See our guide to organizing appraisals for your insurer. Confirm with your own agent what they accept and how recent it needs to be.

Record-keeping. A dated, documented figure for every piece gives you a defensible picture of what the collection would cost to rebuild. That’s useful for your family, your estate plan and your own peace of mind.

What it is not

It is not a resale price. When collectors sell on the secondary market, whether through an auction house, a dealer or directly to another collector, prices are usually well below retail replacement. How far below depends on the artist, the edition size, condition and demand at the time. A figure that would cost you $2,950 to replace from the gallery won’t necessarily bring $2,950 from a buyer. That isn’t a flaw in the appraisal. It’s measuring something different.

It is generally not a “qualified appraisal” for tax purposes. If you’re thinking of donating a piece to a museum or charity and claiming a deduction of more than $5,000, the IRS requires a qualified appraisal of fair market value by a qualified appraiser. The rules generally exclude the party you acquired the property from, which here is the gallery that sold it to you. Estate valuations are also usually based on fair market value. Speak to your tax adviser before relying on a gallery appraisal for either.

Where to find real-world prices

Real secondary-market prices are hard to find for Park West editions. That’s one reason we built The Study into Park West Collectors. Members can choose to add their purchase and sale figures anonymously, never with their name. A title only shows a figure once three or more collectors own it, so no single member’s price can be singled out. Combined with the appraised value, that gives you both sides of the picture: what it would cost to replace, and what collectors actually pay.

Keeping appraisals in order

1. File each appraisal with its certificate by registration number.
2. Keep every dated version rather than throwing out the old one.
3. Note the appraisal date next to the figure in your records, so you can see which values are getting old.
4. Total your collection by appraised value and review the total with your insurer each year.

Your Art Vault is an independent platform operated by Kerja Group LLC, written by collectors for collectors. It is not affiliated with, endorsed by, or connected to Park West Gallery. Park West documents shown are from our own collection, with personal details removed, and are reproduced for explanation only. This article is general information, not legal, tax or insurance advice.