Appraisals can seem intimidating, but a trained appraiser can lead you through the process after learning a bit about your needs.
1. We’ll first determine if:
- you need to get coverage for insurance to protect against future loss?
- you have a loss for which you need to submit an insurance claim?
- you have a federal estate tax obligation as an executor?
- you want a tax deduction for a charitable donation?
- you need to divide property equally (divorce, estate heirs)?
- you need an inventory created for a personal collection or household contents?
- you have valuable item(s) that you want to sell (ask about flat-rate fees for single items)?
2. Depending on your situation, I will explain the appropriate report needed and the values I will provide.*
3. Next, we arrange for an onsite walk through of the property at your convenience (online appraisals are an option). Afterwards, I outline the scope of work, and provide an estimate of cost for services (fees can be influenced by the complexity of the assignment, the number of items, and variety.)
4. After agreeing to mutual, contracted terms, Antiquestor returns to the site to inspect, measure, and photograph items.
5. Antiquestor will identify items, research comparables, and analyze examples to determine or estimate value.
6. Antiquestor completes a legal, written report, prepared according to professional standards that describes the process of how values were determined, contextualizes the value conclusions, and provides the individual and summary values.
Steps 4-6 are the heart of the assignment for Antiquestor and the most time-consuming steps. It is the time that we pull together itemized research of comparables that will culminate in a comprehensive written report that is the end product for you and your agents.
*Different circumstances call for different values
The value Antiquestor places on an object depends on the purpose of the appraisal. If you need an appraisal for insurance purposes, Antiquestor will value the object based on its replacement value, which is how much it may cost to replace the object within a reasonable time period from the current retail market. In contrast, a donated object valued for tax purposes will require a cost approach, which looks at how much on average the object would sell for on the open market based on historical sales transactions. Typically, a valuation for the purposes of insurance will be higher since the cost of replacing a specific object can be quite high and above the potential market value, especially when the item is unique.