What is an Appraisal?

An appraisal is an opinion of a property’s monetary value, typically in the form of a report. Appraisals may be required for a variety of reasons. These include insurance coverage or claims, charitable donations, applications for Canadian Cultural Property certification, estate planning, or the division of property. It is important to discuss with your appraiser the reason for your appraisal, as this can affect the approach and format of the appraisal.

ADAC provides Fair Market Value (FMV) appraisals of cultural property donations and charitable gifts. An artwork’s FMV is defined as “the highest price, expressed in terms of money, that a property would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed, and prudent, and who are acting independently of each other” (Canada Revenue Agency, P113 Gifts and Income Tax 2022). In Canada, FMV appraisals are required for charitable gifts and cultural property donations.

Does ADAC provide appraisal services to private individuals?

Unfortunately ADAC does not provide appraisals to individuals, however we are happy to refer you to a commercial art dealer, fine art appraiser, or auction house, depending on your specific needs. Please contact us directly for further information. If you are a donor seeking an appraisal, please request that the institution receiving your donation contact ADAC’s Appraisal Service.

How do I find an Appraiser?

Many commercial art galleries provide appraisal services. We recommend that you begin by looking for art dealers who specialize in the work(s) that you need appraised. You may also contact qualified private appraisers that are affiliated with a professional association, such as the International Society of Appraisers (ISA). Members of these associations must meet specific requirements and have completed a minimum number of professional hours as a appraiser. It is always best to contact a professional who is knowledgeable in the particular artist, style, or period of the work(s) being appraised.

Can ADAC assist with identifying the artist, title, or date of an artwork?

ADAC does not offer research or identification services to collectors. We are happy to provide guidance on next steps and/or refer you to a professional in the field.

Frequently Asked Questions

How many appraisals are required?

An independent, professional FMV appraisal is required for charitable gifts valued over CAD $1,000 (Canada Revenue Agency).

For cultural property donations, CCPERB guidelines state that: “applications must include one or two appraisals. When the aggregate estimated fair market value of the donation is less than CAD $50,000.00 only one appraisal is required. For applications with the aggregate fair market value equal to or above CAD $50,000.00, two appraisals are required, unless the appraisal is prepared by a committee of the Art Dealers Association of Canada (ADAC)… CCPERB recognizes that such appraisals represent the opinion of more than one expert” (CCPERB). ADAC can provide a single, CCPERB-compliant appraisal report for cultural property donations over CAD $50,000 in value. A second appraisal is not required.

Does ADAC authenticate artworks?

ADAC does not authenticate artworks. Some recognized experts may be able to provide their opinion on a work’s authenticity. This could be an art dealer, curator, scholar, artist’s estate, family member, or the artist themselves. Some artists have (or had in the past) official bodies who authenticate their work.

According to the ISA, to authenticate is to prove or verify that something is genuine, or has an undisputed origin. It proves that an item is the product of a specified person or manufacturer. Authentication uses knowledge, past and present, in relation to the identified characteristics of the artwork and the characteristics of known authentic work. It is important to note that authentication is an opinion (and as such, can be subject to dispute). The weight of authenticity rests on the reputation of the expert. An appraisal is not an authentication.

What are the tax benefits of donating artwork in Canada?

The Government of Canada offers significant federal tax concessions to incentivize artwork donations. To learn more about the tax benefits of charitable and cultural gifts, please consult our Gifts & Donations 2023 brochure.

Appraisal Types

Further Questions?

The ADAC Appraisal Committee

The ADAC Appraisal Committee is made up of senior ADAC members who are experienced appraisers with a broad scope of expertise.

The Appraisal Committee oversees and reviews all appraisals, providing additional reasoned justification to support the final fair market value of each appraisal.

  • Jeanette Langmann

    Committee Co-Chair | Director, Uno Langmann Limited Fine Art

  • Lynne Wynick

    Committee Co-Chair | Director, Wynick/Tuck Gallery

  • Phillip Gevik

    Director, Gallery Gevik

  • Paul Kuhn

    Director, Paul Kuhn Gallery

  • Douglas MacLean

    Director, Canadian Art Gallery

  • Shaun Mayberry

    Partner, Mayberry Fine Art

  • Paul Wildridge

    Director, Roberts Gallery

  • Germaine Pataki Thériault

    Director, Gallery 78