Valuation information
THE DECLARED VALUE is the value stated by the artist.
Please be aware that declared values must represent the current market value (established by current sales and or appraisals) for such object at the time the object is insured Gallery’s property insurance policies. If any work is destroyed or damaged, the Insurers may request documentation proving the artists declared value and the insurer may elect to negotiate a fair market value.
FAIR MARKET VALUE
Fair Market Value means the valuation of an object (Fine Art) loaned to the Gallery and mutually agreed upon by the owner (Lender) and the insurance underwriters as representing the amount for which such object could have been sold immediately prior to the physical loss or damage which reduced the value of the object to the owner (Lender) and results in a claim for loss.
PURCHASE PRICE
The purchase price is the price at which your work will be listed for sale during the Southern Tier Biennial. If you choose to list your work as available for sale, STB organizers will collect a 25% commission on all sales during the duration of the exhibition. The purchase price listed on your application should include this commission.
Please be aware that declared values must represent the current market value (established by current sales and or appraisals) for such object at the time the object is insured Gallery’s property insurance policies. If any work is destroyed or damaged, the Insurers may request documentation proving the artists declared value and the insurer may elect to negotiate a fair market value.
FAIR MARKET VALUE
Fair Market Value means the valuation of an object (Fine Art) loaned to the Gallery and mutually agreed upon by the owner (Lender) and the insurance underwriters as representing the amount for which such object could have been sold immediately prior to the physical loss or damage which reduced the value of the object to the owner (Lender) and results in a claim for loss.
PURCHASE PRICE
The purchase price is the price at which your work will be listed for sale during the Southern Tier Biennial. If you choose to list your work as available for sale, STB organizers will collect a 25% commission on all sales during the duration of the exhibition. The purchase price listed on your application should include this commission.