Appraisal
Conversational Summary
An appraisal is a formal, written evaluation of an antique or collectible’s value prepared by a trained professional. Collectors use appraisals for insurance, estates, donations, and legal needs because the document explains how a value was determined and is meant to be defensible, not casual.
Definition
An appraisal is a documented assessment of an object’s value prepared by a qualified appraiser using a standardized methodology. Appraisals are commonly used for insurance coverage, estate settlement, charitable donations, equitable distribution, and certain legal or financial reporting needs.
Understanding Appraisal
An appraisal provides a researched, well-supported opinion of value for a specific purpose and a specific market context. A competent appraisal typically considers authenticity, condition, provenance, maker or attribution, rarity, and comparable sales or market data, then reports a value that matches the assignment’s intended use.
Appraisals differ from informal pricing opinions because they are built on process and documentation. The value conclusion can vary depending on the type of value being used, which is why the same object might reasonably have different values in different contexts.
Common situations that require an appraisal include insurance scheduling, estate settlement, charitable donation documentation, equitable distribution, and resolving disputes involving personal property.
Identifying or Using Appraisal
A professional appraisal should clearly state why it was prepared and what type of value is being reported. It should include a detailed description of the item, photographs, research notes, market analysis, relevant comparable sales, and the final value conclusion.
Before commissioning an appraisal, confirm the appraiser’s qualifications and whether the appraisal will be accepted by your intended user, such as an insurer, attorney, accountant, or court. If the item is of high value or the appraisal is for formal use, ensure the report is prepared to an appropriate professional standard for documentation and impartiality.
If you plan to clean, repair, or refinish an object, consider getting it appraised and documented first, since changes to surface, components, or condition can affect value and may affect how the object is described in the report.
Why Appraisal Matters
Appraisals help protect collectors by ensuring appropriate insurance coverage, supporting fair division during estate or divorce proceedings, and creating documentation for donation or legal purposes. They can also uncover issues such as misattribution, altered surfaces, replaced parts, or restoration that changes value.
Because appraisal value depends on purpose and value type, a written appraisal should never be treated as a guaranteed selling price. Understanding what the appraisal is measuring is essential for using it correctly.
Common Misconceptions
Myth: An appraisal tells me exactly what my item will sell for.
Fact: Appraisals report a defined type of value for a stated purpose, which may not match a real-world selling price.
Myth: Anyone who knows antiques can produce a usable appraisal.
Fact: A credible appraisal depends on qualifications, methodology, and documentation that meet the needs of the intended user.
FAQ
Do I always need a formal appraisal?
Not always. Many buying and selling decisions only require an informed valuation, but insurance, estates, donations, and legal matters often require a formal written appraisal.
How do appraisers charge for appraisals?
Many charge hourly or by the scope of work, based on research and reporting time rather than on the value of the object.
Are online appraisals reliable?
Some online opinions can be helpful for general education, but formal needs usually require full documentation and a report that your insurer, attorney, or institution will accept.
Knowledge Tree
Primary Category: Foundational
Related Concepts: Appraisal vs. Valuation, Valuation, Understanding Antique Value, Authenticity, Provenance
Core Indicators: Clear purpose and intended use, defined value type, detailed item description, photographs, market research, comparable sales support, documented methodology
Common Risk Areas: Treating appraisal value as a selling price, using the wrong value type for the situation, hiring unqualified appraisers, undocumented conclusions, fees based on a percentage of value
Also Known As: Written Appraisal, Formal Appraisal, Certified Appraisal, Appraisal Report
Related Reading & Resources
Your Tools For Better Online Searching: What’s In Your Toolbox?
https://journalofantiques.com/digital-publications/joac-magazine/features/your-tools-for-better-online-searching-whats-in-your-toolbox/
Antiques Shop Finder
https://antiquesshopfinder.com/
Events & Shows Calendar
https://journalofantiques.com/eventcategory/
Collector Clubs
https://journalofantiques.com/the-journal-of-antiques-collector-clubs/