Sheri at work!
As defined by the Appraisal Standards Board (ASB) in the Uniform Standards of Professional Appraisal Practice (USPAP) is “the act or process of developing an opinion of value.” At its best, it is part art and part science. And depending on the type of appraisal, the value can be different.
What is An Appraisal?
THE FOUR STEPS
The process begins with a phone conversation to determine the Scope of Work. Frequently an initial assessment can be made through the discussion and e-mail exchange of photos. If an on-site inspection makes sense, most clients appreciate the $275.00 flat fee service which includes an on-site inspection, identification of items and verbal opinion of value. This quick and easy first step arms you with the information you need to make appropriate decisions regarding next steps.
At the on-site inspection, items are inspected, photographed and measured. The appraiser examines the items for condition, marks, characteristics and dimensions.
Value determinations are based upon comparative sales analysis for each item. We make use of a number of exclusive professional databases, our network of colleagues, as well as our extensive experience to identify marks and labels, verify dates, locate comparable items, and investigate retail markets.
The final document will describe the Scope of Work and how we arrived at the value conclusions. It will give an explanation of the resources, date of the effective value, location and date of inspection. The inventory listings provide detailed descriptions with photos, a narrative section and item values.
Due to the popularity of TV shows such as Antiques Roadshow™ and Pawn Stars™, there is a perception that appraisers can simply look at an item and immediately know the complete history of the piece as well as the estimated value. In reality, this is rarely the case. Given constant fluctuations in the market, most appraisals require a great deal of research to find and justify appropriate and realistic values.