Appraisal FAQs
Q: When do you need an appraiser?
A: You may need a professional valuation of your personal property during estate planning or divorce negotiations to determine a fair distribution of assets. If you're donating individual items or a collection worth more than $5,000 to a nonprofit organization, the IRS (Internal Revenue Service) will require a "gift appraisal". You will require an appraisal for items on a rider to your insurance policy to keep the claims adjuster happy in case of natural disaster, theft, etc. and of course there is always just the plain old "what is it worth?".
Q: Are all appraisals the same?
A: No. There are many different functions and purposed for appraisal reports. For example, an appraisal for insurance coverage has a different "intended use" that an appraisal for resale so values are determined in different manners.
A: Unlike real estate appraisers, personal property appraisers do not have to be licensed or hold any type of certification to do business. Because just about anyone can call himself or herself an appraiser, the responsibility is yours to make sure you're hiring someone who is educated, experienced and ethical. Before you let your fingers do the walking through a phone book consider asking someone like a friend, your insurance agent or an attorney for a referral. Easier still is going on line to the
Better Business Bureau or a major appraiser association like the
Certified Appraisers Guild of America which has certified members in all 50 states.
A: For your money, you should receive a written report with enough copies for all intended users that includes, among other information, the intended use of the appraisal, photos, a full description of the item(s) appraised, an explanation of how value was determined, a sworn statement of objectivity and a firm value of the item(s).
A: As a certified appraiser who has been actively buying and selling for over 20 years in the marketplace, I have experience that many other appraisers do not. My hands on experience is infinitely more valuable than relying on auction records or price guides alone.