How to Choose an Appraiser
HOW TO CHOOSE AN APPRAISER
How To Find One, What To Look For, What You Need To Know
We all have a few items stowed away in the basement or attic that we have always believed are really “worth something.”
Whether it’s a piece of jewelry, old coins, antique furniture, sterling silver or your grandma’s ceramic cookie jar, the key to finding out the true value of your “treasures” is an assessment by a professional appraiser.
But, how do you find one? What makes a good appraiser? What’s the appraisal process like? We asked Diane Wachs, a Cincinnati-based fine and decorative art expert and appraiser for the basic information you’ll need to choose a good appraiser. Here’s what she told us:
What An Appraiser Does -- An appraiser puts a definite value on an object for a specific purpose – such as an “insurance value,” “marketable cash value” or an “equitable distribution settlement value.” Unlike an auction house, which may give a range such as $300 to $500, an appraiser gives you a set value.
Most Appraisers Are Generalists – When it comes to assessing personal property, most appraisers are “generalists,” who have a range of knowledge wide enough to give you a good appraisal – unless it’s something very rare. (By the way, just because it’s rare, it’s not necessarily valuable.) A good appraiser will tell you immediately if he or she doesn’t have the knowledge to make the assessment. But he will likely be able to bring in a specialist who can set the value.
How To Find An Appraiser – Word of mouth is the best way to find a good appraiser. If you can’t get a referral from a family member or friend, the American Society of Appraisers (ASA) has a website with local appraisers with the specialty you need. Another good way is to ask a banker or insurance agent who has used an appraiser recently.
What Makes A Good Appraiser – Many appraisers are members of the Association of American Appraisers, the American Society of Appraisers or the International Society of Appraisers. Members of these three U.S.-based organizations have completed courses on writing appraisals, the ethics of appraisals, and special considerations for estate appraisals.
However, many good appraisers aren’t members of these organizations. What’s most important is significant experience in the auction business or as a dealer. Ms. Wachs said “making a living having to understand prices is the best qualification an appraiser can have.”
Any good appraiser should be IRS qualified, meaning he is up to date on the Uniform Standards of Professional Appraiser Practice examination. It’s taken every four years, and it ensures the appraiser knows the latest tax ramifications of donations, inheritance matters or any other IRS matter related to valuation.
Why Choosing the Right Appraiser Is So Important: An appraisal is an investment in your personal property, and it can be expensive. Make sure you always talk to the appraiser up front about what his fee will be, how long the process will take and what is expected of you, the client. Many appraisers will want a signed “work agreement,” which spells out all the details.
How An Appraisal Works: A good appraiser will never remove an item to appraise it. The appraiser will come to where the item or items are. The appraiser will do the inspection there, take any needed measurements and receive any information from you about its purchase, provenance, catalog information or museum loan.
For more information on appraisal, contact Diane Wachs, appraiser at Bryson Estates, 513-486-6039 or visit http://www.brysonestates.com .
