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By Sarah McCullom
as published in the Del Ray Sun, January 12, 2006
After watching the Antiques
Roadshow, one might think that an appraisal is pretty easy –
look at the item, and based on experience and knowledge, tell the owner
what it is, and what the value is. But…it’s not that easy.
Long before that expert came before the cameras, there were people behind
the scenes doing research; on the internet, in books, on the phone with
other experts, and any other source, to confirm what they originally
thought when they examined the piece.
A written appraisal is similar
– the original examination of the piece to include photographs,
can take up to an hour. The appraiser then must perform exacting research
to determine style, period, and hopefully maker. Following that determination
there is research of the relevant market, and comparable values. Dependent
on the item, the research can take at least an hour, and sometimes much
more.
The appraiser finally then sits down to put together the report for
the client. This report, because of what needs to be included is a minimum
of 8 pages, and is usually longer. Sometimes, it can be as long as 50
pages depending on the number of items that are being appraised.
When you receive your report, it should include the following:
- Title page with the owner’s name, appraisers
name, the effective date of the appraisal, and the date of the appraisal
report
- Table of contents including the number of pages
in the report
- Letter of transmittal, the first place where the
value is indicated
- Intended use of the appraisal
– such as for insurance coverage
- Purpose of the appraisal – type of value that
is being determined
- Method of valuation – such a market comparison
- Limiting conditions of the appraisal – such
as paintings that could not be removed from frames
- Certification – that the appraiser has no
interest in the item, and that the appraisal was completed in accordance
with the Uniform Standards of Professional Appraisal Practice (USPAP)
- Description of the item or items being appraised
- Photographs of the item or items
- Narrative that discusses the item and the relevant
markets(s)
- Comparables that were used to determine value
- Value of the appraised item(s)
- Glossary if there are terms not familiar to client
- Bibliography to include sources used during research
- A privacy statement making it clear to the client
that their information is protected
- Lastly, the credentials of the appraiser should
be included
This seems like a lot of information, and it is, but
it necessary for a complete appraisal. In addition, the property owner
is getting the information on the item that they need, and are frequently
interested in knowing. All the major appraisal associations require
this information. In addition, the IRS requires it as well for charitable
donations.
When you hire an appraiser, keep in mind that while
the charges may appear steep, you are paying for their education, knowledge,
and expertise. They are not only trained and knowledgeable in what is
being appraised; they are trained and knowledgeable in the correct way
to put together an appraisal. If you want it done right, do your research
and hire the right appraiser. In my next article I will give you information
on what to look for in an appraiser, and how to hire one.
Sarah McCullom is the owner of Hidden Treasure Appraisals, a business
providing appraisals for antiques, fine and decorative arts. She is
a resident of Alexandria where her business is also located. Sarah holds
a Certificate in Appraisal Studies and Connoisseurship in Fine and Decorative
Arts from George Washington University. You can reach her at ssmccullom@hotmail.com
or at 703-370-2887.
copyright Del Ray Sun 2006
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