What Is My Art Worth After Conservation? Appraising for Insurance After Restoration
The art world is nothing if not nuanced, and the relationship between condition and value is a perfect example. So what happens when a piece is damaged and then professionally conserved? What is its insured value after conservation? And how do appraisers navigate that subtle, often subjective shift in value?
This is the terrain where conservation and appraisal intersect. As a Certified Member of the International Society of Appraisers, with a background in conservation services, I’ve spent over a decade navigating these questions for private collectors, insurance professionals, and institutions. Before founding my firm, I directed client services and operations at one of the largest private conservation labs in the U.S., where I managed high-value claims and worked closely with adjusters and policyholders. That experience gave me a rare front-row seat to how damage, conservation, and perceived value collide.
Why Conservation Changes the Insurance Equation
Often, art insurance relies on replacement value which is defined as the cost of replacing a lost or damaged item with one of like kind and quality. But once a piece has been professionally conserved, that valuation equation becomes more complex.
Even when conservation is executed to the highest ethical and technical standards, the object’s condition has changed in ways that may influence market behavior. In some cases, the value remains stable. In others, it may shift because in some markets, the collector tolerance for even minor condition issues is low, even if the visual result is excellent.
The key is understanding that the goal of conservation is not to make an artwork look new, but rather to stabilize the work while preserving its existing materials as possible, even if signs of age remain. It doesn’t erase history; it preserves it. That nuanced distinction matters and it requires an appraiser who understands both the technical treatment and the way markets react to it.
Conservation and Restoration Are Not the Same
Although used interchangeably in casual conversation, it is important to understand that conservation and restoration are not the same.
Restoration attempts to return an object to a previous or assumed original state. This might include overpainting, refinishing, or replacing missing components to re-create a complete appearance. The focus is often aesthetic. While restoration can be well-executed and even necessary, when it is performed by someone without formal training, it can obscure an object's authenticity, misrepresent its historical integrity, or unintentionally reduce its value.
Conservation, by contrast, is focused on stabilizing the artwork and preventing further deterioration, while retaining as much original material as possible. Conservators follow rigorous professional standards set by the AIC and FAIC. Treatments are designed to be non-invasive, reversible, and thoroughly documented. Most conservators hold graduate degrees or have completed advanced apprenticeships in material-specific techniques.
As an appraiser with direct experience in conservation settings, I assess not just what was done to a piece, but how it was done, whether it followed conservation protocols, and how the treatment might affect the object's market reception.
The Role of the Appraiser After Conservation
After conservation, many collectors are surprised to learn that value doesn’t always return to its original level. That’s because appraisers don’t just document what an object is, they interpret how it will be received in the market. That means weighing not only the visual outcome of a treatment, but also the reputation of the conservator, the materials used, and whether the object is now more or less desirable.
For example, a painting cleaned by a respected institutional conservator may retain full market confidence. But the same painting cleaned by an uncredentialed restorer, even with a visually similar outcome, could raise doubts about authenticity or condition. This is why documentation matters, and why the appraiser must engage with more than surface appearance.
Understanding Loss-on-Value (LOV)
Even a well-conserved object can experience a loss-on-value (LOV). This term (also called Loss-Of-Value or Diminution of Value) refers to the difference in market value before and after damage and conservation. According to the ISA Core Course Manual, LOV cannot be fully determined until treatment is complete and the outcome is known. The quality, visibility, and type of repair all influence whether the object has retained or lost value.
Appraisers may also be asked to provide a hypothetical LOV based on a projected conservation plan. In these cases, we apply a hypothetical condition (per the omnipotent USPAP) and use comparable sales to estimate how a similar conserved or restored object would be valued in the current market.
Some artworks, particularly those with significant provenance or collector interest, retain their value even after conservation. Others, especially in condition-sensitive categories like photography or ultra-contemporary art, may experience measurable LOV, despite the best efforts of conservators.
What Documentation Should You Keep After a Conservation Treatment?
