Everything you need to know about the appraisal process and what to expect when working with SBA.
Getting Started
- What is an appraisal?
An appraisal is an informed opinion of value for a particular use, as of a certain date, and using a specific type of value. It is based upon thorough research of data, verified and analyzed within the most relevant market, and details the procedures used to estimate the value. Appraisals are not a list with prices. An appraiser must follow specific guidelines for developing and communicating an appraisal assignment based upon the Uniform Standards of Professional Appraisal Practice (USPAP) as set forth by the Appraisal Standards Board of the Appraisal Foundation.
- What are my items worth?
There isn’t just one type of value. Value depends on various factors, including an analysis of the most appropriate markets for your items and an understanding of similar properties’ price performance. We provide a detailed conclusion of value based on various considerations to offer you a complete understanding of what your items are worth.
- How do I prepare for an appraisal?
Appraisers ask many questions because we must determine the scope of research needed, such as why the appraisal is needed. There is not just one type of value for one object. Value depends on the most appropriate market for the use of the appraisal to analyze prices of other similar properties. An appraisal of one article for insurance coverage requires a different definition of value, a different approach, and an analysis of different sales data than if the same article is valued for donation or estate tax, sales advisory, or for bankruptcy.
Ethical appraisers charge per hour or per diem. We prefer to be as efficient as possible. The property to be inspected should be readily available during the inspection — artworks removed from the walls and items laid out in easily accessible, well-lit areas — to be examined, measured, inventoried, and photographed. Any paperwork pertaining to these articles, such as sales receipts, acquisition records, conservation reports, catalogues or monographs that include information about the work or item, will save you time.
- Is an appraisal confidential?
We are very serious about adhering to the ethical policies of the American Society of Appraisers, Appraisers Association of America, and the Uniform Standards of Professional Appraisal Practice. This is why we never reveal public or private names, corporations, or institutions of any of our clients. We protect our clients’ privacy.
We are experienced, highly market-aware, and known for our discretion. Anyone not referenced in the report will not be given access without explicit permission from the party or parties employing the appraiser.
- How long will it take for my appraisal report to be completed?
Each appraisal assignment is unique so the time required to complete a project varies. Additionally, it depends on the number of articles to be appraised and/or the assignment’s complexity. Furthermore, time also depends upon our workload as certain times of the year tend to be heavier than others. Generally, we can complete a report within a four to six-week period. For reports containing over 100 items, this usually takes six to twelve weeks. Over 500 items can take longer. We will expedite rush assignments for an added fee.
About SBA
- Do you buy or sell?
Appraising is our only business. We do not buy, we do not sell, and we do not carry inventory. Confidentiality and professional objectivity with no conflict of interest are assured. However, we suggest the best venues in which to sell your items after a careful review of your articles.
- What are you qualified to appraise?
Ms. Beasley has achieved the highest level of designation in Fine Arts (paintings, drawings, and other works on paper, prints, sculpture), as well as Antiques and Decorative Arts (antique furniture, lighting, silver, metal alloys, ceramics, glass, and clocks) through the American Society of Appraisers (ASA). Additionally, she holds the highest designation in 20th Century Design through the Appraisers Association of America (AAA), and is also accredited in Latin American Art. She has gained a national reputation having particular expertise in one-off designer furniture and architectural materials.
- What locations do you serve?
We are based in Kansas City, Missouri, and have a staffed office in Manhattan, New York (for fine art) the Denver metro area (for decorative art). A large majority of our clients are outside of our main office in Kansas City. We have served clients in over 25 states from California to New York; Oregon to Florida.
Additionally, Ms. Beasley is often retained by appraisers of other disciplines across the country for her expertise, particularly with twentieth-century design and architectural materials.
- Why should I choose SBA LLC?
All of our reports are in compliance with the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP) and the report development and writing standards of the American Society of Appraisers (ASA) and Appraisers Association of America (AAA). These standards are the highest in the industry. We employ appropriate appraisal methodology, report development, and ethical conduct. Reports written to these standards are accepted by the IRS, attorneys, insurance companies, financial institutions, and museums. All of our appraisers have reached the highest level of achievement in their disciplinary designations with ASA, AAA, or ISA and keep up with organizational reaccreditation requirements. You never pay for a learning curve.
Qualifications
- What do the letters after an appraiser’s name mean?
Unlike real estate appraisers, personal property appraisers are not certified or licensed by state government appraisal boards. We are, instead, “accredited” or “certified” by professional membership organizations.
An appraiser of personal property who has been “accredited” or “certified” has met the requirements of a membership organization such as The American Society of Appraisers, Appraisers Association of America, or International Society of Appraisers. Accreditation or Certification is awarded to individuals who have successfully completed an education program, accrued experience, and undergone extensive testing in both a specialty area and the Principles of Valuation.
