An appraiser identifies and provides a value for various types of property. Appraisers fall under several categories of appraisal types )or disciplines) such as personal property, real property, machinery and technical specialties, appraisal review and management, gems and jewelry, and business valuation.
Appraisals are done for many reasons ranging from estate planning to buying a home to determining value for insurance or tax purposes. The most important factor to be concerned with is choosing c competent appraiser to do the work.
Donʼt believe what you see on TV! Professional-quality appraisals canʼt be done in 10 minutes or less and they are not free. Like any other profession, you get what you pay for.
ASA-designated appraisers provide exceptional valuation expertise as they earn their designations only after completing a rigorous education program and peer-evaluation process requiring years of study, experience, dedication, and commitment. ASA-designated appraisers follow professional standards set forth by the Appraisal Foundation as well as ASAʼs own Code of Ethics and Principles of Appraisal Practice to provide a credible, objective opinion of value.
It depends on the item you wish to have appraised. ASA represents appraisers of all types including gems & jewelry, real property, personal property, machinery & technical specialties, business valuation, and appraisal review & management. If you are not sure, simply contact us—we are happy to help.
ASA has thousands of designated appraiser members throughout the world. Our Find an Appraiser tool will help you locate one quickly and easily.
It depends on the nature of the property. A proper, credible valuation of personal property or gems and jewelry can take several weeks, while a professional appraisal of a large business or complex machinery and equipment can take several months. The cost varies significantly as well. Fees are set by the individual appraiser and are often based on an hourly, half-day, or full-day basis. The appraiser's fee ranges with experience and expertise. Most appraisers do charge for research time and there may also be costs for expert consultation, photography, etc. Be sure the appraiser gives you a fee schedule or estimate before work has begun and be sure your appraisal agreement defines the scope of work and when the report will be delivered.
An appraisal report is a document that:
This depends on the nature of the property and market conditions. While many appraisers suggest an update every two to three years, you should ask for a recommendation during the initial valuation.
The most important appraisal is the first one. Once property is lost, stolen, or destroyed, it is much more difficult to determine value. Insurance companies demand credible, professional appraisals before they will approve reimbursement—photos and memory are not enough. Generally, “updating” an appraisal requires a change only in the value conclusion of a report. A professional appraiser can provide an informed and helpful recommendation as to the necessity and frequency of appraisal “updates.”
One advantage of hiring an ASA-designated appraiser is their adherence to professional standards including ASA’s Principles of Appraisal Practice and Code of Ethics—the code of conduct to which all ASA members must subscribe. ASA is diligent in its efforts to ensure ethical practices and procedures on the part of its members. The Society has developed a mechanism for the enforcement of the Code of Ethics whereby clients may file written complaints if they feel an appraisal rendered by an ASA member violates sound professional practice.
If you wish to file a complaint, please mail your written complaint to:
American Society of Appraisers
Attention: Chief Executive Officer
2121 Cooperative Way, Suite 210
Herndon, VA 20171
Appraisers can provide unbiased advice regarding relevant markets for selling an item. Not all property needs to be appraised before a sale. For example, many appraisers recommend that items with lower values (vintage Coca Cola bottle) be sold at regional auctions.
Ideal circumstances require that the appraiser physically inspect the property to conclude accurate value, based on identification and condition. If the item is damaged or lost, however, a photograph might be the only surviving documentation. This extraordinary circumstance is a limiting condition that the appraiser must disclose in the report.
An appraiser asks questions to determine the scope of research that will be needed. Appraisal of a Tiffany lamp for the owner’s insurance coverage requires different data than if the same lamp is being valued for a bankruptcy trustee.
ASA members are made up of appraisers from all disciplines of appraisal practice to include business valuation, machinery and technical specialties, personal property, gems & Jewelry, real property, and appraisal review and management. Candidates in ASA are those working toward their education and experience requirements for accreditation. Accredited Members (AMs), Accredited Senior Appraisers (ASA)s, and Fellows (FASAs) are designated members of the Society having successfully completed all education and experience requirements. Through continuing education and participation in ASA and other organizations, designated members are required to reaccredit their designations every five (5) years to stay up-to-date with industry information, trends, etc.
An appraiser must invest in academic study, hands-on, full-time experience, and must prove competency by passing qualifying examinations in valuation theory, ethics, and at least one specialty. In addition, they must pass a peer-review approval of submitted appraisal reports. The AM Designation requires two (2) years of full-time appraising experience, and ASA Designation requires five (5) years. FASA is the highest designation level, only awarded to ASA-level members by the Board of Governors for notable contributions to the society and the appraisal profession.
ASA appraisers back up their opinions with explanation and relevant evidence. The IRS and others recognize ASA appraisers as “qualified”, because they are trained in valuation, tested for competence in specific types of property, and prepare reports in accordance with Uniform Standards of Professional Appraisal Practice (USPAP).
An offer to purchase property just appraised by the appraiser could be construed as a conflict of interest. Any such offer should be rejected.
First, find a museum willing to accept your gift. Then, call the appraiser.
Ask your accountant and legal advisor, or read the most current version of IRS Publication 561.