A professional appraisal is an oral or written report provided by an appraiser who assesses the value of your items in relation to the marketplace.

Timing depends on the type of appraisal being requested and the amount of items being valued. The final appraisal can take four to five days up to four to six weeks to complete.

When it comes to antiques, it’s important to have an accurate assessment of their value. Whether you are looking to buy something, sell something, or leave an inheritance, a professional appraisal can help. Appraisers conduct research and look for any discrepancies that can affect the value of the antique. With their knowledge and expertise, you can trust that an appraisal will give a realistic understanding of the antique’s worth. Having an appraisal on file can protect you from fraud and act as a valuable legal document should you ever need it. An appraisal is an important part of any antique transaction that can save you money as well as provide security and assurance.

Knowing the intended use is essential for appraisers because it helps them focus on the appropriate aspects of the property, follow relevant standards, address legal considerations, meet client requirements, and determine the proper scope of work for the appraisal assignment.

The value is determined by considering a variety of factors such as age, condition, material, originality, style, provenance, historical importance and craftsmanship.

Fair Market Value is the amount someone might receive from a willing buyer, where the buyer and seller are both knowledgeable and informed. It is also the amount most government tax agencies (IRS, Revenue Canada, Inland Revenue, etc.) recognize as the tax deductible amount were the item donated to a charitable organization.

During the on-site inspection, we will inspect the items condition. This includes, digital photographs, measurements, and noting the items features.

After information is collected on location, we go back to the office and conduct research, finalize the descriptions and appropriate value is determined. Once completed, the reports are sent electronically, and a copy of the final report and project file is retained for the applicable USPAP required period of two to five years.

There are three types of appraisals: verbal, written and evaluation by email. Each have a purpose. Written: You will need a detailed written appraisal from a qualified professional for insurance, court of law, and IRS. An on-site inspection is needed. Verbal appraisal is useful for those who are considering selling an item, downsizing or just curious about the value of an item. Evaluation by email (online appraisal): is for informal, educational purpose; online appraisals, are largely based on critical assumptions working from photos and descriptions provided by the owner.

Taking these steps will streamline the appraisal process and ultimately save your money. Identify which items you want to have appraised. If there are items in the attic, closets, garage, or storage units, make sure they are accessible. Gather receipts, certificates of authenticity, photographs and earlier appraisals. Move large pieces of furniture away from the wall if possible. If this is an estate appraisal and there is a will, make sure that all items specifically bequeathed are available for inspection.

The art market is constantly changing (much like the stock market) and it is wise to have your appraiser prepare an appraisal update every few three to five years. It is a great idea to circle back to your appraiser to have an appraisal update.