- Are you USPAP certified?
The expression “USPAP Certified Appraiser” and/or “USPAP Certified Appraisal” is misleading. There is no such credential. In fact, USPAP states that there is no such certification or designation. Completing a USPAP course does not entitle one to be USPAP Certified, nor does it permit to call oneself a USPAP Certified Appraiser. The amount and quality of information included in a report and the competence and ethics with which the appraisal was prepared are what allows the appraisal report compliant with USPAP. Not all appraisers or firms providing appraisals comply with USPAP.
- Are you licensed?
While a full, legislative-based regulatory system exists to monitor real estate appraisers, no such system exists for personal property appraisers. You should seek an educated and experienced appraiser who belongs to one of the top three appraisal organizations: ASA, AAA, and/or ISA.
Further, you want to be on the lookout for an appraiser who offers to appraise and then buy or sell your items. Reputable appraisers are disinterested parties whose only goal is to provide an objective analysis and conclusion of value.
Legal Questions
- What should attorneys look for when hiring an appraiser?
Attorneys often require experts to value fine and decorative arts in connection with litigation proceedings. Look for appraisers who are educated, experienced, and most importantly credentialed in the type of property you need valued or reviewed. ASA-accredited and AAA-certified members provide exceptional and ethical valuation expertise, earning designations in their respective areas after completing rigorous courses, examinations, and report submissions through peer-evaluation processes that require years of work. Additionally, look for an appraisal expert who can defend her/his value estimates under cross-examination in deposition and/or at trial — preferably trained and experienced in litigation support.
- Do I need an appraiser for a lawsuit from an insurance claim?
Art insurance policies, for the most part, are vague on definitions of value and valuation methods. A qualified appraiser can clarify these issues and clearly explain conclusions of value in an appraisal report. In the event of a disagreement over a claim, the insured and insurer retain their own appraisers to assess value. If the appraisers arrive at a different value(s), their reports are then submitted to an arbitrator or judge who reviews their findings and makes a final decision. Critical decisions are made based on these reports — how well comparable properties are researched, how values are argued, how the appropriate use of the definition of value is applied, and the adherence to USPAP by the appraiser. Owners and attorneys need to be aware that their case depends on the appraiser’s knowledge, experience, education, credentials, and quality of work product. Not all appraisers are created equal.
- Shouldn’t I use the dealer or auction house who sold the item to me?
Appraisals for an IRS-related use cannot be prepared by the merchant who sold the property. These merchants may not possess the objectivity to allow them to arrive at an unbiased conclusion of value. For example, a dealer may increase the price you paid for a work to reassure the buyer s/he got a deal to use that as the value. Impartiality and competence in valuation define appraisers.
- What should attorneys look for when hiring an appraiser?
Attorneys often require experts to value fine and decorative arts in connection with litigation proceedings. Look for appraisers who are educated, experienced, and most importantly credentialed in the type of property you need valued or reviewed. ASA-accredited and AAA-certified members provide exceptional and ethical valuation expertise, earning designations in their respective areas after completing rigorous courses, examinations, and report submissions through peer-evaluation processes that require years of work. Additionally, look for an appraisal expert who can defend her/his value estimates under cross-examination in deposition and/or at trial — preferably trained and experienced in litigation support.
Other Questions
- Can’t you just give me a guesstimate?
No, any opinion of value by an appraiser is an appraisal. The appraiser’s role is to provide objective, impartial, and unbiased opinions about personal property value. We must perform valuation services competently by attaining enough adequate information to develop a credible appraisal. This includes obtaining all physical and relevant characteristics of the property, condition, and provenance, which may affect a property’s value or marketability.
- How much does an appraisal report cost?
The charge for an appraisal is never a percentage of the appraised value. Necessary appraisal report and/or consultation services are billed at a flat hourly rate (plus travel expenses where applicable) or per project. For more information about estimated costs for your particular job, please contact us for a quote. Fees for services vary based on the use or uniqueness of the appraisal, the number of items to be appraised, and the amount of specialized research required. The minimum charge for a site visit for examination or consultation purposes is $175. The minimum fee for a Restricted written appraisal report is $700. The minimum fee for a written report for insurance is $900. The minimum fee for a written report for donation is $1,200. Valuation reports, appraisal review reports, and verbal consultations for litigation matters are billed at a different rate. Please contact us for those rates.
Please note that SBA LLC cannot render an opinion of value without complying with USPAP (Uniform Standards of Professional Appraisal Practice). This is standard protocol for all qualified appraisers.
Appraising is our only business. See what we can do for you.
