FAQ 1

What happens during an appraisal inspection?

The appraiser first gathers all available documents and verbal information (this can be done previously, but is often completed on-site). Whenever possible, the appraiser physically inspects fine or decorative art objects, sometimes using a flashlight or UV light, and through magnification. The appraiser takes measurements, weighs metals, and locates and records any signatures or other identifying marks on the object that may affect value. The appraiser inspects the condition and structural integrity of the objects for any needed repairs or former alterations. Finally, the object(s) is photographed.

FAQ 2

What information is useful for the appraiser?

The more information the appraiser can gather about an object, the more credible the appraisal will be. The appraiser will need to know what the intended use of the appraisal will be, or how clients will use the report when it is completed.

During the process of conducting the appraisal, the appraiser may request any available background information about the property being appraised. This could include, but is not limited to, the provenance, restoration records, exhibition, publication, sales history, the property’s title, and previous appraisals.

FAQ 3

How does the appraiser develop the opinion of value?

After the appraiser inspects the object(s) being valued, he or she researches the appropriate marketplaces to locate the amounts asked, offered or paid for properties similar to the object(s) being appraised (sales comparison approach). The cost and income approaches are considered, and if appropriate, are developed. The market data is studied, including public, gallery and private sales records. The appraiser may consult additional experts to resolve authenticity issues. After all material research relating to the value of object(s) is carefully considered, the appraiser develops an opinion of value and prepares an appraisal report.