An appraisal allows you to knowledgeably plan your gifts and art donations. In some cases, a qualified appraisal is required for tax and other purposes.

An appraiser uses a variety of tools: reference works, online electronic databases, and historical documents; and may consult with additional specialists in the field. Based on the analysis of the research, the appraiser produces an appraisal report detailing the appropriate valuation of your personal property.

It is best to get an appraisal before you need one. You will need an appraisal for:

The short answer is “No.” However, the primary reason for an appraiser to personally inspect a property is to gather information about the characteristics of the property that are relevant to this value. (In general, these are referred to as relevant property characteristics and consist of quality characteristics as well as value-relevant attributes of the property.) But is a personal inspection by the appraiser required to gather the necessary information? The answer is “No” (though it is advised whenever possible). Having said that, appraisers almost always conduct a hands-on inspection of the property which is the subject of the appraisal assignment; however, on some occasions such as in the case of a theft or loss, the property is no longer available for inspection. In such cases, a personal inspection is simply not possible. On other occasions, the high cost or risk of loss of shipping a valuable subject property to the specialist appraiser for examination might necessitate an appraisal being conducted from afar without the benefit of a personal inspection. For items that remain available for inspection, and which require special testing procedures or equipment to prove genuineness or quality, or which are potentially so valuable as to warrant the expense of a hands-on inspection, the specialist appraiser should insist that arrangements be made for personal inspection either by him/herself or by some other qualified appraiser. Otherwise, the appraiser should abandon the assignment. This discussion addresses USPAP’s requirements regarding the appraiser’s responsibility regarding inspecting and “identification.” USPAP requires appraisal reports to identify the type and definition of value and citer the source of the definition. What is the “type of value?” Why is this no longer referred to as the “purpose” of the assignment? Standards 2, 6, 8 and 10 require that appraisal reports state the type and definition of value and cite the source of the definition. The exact wording varies by reporting option. Previously, the term “purpose” in USPAP was used to refer to the several different concepts, including the type and definition of value. For the 2005 edition of USPAP, this and other special meanings of this term were eliminated to increase clarity. Where it is now used in USPAP, “purpose” will only convey the standard dictionary meaning of the word. The “type of value” is the general class or category of value. Examples include market value or fair value. The “definition of value” provides a specific description of the characteristics and conditions of the type of value. Examples include definitions provided from a form report, in FIRREA, in U.S. accounting regulations, and U.S. tax regulations. USPAP does not provide any specific definition of value or endorse any particular source.

Prior to inspection at your home or business, client shall compile and copy all records – sales receipts, provenance and other related materials, catalogues, and letters. These will be reviewed prior to inspection. On site, we will photograph and catalogue the property, and conduct an examination of the condition and all other pertinent information available about the property being appraised. Then thorough research of the market is conducted, including appropriate levels of sales, and the items will be analyzed and valued accordingly. We will also research the appropriate sales markets, and research all data pertinent to constructing a written appraisal report that conforms to current USPAP Standards.

Condition is specified, along with provenance information. At least one 4” x 5” photo (1” x 10” for IRS charitable contribution reports) accompanies a written description of each object, with any additional information that helps to identify it. The appraisal includes a narrative, which details who was consulted, resources used and how the value conclusion was reached. Two reports will be given to the client (one hard copy and one on thumb drive), while one will remain on file for 5 (five) years at T. Haan & Associates.