WHAT IS AN APPRAISAL?
An appraisal is the act or process of developing an opinion of value of an item of personal property within a specific market context for a specific purpose.
WHY GET AN APPRAISAL?:
• Insurance / Damage & Loss
• Estate Planning / Equitable Distribution
• Resale / Inventory Appraisal
WHAT ARE THE STEPS TO AN APPRAISAL?
1. A purpose is determined
2. The Artist, medium, style and subject are identified
3. The importance of the object is determined through comparable sales and art market history
4. The appropriate marketplace is determined
5. A formal report is prepared
WHAT DO YOU GET IN THE END?
1. Appraiser’s certification
2. Inventory and scope of work
3. Purpose of the Appraisal
4. Type of Report
5. Valuation summary
6. Approach and value (definitions and/or methodology)
7. Assumptions, disclaimers and limiting factors
9. Sources of data/ Bibliography
To get started today, contact Helen Ragen at firstname.lastname@example.org.
Uniform Standard of Professional Appraisal Practice (USPAP), compliant through June 2018