WHAT ARE THE GENERAL STEPS OF AN APPRAISAL?
Step One: Initial Consultation
Before beginning the appraisal process, the appraiser will discuss with the client the scope of work and reason for the appraisal. During this information gathering phase, we determine who will be using the report and for what objective. From initial consultation to the final report, all client information will remain confidential.
Step Two: On-site Inspection
After a preliminary discussion with the client, the appraiser will arrange for an on-site examination of the item(s) being appraised. The appraiser will photograph, measure, and examine each object or artwork. Please make available any documents (provenance, receipts, letters, restoration notes, etc.) pertaining to the items as this information can influence the value.
Step Three: Research & Analysis
The appraiser researches object and market information pertaining to the property examined. Research conducted may involve verifying marks and labels (translating where possible), tracing provenance, comparing regional/artist stylistic traits, etc. The appraiser may also compile a list of comparable items and their selling history, investigate appropriate markets, and consult experts when necessary. An analysis of all relevant factors result in an accurate valuation to the best of the appraiser’s ability and available resources.
Step Four: Development & Transmission of the Report
The appraisal report is then written in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Two hard copies of the report are delivered to the client with electronic versions also available. The report includes an overview of the scope of work, value approach taken, definitions of value(s) used, and a list of items with descriptions, photographs, as well as the appraiser's qualifications.
Step Five: Appraisal Report Updates
It is highly recommended to update your appraisal report every three to five years. Fluctuations in the market may result in values varying due to changes in consumer demands, a shift in trends, and economic fluctuations. Certain markets, such as commodity-based collectibles, have the potential to alter in value significantly from year to year. Appraisal report updates are particularly useful for maintaining appropriate insurance coverage.