The time required to complete an appraisal depends upon the nature and complexity of the assignment.
Some property can be identified, researched, and analyzed relatively quickly, particularly when the objects are familiar and sufficient market information is readily available. Other property may require additional research because of its rarity, history, provenance, condition, or other characteristics. The purpose of the appraisal and the type of value being developed can also affect the amount of work required.
Before beginning an assignment, we discuss the scope of work and provide an anticipated timeline so you understand what to expect.
Not always.
The appropriate solution depends upon what you're trying to accomplish. Sometimes a formal appraisal is necessary to provide a well-supported opinion of value for an estate, insurance, charitable contribution, legal matter, or another specific purpose.
In other situations, an appraisal may not be the most appropriate solution. For example, if you've already decided to sell personal property but need help determining where it is most likely to achieve a successful outcome, a Sales Advisory Report may provide the information you need without requiring a formal appraisal.
Other situations may call for a more focused consultation or a different professional resource altogether.
That's why we begin by understanding your circumstances and what you're trying to accomplish. We'll recommend the professional assistance appropriate to your needs—even when that means recommending a more cost-effective alternative to an appraisal.
Often, yes.
Whether photographs are appropriate depends upon the nature of the property, the purpose of the appraisal, and the information needed to develop a credible opinion of value.
For some assignments, clear and sufficiently detailed photographs, together with information provided by the client and other available documentation, may provide what is needed. In other situations, an in-person inspection may be important to properly identify the property, evaluate its condition and characteristics, or answer questions that cannot be resolved from photographs alone.
The appropriate approach is determined as part of the scope of work for each assignment. The important consideration is not simply whether an appraisal can be completed from photographs, but whether the available information is sufficient to produce credible results.
That's perfectly fine.
You don't need to identify an object before having it appraised. Identification is an important part of the appraisal process.
During the inspection and research, the appraiser considers the object's characteristics, materials, construction, markings, age, authorship or maker, history, and other relevant information to determine what it is and how it should be researched and evaluated.
Occasionally, an object requires specialized knowledge beyond the appraiser's own expertise. When appropriate, a specialist or other qualified professional can be consulted to assist with identification.
You don't need to have all the answers before the appraisal begins. Part of our responsibility is knowing what questions need to be asked—and when additional expertise is needed to answer them.
No, definitely not.
The amount of research should be appropriate to the property and the purpose of the appraisal. Many familiar objects can be identified and evaluated efficiently using the appraiser's existing knowledge, experience, and readily available market information.
Other property may require additional research because of its rarity, history, provenance, authorship, cultural significance, or other characteristics that could affect its identification or value.
The level of research is determined by what is necessary to develop a credible opinion. An ordinary household item should not require the same research as a rare work of art or historically significant object.
The objective is not to perform the maximum amount of research possible. It is to perform the appropriate amount of research needed to produce credible results.
Certainly.
While some appraisal assignments involve the contents of an entire estate or collection, others involve only a single object. The appropriate scope depends upon the property and the reason the appraisal is needed—not the number of items involved.
Single-item appraisals are commonly requested for charitable contributions, insurance documentation, equitable distribution, and other situations where an independent opinion of value is needed.
The same principles apply whether the assignment involves one object or hundreds: the work is tailored to its purpose, and the level of inspection, research, and analysis is appropriate to what is needed to develop a credible opinion of value.
An appraisal and an auction estimate answer different questions.
An auction estimate is typically provided by an auction house to help a potential consignor understand the range in which property may be expected to sell through that particular auction house, based upon its market, clientele, and recent experience. It is primarily intended to assist with a potential sale.
A professional appraisal serves a different purpose. It develops an independent, well-supported opinion of value for a specific intended use, such as estate or tax reporting, insurance, charitable contributions, equitable distribution, litigation, or another circumstance requiring documented valuation.
Neither is necessarily the right solution in every situation.
If you've already decided to sell and simply want to understand what an auction house believes your property may bring at auction, an auction estimate may be all you need. If a responsibility or decision requires an independent opinion of value supported by research, analysis, and documentation, a professional appraisal may be appropriate.
Understanding what you're trying to accomplish helps determine which one you actually need.