Art Appraisal Report Explained
Our appraisal report follows the Uniform Standards of Professional Appraisal Practice (USPAP) adopted and promulgated by the Board of Standards of The Appraisers Foundation. We rigorously follow the Ethical Standards and Competency Requirements for Appraisal Practice established by The Appraisal Foundation. Every piece of critical information relevant to your artwork is thoroughly investigated and analyzed before we arrive at a value conclusion. Our research results are presented in a thorough, comprehensible, and objective manner.
How to Select from the Appraisal Reporting Options
Guided by USPAP (2014-2015), professional appraisers offer two types of appraisal report: Restricted Appraisal and Appraisal. Before selecting an appraisal report, please carefully identify your appraisal need or your ultimate goals for commissioning an appraisal. The major difference between the two types of appraisal is the amount of information included in the report. In other words, the more information you ask, the more expensive an appraisal is. The appraisal cost is determined by the nature of your property and the scope of work necessary to complete the appraisal that meets your needs.
Other differences that separate the Restricted appraisals from an appraisal include the depth of analysis, the scope of discussion and the manner of presentation. A Restricted Appraisal states the basic information relevant to your art work that meets your limited goal and modest budget. An Appraisal summarizes important information in a concise manner that offers in-depth object analysis and market research, suitable to those who desire to share the appraisal report with third parties (insurance agents, estate attorneys, sales agents, buyers, and IRS agents, etc.). Art collectors and owners of high quality art works also benefit from the expertise, wisdom and knowledge presesented in the report.
The scope of work determines the appraisal cost. It is wise to figure out what you need before retaining a professional appraiser. Discussing your appraisal needs with an art professional will certainly cut down the appraisal cost.
Contents of a Standard Appraisal Report
- Cover Page
- Table of Contents
- Transmittal Letter
- Summary of Facts
- Inspection, Valuation & Appraisal Methodology
- Scope of Work
- Criteria for Qualitative Ranking
- Property Identification
- Comparables & Discussion
- Value Conclusion
- References Consulted
- Market Observations
- Privacy Statement
- Limiting & Qualifying Condition (Statement of all conditions and their impact on a value conclusion.)
- Certification of Appraiser
- Appraiser's Qualifications
Our Asian Art Consulting & Appraisal Services
An art appraisal report based on facts will help you realize your vision in complete confirmity with the law. Our Asian art specialists are happy to help you at all levels of assignment. You don't have to be an expert about your art work before you approach an art professional--otherwise you probably would not be seeking a professional appraisal in the first place!
We serve with respect, honesty and integrity. We provide art appraisals for insurance, charitable contribution, estate distribution, dissolution of marriage, equitable distribution, pre-nuptial agreement, consultation for acqusition or disposition, and bankruptcy. We tailor our appraisal report to meet your specific needs. We provide you with the essential information, documentation, and tactical strategies you need to make an informed decision.
Still have questions? Please Contact Us, or call us at (609) 688-6891.
We Consult & Appraise Asian Art