What is an appraisal?
An appraisal is an unbiased, supportable estimate of a defined value by a person who is trained in research and analysis, knowledgeable of the property being appraised, and who acts in accordance with accepted and professed standards of practice. An appraisal is contained in an appraisal report, it can be issued orally or in written form, and is a legal document that describes and values property in a manner that will stand up in court, if necessary.
What is personal property?
Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible objects that are considered by the general public as being “personal,” such as furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; and property that is created and stored electronically such as plans for installation art, choreography, emails, or designs.
What does an appraiser do?
A personal property appraiser develops and reports an opinion of value on a specific type of property.
An appaiser is expected to perform valuation services competenty and in a manner that is indepedent, impartial and objective.
When and why is it necessary to have personal property appraised?
There are a variety of reasons. For example: for insurance coverage, loss/damage claims, when claiming a deduction for charitable donations/contributions, when calculating estate taxes, for estate distribution, divorce litigation, divorce settlement, and bankruptcy, re-sale purposes.
How are appraisal fees established?
Appraisals are charged on an hourly basis. We recommend you do not hire an appraiser who charges a percentage of the appraised value because that creates a conflict of interest and may result in biased values.
How do appraisers value artwork?
Art appraisers consider the following before establishing a value:
The item's authenticity (is it signed, labeled, hallmarked), its condition, rarity, provenance, subject matter, medium, size, market demand and trends, comparability.
What is Scope of Work?
The Scope of Work is defined as the type and extent of research and analysis in an assignment. For each appraisal assignment, an appraiser must determine and perform the scope of work necessary to develop credible results for the intended use.
What is USPAP?
USPAP is the acronym for the Uniform Standards of Professional Appraisal Practice and is a policy set forth by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity that was administered by Congress to establish and maintain such standards for appraisers. It is considered to be a sort of quality control for the profession, USPAP provides vetted and generally accepted regulations meant to promote public trust in the profession; these standards apply to personal property, real estate, business and mass appraisals. The goal of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.