Frequently asked questions
Are appraisals compliant with USPAP (Uniform Standards of Professional Appraisal Practice)?
Yes. USPAP are the current accepted standards for professional appraisal practice. The standards articulate procedures to be followed in the development of a credible appraisal and the way the results of that process are reported. USPAP establishes requirements for appraisers to perform assignments with impartiality, objectivity, and independence. A USPAP compliant appraisal is an indication of professionalism to which the appraiser adheres.
Who uses your consulting and appraisal services?
Our clients include attorneys, estate and trust administrators, financial advisors, insurance firms, accountants, corporations, film and television production companies, museums, educational institutions, artists, and private collectors.
How are fees determined?
Fees are based on the appraiser's time and expenses. Fees are never based upon the appraised value of the property.
How often should my fine art collection be appraised for insurance?
It depends on the type of fine art in the collection. It is generally recommended that fine art be appraised every two to four years. In sectors of the art market where prices fluctuate widely, fine art should be appraised annually. Collectors often do not realize they need to have their collection reevaluated or that some insurance companies require it. Additional insurance coverage might be necessary on works that have increased in value. An updated appraisal will also help collectors realize which works may need coverage adjusted lower. Consequently, your premium may continue to increase, even if the market is declining.
Can I submit an appraisal to the IRS from the gallery or auction house where I purchased the property?
A party to the transaction in which you purchased the property is not considered a qualified appraiser by the IRS. For charitable donation, the exception is if the property was donated within 2 months of the date you acquired it, and the property's appraised value did not exceed its purchase price.
Why hire an Accredited Senior Appraiser (ASA)?
The ASA accreditation is the preeminent accreditation for the valuation profession. It requires successful completion of over 100 hours of rigorous valuation education, four three-hour valuation exams, a four-hour exam in each area of specialty, an ethics course, a test on the Uniform Standards of Professional Appraisal Practice (USPAP), and approval through a peer review process of actual valuation reports. It also requires demonstration of a minimum of 10,000 hours of valuation experience to qualify for consideration for the ASA accreditation. Significantly, an Accredited Senior Appraiser must complete 100 hours of continuing education and professional activities and reaccredit every five years. Furthermore, it is the only valuation accreditation required to comply with the USPAP standards promulgated by the congressionally-authorized The Appraisal Foundation.