FREQUENTLY ASKED QUESTIONS:
When is it necessary to have personal property appraised?
The dealer you purchase an item from has an interest in that item, and that opens a window for conflict of interest in valuing that item. An independent appraiser has no interest in that item, and therefore can provide an unbiased opinion of value. Additionally, the dealer may not know how to evaluate the item for its appropriate worth. Without appraisal training on appraisal principles and procedures, he/she may not understand the complicated variety of marketplace definitions that are used to determine appropriate values for appropriate uses.
I just purchased a painting and the dealer offered to appraise it. Why then would I need an independent appraiser?
The dealer you purchase an item from has an interest in that item, and that opens a window for conflict of interest in valuing that item. An independent appraiser has no interest in that item, and therefore can provide an unbiased opinion of value. Additionally, the dealer may not know how to evaluate the item for its appropriate worth. Without appraisal training on appraisal principles and procedures, he/she may not understand the complicated variety of marketplace definitions that are used to determine appropriate values for appropriate uses.
Can more than one value apply to the same item?
Yes, the same item may have different appraised values depending on the intended use of the appraisal. To illustrate, the value for insurance coverage may be different than the value for estate tax, charitable donation or consumer resale. Qualified educated appraisers understand the many different types of values, assigned uses, and market levels.
Are there different types of appraisers or are they all the same?
While many appraisers adhere to professional appraisal guidelines, others do not. For the most accurate, professional, and credible appraisal, the wisest choice is to hire an appraiser who has formal education in appraisal theory, principles, procedures, ethics, and law, who conforms to the Uniform Standards of Professional Appraisal Practice (USPAP), has ample experience, and is an accredited member of a professional appraisal association, such as the International Society of Appraisers – an organization dedicated to upholding the highest standards of accuracy, competency, and integrity in the appraisal profession.
What does an Appraisals appraisal report consist of?
The customized Appraisal Report is contained in a printed and bound document for the client. At a minimum, the report provides a detailed explanation of the type of value being sought and how the appraisal is to be used; the methodology and resources utilized by the appraiser to reach a value conclusion; an analysis of the market; a photograph and thorough description of each item being appraised; and, the appraiser’s qualifications and signature. Moreover, every report contains a statement to the effect that the company has no past, present or future financial interest in the property or properties that are being appraised. This is to ensure the client that the company has no conflict of interest in conducting the appraisal. Certified Appraisal Reports by accredited appraisers conform to the Uniform Standards of Professional Appraisal Practice (USPAP) as required by the IRS. USPAP can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. The client receives two color originals.
How are appraisal fees established?
Appraisals are charged on an hourly basis. We recommend you do not hire an appraiser who charges a percentage of the appraised value because that creates a conflict of interest and may result in biased values.
Zenith Gallery Art Services can also provide collection cataloging and documentation.
Clients may simply request an organized descriptive and pictorial inventory of their possessions for their organization needs or to have ready in case of possible future damage. Zenith Gallery Art Services can provide such an inventory tailored to the client’s needs.
Please contact Zenith Gallery for more information.
202-783-2963 or email art@zenithgallery.com