If you’ve had a piece conserved, you should retain:
The treatment proposal
Before and after photographs
A final conservation treatment report
Any invoices or condition statements
This documentation is not only useful for your records, it strengthens your position during an insurance claim, especially if there's a question of betterment or loss-on-value. A qualified appraiser will use this documentation to evaluate how the object was altered, how it compares to similar pieces in the market, and whether the treatment preserved or impacted value.
If documentation is unavailable, the appraiser can still perform a thorough visual inspection and develop a credible opinion of value. However, supporting materials such as treatment reports and photographs can strengthen the report's utility in insurance claims or disputes, especially when questions of condition history arise.
Why Insurance Values Need Revisiting even Without Damage
Even in the absence of damage or conservation treatment, artwork values shift over time due to broader market forces. Certain artists may suddenly attract curatorial interest, new auction records, or collector demand, thus causing values to rise. Conversely, market saturation or loss of relevance can depress values. If your appraisal is more than five years old, there's a good chance it no longer reflects current replacement value.
Insurance appraisals are not static; they should evolve with the market. A regular reassessment ensures that your policy reflects what it would actually cost to replace the object today and not what it was worth a decade ago in a different economic climate.
When to Re-Appraise
A conservation treatment may also trigger the need for an updated appraisal in non-insurance contexts, particularly if the object is being donated to a museum or nonprofit.. For IRS non-cash charitable contributions, the fair market value must reflect the object’s condition at the time of donation, and conservation can materially affect that valuation. Similarly, when artwork is loaned to an institution, lenders often need updated insurance schedules reflecting the object’s current condition and replacement value. Keeping values current after conservation supports not only better coverage but better stewardship.
You should obtain a new insurance appraisal after conservation has been completed if:
The piece was insured prior to being damaged
The conservation treatment materially altered the condition or appearance
Your insurer requires updated documentation
You’ve changed policies or coverage levels
Regularly updating your artwork’s appraised value ensures appropriate insurance coverage and minimizes claims risk. Most experts recommend a new appraisal every 3-5 years, or more frequently for markets that are particularly volatile or rapidly evolving.
How to Find a Qualified Conservator
Not all restoration work is created equal and neither are the professionals who perform it. To protect both the value and integrity of your artwork, it’s important to work with a conservator who is trained, ethical, and experienced in the material you’re dealing with. Look for professionals affiliated with the American Institute for Conservation (AIC), which maintains an online directory of conservators by specialty and geographic region. Members of AIC adhere to strict guidelines around reversibility, documentation, and material compatibility. If your piece is high-value, complex, or carries historical significance, consider selecting a senior-level conservator with institutional experience. Avoid generalists or vendors who advertise refinishing or "touch-ups" without clear credentials. Poor treatment can cause irreversible damage and diminish long-term value.
Be cautious of individuals offering "art restoration" without credentials or references. Red flags include vague service descriptions, no written treatment proposals, aggressive promises of visual improvement, or a reluctance to provide documentation. A reputable conservator will always explain the risks and limitations of treatment, offer reversible solutions where possible, and respect the object’s material integrity. When in doubt, ask about their training, prior experience with similar objects, and whether they adhere to the AIC Code of Ethics. I’m happy to provide referrals to trusted professionals when clients are unsure where to begin.
Your Next Step: Work with Lindsey Owen Appraisals
Appraising artwork after conservation requires more than market data or visual inspection. It demands an understanding of conservation materials, ethical standards, and how treatment decisions influence value. With over a decade of experience working at the intersection of conservation and valuation, including years spent managing complex claims at one of the country’s leading conservation labs, I bring a rare combination of technical insight and appraisal expertise. I know what insurers need to see, how conservators think, and how the art market responds to condition. That perspective allows me to produce appraisals that are not only USPAP-compliant, but genuinely useful whether you're insuring a single piece or navigating a larger collection strategy.
Based in Chicago, I work directly with collectors, estates, and institutions throughout the region. I service the Chicagoland area including the surrounding suburbs of Winnetka, Kenilworth, Glencoe, Hinsdale, Lake Forest, Highland Park, Wilmette and Northbrook.
Appraisal Questions?
Contact Lindsey at (312)783-8749 or lindsey@loappraisals.com
