Revised on 20 October 2026. This guide is for information purposes only. Should you identify an error, please contact me.
A work does not possess a single value. Replacement value for insurance, market value for a sale, and fiscal value address distinct questions. Before commissioning an appraisal, one must define its intended purpose.
1. Who may perform an appraisal
In Spain, there is no single state certification that automatically qualifies an individual as an art appraiser for all purposes. Independent experts, appraisal experts (peritos), auction houses, galleries and, in specific proceedings, public bodies may intervene.
An auction estimate provides guidance regarding a sale and typically expresses a range, yet it does not automatically equate to the insured, fiscal or judicial value. Verify the specialisation, methodology, independence and potential conflicts of interest of the signatory.
2. What the value depends on
A reasoned valuation considers:
- Authorship and degree of attribution.
- Technique, dimensions, date, period and relative quality.
- Condition and restorations.
- Provenance and ownership documentation.
- Exhibitions, publications and catalogue raisonné.
- Recent, relevant and explained comparables.
- Market liquidity and costs associated with a potential sale.
The condition report does not appraise the work, yet it provides data that may alter its value. A certificate of authenticity is likewise not an appraisal, as explained in Technical sheet, certificate and invoice.
3. What the report must contain
Request that the work be identified with photographs; that the purpose and date of valuation be declared; that the basis, methodology and comparables be explained; that limitations be noted; that the signatory be identified and qualified; and that any interest in the sale be disclosed. A figure without reasoning is difficult to defend.
4. For insurance
Distinguish between declared value and estimated value. The Insurance Contract Act allows parties to fix the value of the insured interest by mutual agreement, yet one must read the policy: coverage, excess, depreciation, underinsurance, transport and form of indemnity.
Update the valuation when the market, condition or location changes substantially. Do not inflate the value: a high sum does not, in itself, guarantee an equivalent indemnity.
5. For an inheritance
Inheritance and Gift Tax is based on the market value of assets, legally understood as the most probable price at which they could be sold between independent parties. Administration and tax benefits may depend on the autonomous community.
Retain inventory, photographs, provenance and appraisal at the date of accrual. The Administration may verify the value. Where legally appropriate, the discrepancy may be addressed through a third-party expert appraisal procedure (tasación pericial contradictoria). If the protected collection creates a liquidity problem, consult the guide on payment in kind.
6. For a donation with tax incentive
Law 49/2002 establishes the basis for the deduction, not a free appraisal chosen by the donor. For assets and rights, it is based on the book value and, if that does not exist, on the rules of the Wealth Tax. For registered assets of the Spanish Historical Heritage and for works of guaranteed quality donated to certain entities, the valuation of the advisory board on the classification, valuation and export of heritage assets (Junta de Calificación, Valoración y Exportación) applies. The basis may not exceed the normal market value.
Confirm beforehand that the receiving entity is a beneficiary of patronage and that it will be able to issue the certificate required by law.
7. A valuation does not serve every purpose
Always indicate the purpose. The same figure may be inappropriate for another date, market or procedure. One must also distinguish between gross sale value and the net amount after commissions, taxes, transport and insurance.
Checklist
- I have defined the purpose and the relevant date.
- The expert is familiar with the artist, the technique or the period.
- The report identifies the work and explains the methodology.
- The comparables are pertinent and recent.
- Conflicts of interest and limitations are declared.
- For an inheritance, I have reviewed the regional regulations.
- For a donation, I have confirmed the entity and the applicable tax rule.