Art appraisal is the process of evaluating the value of a piece of art. This assessment can be based on various factors, including the artist's reputation, the artwork's condition, its historical significance, and current market trends. Appraisers often use their expertise and knowledge of the art market to determine a fair market value. The appraisal can be important for several reasons, such as for insurance purposes, estate planning, or selling the artwork. Professional appraisers may provide written reports that detail their findings and justify the assigned value, ensuring transparency and credibility in the valuation process.