Valuing Art

Value Realization


Client List



Appraisal Associates International


Appraisal Associates International (AAI) is a full-service, personal property appraisal firm with over twenty years of experience throughout the United States and Europe. AAI specializes in fine art, including paintings, sculpture, works of art on paper and photographs. Our valuation expertise is provided in market value, fair market value, estate and liquidation value, as well as insurance replacement value.


Specialized services include gift and donation appraisals for museums, universities and not-for-profit institutions and expert witness testimony. AAI provides counsel for fine art valuation purposes, and appraisal of corporate, private  and museum collections.


Value Realization Service (VRS) is designed to maximize the net  amount realized by placing property in the proper sales venue– for the estate, client or institution.


Auguste Jean, Clémence D'Anjou vase

Jerry Zeniuk, No. 20”

Arnoldo Pomodoro, Triangular Column, bronze

A Guide to Valuing Art:


What kinds of appraisals does AAI provide?

AAI provides appraisals of fine art for the purposes of insurance replacement, estate planning, equitable distribution and donation.


Who uses AAI’s services?

AAI’s clients include private individuals, tax attorneys, insurance
adjusters, estate planners, executors, corporations, retail galleries
and public museums. Please contact AAI to ask how we can serve
your appraisal needs.


How is an appraisal done?

An AAI appraiser will make an appointment at your convenience to view
the artwork to be appraised at your home, office or other site. The appraiser will examine the artwork, photograph it and note its condition  on the AAI Object ID Fact Sheet.


The client provides the appraiser with provenance and documentation relating to the appraisal object, including purchase receipts, catalogs or checklists pertaining to the object’s sale and exhibition history.


After the on-site work, AAI will research the artwork, and identify comparable sales from appropriate markets, i.e., both public auction and private sales. As required, AAI will consult with specialists at galleries, museums and research libraries. When research is complete,
AAI will produce an appraisal document  that conforms to industry standards and IRS requirements.


What does an appraisal report include?

An appraisal report includes the type of value (Market, Fair Market, Replacement, etc.) used to assess the artwork, as well as a detailed description of the artwork with photographic documentation and an

opinion of value supported by a narrative explaining how AAI arrived
at the valuation.


How long does this process take?

It typically takes three to four weeks to complete an appraisal of a
single artwork or small collection. Larger collections require more time.
If you have a particular time frame, just let us know when you call.


How much does an appraisal cost?

Appraisal fees are bid on a per-project basis, depending on the number
of artworks and scope of work. Please request a fee schedule.


How long is an appraisal current?

Insurance companies suggest an appraisal update after three years.
For gifts and donation, an appraisal  must be completed no earlier than
60 days before the date of gift according to the IRS.


Can an artwork be appraised from a photograph?

Sometimes an on-site visit is not possible, and an evaluation may be made based on high quality digital images, provenance and documentation.

Please contact us to discuss your request.

Katsushika Hokusai,

Under the Wave off Kanagawa

 Gerhard Richter, #419

Value Realization Service:


Value Realization Service (VRS)

Value Realization Service is dedicated to maximizing the net amount of money from the sale of personal property. VRS principals are accredited appraisers and professional art advisors.


What does VRS do?

VRS will inventory and describe the property to meet a client’s need for estate or insurance. VRS will appraise the property, review an existing appraisal and recommend the best market and time frame, as well as review of contracts and terms for VRS clients.


Who uses VRS?

-Executors of wills who wish to minimize the conflict and market questions often experienced by an estate’s heirs.

-Attorneys who wish to safeguard the interests of their estate or family law clients.

-Bank Trust Officers and Estate Planners who want to preserve values in estates without handling personal property or real property issues.

-Heirs with valuable artworks, antiques, jewelry, furniture and other personal property who wish to assure the proper marketing and appreciation of their holdings.


How is VRS compensated for its services?

VRS charges are based upon a minimum two-hour fee plus out-of-pocket costs for work to be performed. Compensation is specified in advance for each individual case after properties are examined and described. In cases involving the sale of major assets, an incentive arrangement is included.


A Handbook on Gifts and Donations
for Museums and Donors


Museums in the United States, and the public they serve, benefit immensely from the generosity of donors. The tax incentives available to those who give art, historic objects and many other types of collectible material to qualified not-for-profit institutions encourage this philanthropy. The synergetic relationship between donor and museum has built many invaluable museum collections over the decades, from Paul Mellon's famous "gift to the nation" that established the National Gallery of Art in the 1930s to George Gustave Heye's collection of Native American material, Dominique and John de Menil's Modernist art, the Walt Disney-Tishman Collection of African art, and countless others. It is not an exaggeration to state that without the vital partnership between donors and museums, many museums in this country could not sustain their operations.


Here is a new guide, intended for museums and donors alike, on the donation process, current standards and best practices, ethical and legal issues, and IRS updates and valuation considerations, including "The Charitable Giving Changes" under The Pension Protection Act of 2006.

“This important book will save countless hours of inquiry on
the part of both donors and donees. More importantly, it will facilitate the beneficial transfer of cultural heritage from living rooms to museum galleries."


