About the art get TWO appraisals, and prefereably get them appraised by at least 2 individuals. An "insurance" appraisal from both appraisers, and a general appraisal by one or both individuals.
The insurance appraisal will be for more than the piece is worth, but not typically by a lot. (They DO always start off by asking what you paid for it in an insurance appraisal, because that equals the base... when the insurance and market appraisals differ is when a piece was bought for more than it's worth to begin with... like being underwater on a house). What it WILL do is give you a general idea of how much it's worth. Once you have that you can avoid unscrupulous appraisals by someone who has a vested interest in having it appraise low (because they have an interest in buying it. My grandmother had a Degas (and we knew it), but the SHEER number of lowball appraisals we got really highlighted how, um, biased some people are.
DO be prepared for it appraising for less than you bought it, or that the frame is worth more than the piece itself. To buy art as an investment, one usually has to either buy well known and dead, or be in the business itself (art value fluctuates quite wildly).
How we've had our art appraised is to look up appraisers (yellow pages or referrals through galleries), and have them come out and do an insurance appraisal. AFTER that, ask for what it would typically be worth on the open market. We've had pieces appraise in the 10's of thousands that were bought for $50, and we've had pieces we've paid 250-500 for that appraise for 50.