art appraisal
307 North Michigan Avenue, Suite 308 · Chicago, IL 60601 · Phone: (312) 814-8510



Glossary


antique appraisers and appraisals


MIR Appraisal Service, Inc.
307 N. Michigan Ave., Suite 308
Chicago, Illinois 60601
Phone: 312.814.8510
Phone (Suburban): 630.734.3300
Fax: 312.814.8511

Email:info@mirappraisal.com

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Abstract Art: A 20th century style of painting in which nonrepresentational lines, colors, shapes, and forms replace accurate visual depiction of objects, landscape, and figures. The subjects often stylized, blurred, repeated or broken down into basic forms so that it becomes unrecognizable. Intangible subjects such as thoughts, emotions, and time are often expressed in abstract art form.

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Acid-free Paper or Canvas: Paper or canvas treated to neutralize it's natural acidity in order to protect fine art and photographic prints from discoloration and deterioration.

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Actual cash value: An insurance term defined as either market value or replacement cost less depreciation (depending on your jurisdiction). Depreciation, in this instance, typically refers to an incremental reduction in value based on age/life formulas commonly in use within the insurance industry. Actual cash value is usually established by the adjuster based on these depreciation standards and guidelines. image
 
Addendum: A required element of appraisal reports. The report's addendum contains supporting documentation for information found in the appraisal report's cover document and body including, but not limited to, the appraiser's qualifications, photographs, working bibliography, tests and reports proving authenticity or provenance, etc. image
 
Appraisal:   An estimate of the quantity, quality or value of something. The process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value. image
American Society of Appraisers (ASA):   The American Society of Appraisers is an organization of appraisal professionals. Each individual seeking accreditation from the American Society of Appraisers must furnish professional and personal references and be subject to local credit and background investigations. In addition, local chapters conduct personal interviews and evaluate the practices of all applicants. Charitable Donation: An outright gift or contribution, with charitable intent, the value of which is deductible pursuant to federal and state income and estate/inheritance tax laws. image
 
Aquatint: Printing technique capable of producing unlimited tonal gradations to re-create the broad flat tints of ink wash or watercolor drawings by etching microscopic cracks and pits into the image on a master plate, typically made of copper or zinc. Spanish artist, Goya used this technique. image
 

Artist's Proof: Print intended for the artist's personal use. It is common practice to reserve approximately ten percent of an edition as artist's proofs, although this figure can be higher. The artist's proof is sometimes referred to by it's French épreuve d'artist (abbreviation E.A.). Artist's proofs can be distinguished by the abbreviation AP or E.A., commonly on the lower left of the work.

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Art Nouveau: A painting, printmaking, decorative design, and architectural style developed in England in the 1880s. Art Nouveau, primarily an ornamental style, was not only a protest against the sterile Realism, but against the whole drift toward industrialization and mechanization and the unnatural artifacts they produced. The style is characterized by the usage of sinuous, graceful, cursive lines, interlaced patterns, flowers, plants, insects and other motifs inspired by nature.

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Betterment: An insurance term that refers to the incremental increase in market value due to a repair or replacement, which renders the property more valuable than prior to damage or loss. image
 
Blind: Printing using an uninked plate to produce the subtle embossed texture of a white-on-white image, highlighted by the shadow of the relief image on the uninked paper. This technique is used in many Japanese prints. image
 
Blockage: A discount applied to a value to reflect the depressive effect on value caused by the sudden offering for sale of a large number of identical or very similar items at the same time. In such a case, the market finds it difficult to absorb all the items quickly and, as a result, value is depressed. image
 
Broad Evidence Rule: An elaboration on actual cash value, used in some jurisdictions, which gives consideration to all aspects of value rather than simply "replacement cost less depreciation." The objective of this rule is to compensate for actual loss. image
   

Cancellation Proof: Final print made once an edition series has been finished to show that the plate has been marred/mutilated by the artist, and will never be used again to make more prints of the edition.

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Canvas Transfer: Art reproduction on canvas which is created by a process such as serigraphy, photomechanical or giclée printing. Some processes can even recreate the texture, brush strokes and aged appearance of the original work.

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Collograph: Printing technique in which proofs are pulled from a block on which the artwork or design is built up like a collage, creating relief.
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Color-Variant Suite: A set of identical prints in different color schemes.

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Condition:   Refers to the physical state of the property as it relates to giving the expected results. Condition takes into consideration normal wear and tear, repairs, alterations, completeness, restorations, and conservation. image
   
Cost Approach: Compares the item being appraised with the cost to replace (by purchase, production or reproduction) the item with a new or comparable substitute. image
   

Cubism: An art style developed in 1908 by Picasso and Braque whereby the artist breaks down the natural forms of the subjects into geometric shapes and creates a new kind of pictorial space. In contrast to traditional painting styles where the perspective of subjects is fixed and complete, cubist work can portray the subject from multiple perspectives.

