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Frequently Asked Questions... |
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Q:
What qualifications should I look for in an appraiser? |
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A:
Basic requirements:
Formal education in their specialty
Training in principles of valuation
Training in evaluating various construction methods
Experience in buying and selling
Knowledge of various levels of value and how they affect the market from source to consumer
Knowledge of actual sales prices with access to verifiable data |
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It is necessary to know that appraising is a discipline separate from antique knowledge,
with a recognized education and certification program for the appraiser to follow. Mastery of principles and methods and allegiance to a code of ethics are only the start. Education must remain on a continuing basis. |
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Q:
What exactly is an appraisal? |
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A:
An appraisal is:
A written statement, independently and impartially prepared by a qualified appraiser, setting forth an opinion of defined value of an adequately described property, as of a specific date supported by the presentation and analysis of relevant market information. (The North American Conference of Appraisal Organizations)
An educated, informed objective opinion of value based on a stated purpose and function. |
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An
appraisal is not:
A verbal guess of price or cost on the basis of a cursory examination or a digital photograph. |
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Q:
When is an appraisal report needed? |
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A: When the owner of the antique or residential contents wishes to insure the replacement cost.
When an executor or trust officer requires a Fair Market Value for estate purposes whether to list the items in a taxable estate or for equitable distribution among heirs.
In the case of divorce, the parties or attorneys may request an appraisal for the dissolution of commonly held property.
A charitable donation appraisal is required if items are donated to a public institution, charity or museum.
Liquidation
Moving or fire, theft claims to determine replacement, repair cost, or loss of value. |
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Q:
How long does an appraisal take? |
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A:That depends on how complicated the appraised is or how many pieces there are to include in the report. I work quickly so that your time and my time are not wasted. If the items are highly unusual or one of a kind items, I will need to spend more time to research them and justify same in the report |
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Q:
How much does an appraisal cost? |
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A:
I charge by the hour, with a
two hour minimum. Even a one item appraisal takes research and time to prepare a professional document in accordance with Uniform Standards of Professional Appraisal Practice and ISA’s Appraisal Report Writing Standard and Code of Ethics. All professional personal property appraisers either charge by the hour or the piece. It is unethical for an appraiser to charge a contingency fee based on the value of the property. |
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Q:
Do you appraise fine art, or gems & jewelry?
A:
No, these are separate specialties of personal
property appraising that require in-depth knowledge, study and
credentialing. I can assist you by referring appraisers in these
specialties as noted below:
Master Gem & Jewelry Appraisals
Sue Whitaker
Fine Art
Christina V. Whitson, ASA
704-442-5355
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