Are gallery asking prices a reliable guide to antique art values?
No, confusing asking prices with sale prices is one of the most expensive mistakes owners make. Asking prices show what sellers hope for; appraisals rest on what comparable works actually sold for, in the correct market level for the assignment. Using retail gallery prices when the assignment calls for auction-level evidence badly skews the number.
Can the same antique painting have more than one correct value?
Yes, the appropriate value definition depends on the assignment, and mixing definitions is a common source of error. An insurance replacement figure, a fair market value for tax purposes, and a marketable cash value net of selling costs can all be correct for the same work in different contexts. The report must state which definition it applies.
What value goes on a Wisconsin probate inventory for artwork?
Fair market value as of the date of death: what a willing buyer would pay a willing seller, not replacement cost or a retail asking price. Wisconsin's inventory reports these values for each asset, and the clerk uses the total, artwork included, to set the inventory filing fee, so inflated figures cost the estate real money.
Does a Wisconsin probate court always demand a formal art appraisal?
No. Under Wis. Stat. § 858.13, assets whose value is readily ascertainable can be listed without appraisal, and the court may accept satisfactory market evidence, such as documented auction results for the artist. Where judgment is required, the court appoints one or more disinterested appraisers. Antique artwork is rarely self-evident in value, so a documented appraisal usually becomes the evidence that satisfies the court.