—Maxwell L. Anderson

The Melvin & Bren Simon Director
and CEO, Indianapolis Museum of Art





A Handbook on Gifts and Donations for Museums
and Donors

By Sharon Smith Theobald
and Laurette E. McCarthy


Purchase it here!

Harry Bertoia, untitled (Monumental Sonambient)

Edward Moran,
New York Merchantman, Outward Bound

Selected List of Clients


AAR Corporation, Illinois

Abbott Laboratories, Illinois

Alan Tripp, Bryn Mawr, Pennsylvania

American Medical Association,

  Chicago & Washington, D.C.

Arcature Fine Art, Palm Beach, Florida

Avis Industrial Corporation

Baker & Daniels, Attorneys, Indianapolis

BP: British Petroleum, Illinois, California

Bucksbaum Family, Chicago

Caterpillar Company, Indiana

Children’s Museum, Indianapolis

Christie’s New York and London

Chubb Insurance Company, Illinois

Columbus Museum of Art, Ohio

Curtis Publishing

Dallas Museum of Art, Texas

Debra Force Fine Art, New York

Duke University, North Carolina

GE Capital, Washington

Eiteljorg Museum and Family

Glass Museum, Seattle, Washington

Hanson Group, Michigan

Indianapolis Museum of Art, Indiana

Indiana University Museum and Foundation

JPMorgan Chase Private Client Group, Indianapolis

Kraft Foods, Inc.

Larman Family, Palm Beach, Florida


Leslie Hindman Auctioneers, Chicago

Lilly Endowment, Indiana

Lincoln Financial, Indiana & Pennsylvania

J.B. Speed Museum, Kentucky

J. Irwin Miller, Columbus, Indiana

Morgan Creek Productions, Beverly Hills, California

National Art Museum of Sport

North Carolina Museum of Art

Oakland University, Michigan

Purdue University, West Lafayette, Indiana

James Robinson, Maryland & California

Ross Family, Columbus, Ohio & Vero Beach, Florida

S.C. Johnson Company, Racine, Wisconsin

Simon Properties, USA

Smith College. Massachusetts

Smithsonian Institution, Washington, D.C.

Sotheby’s, New York, Chicago, London, Paris

Steelcase, Grand Rapids, Michigan

University of Chicago, Illinois

University of Notre Dame, Indiana

Vero Beach Museum of Art, Florida

Vincent Vallarino Fine Art, New York

Dr. A.Waxman, NYC

Werbe Family Trust, Switzerland

Whitney Museum of American Art, NYC

William Blair & Company, Illinois

Yale University


Sol LeWitt,  from the series,
Lines in Color on Color From Corners Sides
and Centers to Specific Points on a Grid

Betty Woodman,  Vase



Principal Appraiser

Sharon Smith Theobald,

President of Appraisal Associates International, (AAI)


Theobald is a Senior Member of the American Society of Appraisers (ASA) with designations in appraisal designation in Modern Paintings and Drawings, Latin American Art, American Art and Ethnographic Art including American Indian and Western Art.


She is a former ASA faculty member at Northwestern University and the Rhode Island School of Design and past faculty member of the Smithsonian Summer Institute at the George Washington University Graduate Center in Washington, D.C.  Theobald also holds membership in the Appraisers Association of America (AAA).


As the Executive Director of the Greater Lafayette Museum of Art (1978-1992), Theobald initiated a modern painting collection and art pottery collection and co-curated over 500 exhibitions of modern paintings, photography, Latin American Art, English and American ceramics and silver as well as American Indian and Western Art. She currently serves as president of the museum’s Foundation Board of Directors.


Theobald received a B. A. from the State University of New Jersey and
a Master's degree in Education from Hofstra University, from which she later received the Distinguished Alumni Award. She completed post-graduate courses in art history with Rosalind Bengelsdorf Browne at
the New University, formerly The New School for Social Research in
New York City. Theobald has also completed post-graduate courses in
art history,  communication and business management at Purdue University in West Lafayette, Indiana and museum studies at the British Council in London, England.


Southeast Associate

Ellen E. Fischer


Fischer received an M.F.A. From the School of the Art Institute of Chicago and a B.F.A. from Herron School of Art, Indiana University. She is a past curator of the Vero Beach Museum of Art, Florida, and Lafayette Museum of Art, Indiana with experience in curating American art exhibitions. She was the director of The Littleton Collection, a fine art gallery specializing in prints, studio art glass and antique fine art glass. She has written freelance articles about artists and art exhibitions for Vero Beach Magazine and for the weekly news publication Vero Beach 32963.



Chicago, New York, Northwest and Northeast Associates follows

Object Identification: Connoisseurship.

10 points in examining a work of art







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Or mail to AAI, 3746 Westlake Ct., West Lafayette, IN 47906or 105 Hidden Oak Dr., Indian River Shores, Fl. 32963

   © Copyright 2014 Appraisal Associates International    |    e-mail: Appraisal Associates International    |    Phone: 765 463-1270