As an appraisal consumer you will want to know how to select a qualified and professional appraiser, what the appraisal process actually entails, and finally, how much the service costs.

Selecting an appraiser

Black’s Law Dictionary defines an appraisal as a “valuation … of a property by disinterested persons of suitable qualifications.” To meet the definition, an appraiser must be both objective and qualified.  Objective and qualified appraisers:

• Are trained and tested in their areas of specialization
• Have a solid understanding of generally accepted principles of valuation
• Are committed to ethical appraisal practices
• Are trained and tested in appraisal methods and report-writing
• Must re-accredit in recognized professional organizations

When the time comes to select an appraiser, Appraisal Associates offers objective valuations of fine art, antiques, and decorative art by qualified specialists.

The appraisal process

Unlike the entertaining valuations of art and antiques on television, appraisals complying with professional standards take more than a few minutes to complete and must be backed up with appropriate levels of due diligence. In this respect, appraisals are best understood as a multi-stage research and valuation process framed by accepted methods, governed by ethical professional standards, and concluding with a written report. The process begins with your approval to proceed.

Once engaged, we arrange an inspection of your items, either at your location or at our offices. During our inspection, we carefully photograph your property and record its physical characteristics such as size, date, artist or manufacturer, condition, marks, etc. Using the criteria developed in the widely recognized Object ID™ system, we catalogue your property for both identification and valuation. Additionally, our experience and connoisseurship help assess quality and other important characteristics of value.

If you have any relevant documentation, such as receipts, invoices, or old appraisals, we ask to review these. Relevant documents assist us in accurately identifying items being appraised and help establish provenance (history of ownership). Documentation can provide a previous context of worth in the marketplace and enhance the value of your property.

In situations where a personal inspection is not possible as a result of theft, destruction by fire, or other circumstances, we rely on the client to provide us with photographs and/or detailed descriptions of the property. 

After collecting the necessary data, we undertake the research phase of the project. Our appraisers use a variety of sources including scholarly and popular publications, international auction sales results, price indices, subscription databases, and the wide range of material available on the Internet. When appropriate, we also consult with curators, dealers, artists, and appropriate experts. Our appraisers are highly experienced and efficient researchers.

Finally, the items are appraised using generally accepted principles of valuation, and we compose the written appraisal report. Reports address the specifics of the appraisal engagement. They also comply with International Valuation Standards (IVS).

We maintain your appraisal file in our secured premises for a period of not less than five years. Your file is confidential and no one is permitted access to it without your written consent, unless ordered by a court of competent jurisdiction.

Appraisal costs

The cost for appraisal services depends on the amount of time we spend on your project. Complex appraisals required for tax or litigation purposes are almost always more expensive than straightforward insurance coverage or market value reports. The former appraisals require higher levels of due diligence and more detailed documentation, which demand more time and higher costs. Similarly, an appraisal dealing with an object or collection requiring advanced levels of research and consultation will involve more time and cost.

We will be pleased to provide you with a written or verbal estimate of appraisal fees once we ascertain the scope, details, and intended use of the appraisal report required. Estimates of cost usually are expressed as a range and are good for three months after the date of issue. Appraisal Associates has a minimum charge for any appraisal or consulting assignment.

Terms of Payment

Appraisal Associates accepts cash, cheques, bank transfers, and major credit cards. Credit card transactions and bank transfers are processed through the PayPal-hosted checkout link below: