What You Should Get For Your Money?

Any formal appraisal should contain the following:

1. Name & Address of Client.
2. Statement of Purpose. Whether the appraisal is for insurance, estate tax liability, donation, divorce, resale, equitable distribution or some other purpose.
3. Type of Valuation to be Assigned. Whether it is replacement cost, fair market value, resale, liquidation or other type of valuation. A definition of the value you must also be included.
4. Description of the Object. There must be sufficient information to identify the item. This should include the material used, dimensions, condition, repairs or restoration, signature or other marks, approximate date made, country of origin, provenance if  known and any other historical information peculiar to the property.
5. Summary of Appraiser’s Qualifications. Experience, educational background, professional affiliations, etc.
6. Statement of Value. The dollar amount each item or grouping of items is judged to be worth.
7. Limiting Conditions. It should be noted if the appraisal is based on incomplete or  hypothetical information, or if the appraiser has not personally examined the item,  or if there are any other extenuating circumstances which might prevent the  appraiser from completing the task in an accurate and professional manner.
8. Statement of Disinterest. Confirmation that the appraiser does or does not have a  present or contemplated future financial or other interest in the outcome of the appraisal.
9. Date of Valuation. For estate tax liability, normally the date of death; for donations, the date of donation; for divorce, the date of separation; for most others, the date of examination.
10. Picture of the Item. Visual documentation is important for most appraisals.   For donation appraisals, the IRS requires an 8″ x 10″ photo of any single item valued at  over $20,000.00.
11. Signature of the Appraiser and the Date Signed.
12. Brief Summary of Sources Used to Arrive at Valuations.
13. Names of Other Appraisers and/or Experts Consulted.
14. Total Valuation of the Items Appraised