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Dadaism: An art style founded by Hans Arp in Zurich after WW1 which challenged the established canons of art, thoughts and morality etc. Disgusted with the war and society in general, Dadaist expressed their feelings by creating "non-art." The term Dada, nonsense or baby-talk term, symbolizes the loss of meaning in the European culture. Dada art is difficult to interpret since there is no common foundation.

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Depreciable Personal Property: Property that decreases in value or price over time. image
   
Distress Liquidation Market: Any market circumstance where property is sold quickly, within a very restricted time frame, without the freedom to consider exposure or price and, often, without regard to the most appropriate marketplace. image
   
Drypoint: Printing technique of intaglio engraving in which a hard, steel needle incises lines on a metal plate, creating a burr that yields a characteristically soft and velvety line in the final print. image
   

Engraving: Printing technique in which an intaglio image is produced by cutting a metal plate or box directly with a sharp engraving tool. The incised lines are inked and printed with heavy pressure.

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Etching: Printing technique in which a metal plate is first covered with an acid-resistant material, then worked with an etching needle to create an intaglio image. The exposed metal is eaten away in an acid bath, creating depressed lines that are later inked for printing.

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Equitable Distribution:   A fair division of marital property in a dissolution of marriage case. image
Executor:   An individual or institution nominated in a will and appointed by a court to settle the estate of a deceased. image
Expert Witness:   Is a person who by reason of education or special training and experience possesses specialized knowledge in a particular subject area. image
   

Expressionism: An art movement of the early 20th century in which traditional adherence to realism and proportion was replaced by the artist's emotional connection to the subject. These paintings are often abstract, the subject matter distorted in color and form to emphasize and express the intense emotion of the artist.

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Fair Market Value:   The fair market value is "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having knowledge of relevant facts. image
Gemologist:   One who has successfully completed recognized courses of study in gem identification, grading and pricing, as well as diamond grading and appraising. image
International Society of Appraisers (ISA):   The ISA is a professional association that requires the successful completion of course work and examinations for their Certified Members. The ISA has developed and currently offers appraisers the most comprehensive personal property educational program in America. This program is based on a standardized body of knowledge, education and testing. image
Personal Property:   Any tangible or portable objects which are considered by the general public as being "personal", e.g. furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all property that is not classified as real estate. image
Porcelain:   white, hard, permanent, nonporous pottery having translucence, which is resonant when, struck. Porcelain was first made by the Chinese to withstand the great heat generated in certain parts of their kilns. The two natural substances used were kaolin, also known as china clay, white clay free of impurities that melts only at very high temperature, and a feldspar mineral called petuntse that forms glassy cement, binding the vessel permanently. In Europe porcelain was first commercially produced (1710) in Meissen, Germany. Most of the European porcelain is soft paste (made from clay and an artificial compound such as ground glass) and is not as strong as the Chinese hard-paste porcelain. Important European centers for porcelain are Bow, Chelsea, Worcester, Staffordshire, Vienna, Meissen, Sèvres, Limoges, and Rouen. image
Probate:   The process that transfers legal title of property from the estate of the person who has died. A probate is the court process in which a deceased person’s estate is administered, whether the person died with or without a will. The process includes appointment of an executor or a representative of the estate, notifying the creditors, inventorying the estate, and distributing the estate according to the deceased person’s will or according to the law if there is no will. image
Provenance:   The origin and history of ownership or the source of an object including its past ownership, exhibitions showing the item, literature mentioning the particular property, etc. image
Replacement Value – Comparable:   The price required to replace a property with a comparable property to satisfy the description or use of the property to be replaced. Extraneous characteristics (similar age, origin, appearance, provenance, & condition, etc.) and anticipated costs are taken into consideration. image
Replacement Cost New:   The cost to replace property with a substitute which is new, using modern materials, techniques, and standards which, however, satisfy the description or use of the replaced property. image
Replacement Value – Reproduction Cost:   The price required to replicate a property at current costs, using similar materials and the same level of craftsmanship, in order to satisfy the description or use of the property to be replaced. image
Reproduction Value:   Also referred to as reproduction cost, is the total cost of construction an exact replica by a qualified artist or craftsman, using the same materials and construction techniques as the original. image
Salvage Value:   The amount that can probably be obtained from a damaged item or for the components of the item. image
Valuation:   The process of determining monetary worth based upon the past exchange of such items in the market place. image
Value:   The monetary worth which an informed purchaser would offer in exchange for an item of personal property taking in consideration a given market condition (i.e. within a given market at a specific point in time). image
 


 

MIR Appraisal Services, Inc. · Site Map
307 North Michigan Avenue, Suite 308
· Chicago, Illinois 60601 · Phone: (312) 814-8510 · Email

Our appraisers are accredited members of either the International Society of Appraisers (ISA) or American Society of Appraisers (ASA).



MIR Appraisal Services, Inc. is an accredited member of the Better Business Bureau ®