Every appraisal begins with a question.
Many of the same questions arise long before an appraisal is needed, while others continue long after an appraisal has been completed.
This resource library was created to help answer those questions.
Whether you're administering an estate, serving as a trustee, protecting personal property, managing a collection, making a charitable contribution, or simply trying to better understand an object of personal property, these resources are intended to provide practical guidance grounded in professional judgment and thoughtful analysis.
Like every appraisal assignment, understanding develops one question at a time.
What is an appraisal?
An appraisal is more than an opinion about what something is worth.
It is a professional process used to develop a credible opinion of value for a specific purpose. That process begins by understanding why the appraisal is needed and the decisions it is intended to support.
From there, the appraiser determines the appropriate scope of work. Depending upon the assignment, this may include inspecting the property, conducting research, analyzing relevant market evidence, and applying professional judgment to develop a well-supported conclusion.
Not every appraisal requires the same amount of work. A familiar household item may require relatively little research, while a rare work of art or culturally significant object may require considerably more. The work should be appropriate to the property, the purpose of the appraisal, and the questions that must be answered.
The resulting appraisal report communicates the opinion of value and the information and reasoning necessary for its intended users to understand and rely upon that conclusion.
Ultimately, an appraisal is not simply about determining value. It provides clear, objective information that helps people make informed decisions when understanding value matters.
Why are different types of value used?
Personal property does not necessarily have one value that applies in every circumstance.
The appropriate type of value depends upon why the appraisal is being performed and the decisions it is intended to support. An appraisal prepared for an estate tax matter may answer a different valuation question than one prepared for insurance coverage, liquidation, equitable distribution, or another purpose.
For example, fair market value generally considers what property would change hands for between a willing buyer and willing seller under defined market conditions. The full definition may be found on the IRS website . Suffice it to say, that it is different from other types of value. Replacement value addresses a different question: what would it reasonably cost to replace the property with an item of comparable kind and quality in the appropriate market?
Those values may be different even when they concern the same object. Neither is inherently more accurate than the other. They are answering different questions.
Other assignments may require market value, liquidation value, loss in value, or another appropriate type of value. In some circumstances, the applicable definition may be established by a government agency, court, insurance policy, professional standard, or other authority.
This is why understanding the intended use of an appraisal comes first. Once the purpose and the decisions to be supported are understood, the appraiser can identify the appropriate type and definition of value and develop the assignment accordingly.
Different types of value are used because different responsibilities require different questions to be answered.
The objective is not simply to determine what property is worth.
It is to determine the appropriate value for the purpose at hand.
What makes an appraisal credible? What gives you reason to rely upon this opinion of value?
A credible appraisal is one whose conclusions are supported by a process appropriate to the assignment.
Credibility begins with understanding why the appraisal is needed and the decisions it is intended to support. That understanding allows the appraiser to determine an appropriate scope of work—the inspection, research, analysis, and reporting necessary to develop a reliable opinion.
Evidence matters. Relevant information about the property and its market must be identified, evaluated, and considered carefully. The amount of work required will vary. Familiar property may require relatively little research, while rare, complex, or culturally significant property may require considerably more. In either case, the work should be sufficient for the assignment without becoming unnecessarily complicated.
Professional judgment connects that evidence to the conclusion. The appraiser must evaluate the reliability and relevance of available information, consider what it means within the context of the assignment, and develop an opinion that is supported by the evidence rather than assumption.
Independence is equally important. A credible opinion should not be influenced by a desired result, the interests of a particular party, or whether a particular conclusion would be more convenient.
Finally, the appraisal report must communicate the work clearly enough for its intended users to understand the conclusion and the basis upon which it was developed.
Credibility, therefore, does not come from the final number alone. It comes from the quality and appropriateness of the process that produced it.
A credible appraisal allows others to understand not only the opinion of value, but why that opinion deserves their confidence.
Responsibilities of an Executor
Responsibilities of a Trustee
Preparing for an Appraisal
Working with Attorneys and Accountants
Understanding Charitable Contribution Appraisals
Preparing for Estate Administration
Understanding provenance
Caring for family heirlooms
Identifying makers' marks
When should property be appraised?
Building a household inventory
Caring for collections
Why independent judgment matters
Curiosity and professional growth
What experience really means
The relationship between evidence and judgment
Why the right answer is sometimes "You don't need an appraisal"
The difference between information and understanding
How long does an appraisal take?
Do I always need an appraisal?
Can photographs be used?
What if I don't know what something is?
Will every object require extensive research?
Can you appraise only one item?
What's the difference between an appraisal and an auction estimate?