1) Initial inspection. The appraiser will inspect all items, take measurements, digital photographs, open doors and pull out drawers to inspect construction methods, and review all documentation. Documentation may include purchase receipts, articles, book entries, exhibition catalogues, auction catalogue entries, family letters, old appraisals or estate inventories, conservation/restoration reports, names of family members from whom the work descended, or any other pertinent information.
A nonrefundable retainer is required to cover the time spent at the inspection at the conclusion.
After the inspection we are able to better estimate the total cost of the appraisal.
2) Research. We will take all the information documented, study comparables in the most relevant market and conduct our research and analysis. We then inventory, write, value and format our report.
3) Report. Depending upon how many items are to be included in the report, typically appraisal reports are completed within six to eight weeks (twelve weeks for lots of 100 or more) from the date of property inspection. The Appraisal Report is delivered upon receipt of the final balance due.
Elements of a Correctly Prepared Art Appraisal
- Title Page
- Table of Contents
- Letter of Transmittal
- Name and Address of Client
- Signed Certification and USPAP Compliancy
- Scope of Work and the Problem to be Solved
- Assignment conditions including inspection and identification
- Purpose of the Appraisal
- Intended Use
- Intended Users
- Type of Value – and the definition and source for definition of value
- Approach to Value – Market Data/Sales, Income, cost
- Type of Reports – Appraisal and Restricted
- Effective Dates of Valuation
- Market Analysis
- The type and extent of data researched and analysis applied
- Marketplace in which Valuation is Applied
- Inventory with full descriptions and photographs
- Rationale of Values
- Value Conclusions
- Assumptions, Extraordinary Assumptions, Limitations, Disclaimers
- Qualifications of the Appraiser