Evaluation: The range of value that one would expect to see an item sell for on the secondary market.
Appraisal: A formal evaluation of the fair market value and/or insurance value of an item. A true formal appraisal is a specific document that requires adherence to IRS dictated regulations, formats, and liability agreements.
Fair Market Value: The price that an item would realistically sell for on the secondary market
Secondary Market: Consists of all artwork that has been sold before and is available again for sale. Auction houses, galleries, and dealers are all participants on the secondary market.
Comparables: Recent auction records or sales for similar property. They are often referred to as "comps".
Provenance: A place or source of origin that describes an object's history. Provenance establishes the chain of ownership (if possible) back to the date an item was created and it can significantly impact the value of a piece.