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Pre-Appraisal Consultation: A walk through usually follows the initial consultation (generally by phone). Its purpose is to obtain information about the property, evaluate the property according to different markets and in some cases, to give an opinion of value (separate service). Appraisers do not give any property value without any preliminary and formal agreement by client. Inspection: Following the consultation and after agreement with the client, an inspection takes place. During this stage, the property is inventoried, inspected, photographed and condition-reported. Finding the value of your artworks: According to the appraisal purpose, there are different types of values:
Summary Appraisal Reports: " summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained". Executive Appraisal Reports: " state the appraisal methods and techniques employed, state the value opinions(s) and conclusion(s) reached and reference the workfile; exclusion of the sales comparison approach, cost approach, or income approach must be explained" . Confidentiality: A confidentiality agreement is an integral part of all appraisals. Appraisers have the fiduciary responsibility to keep all reports confidential unless strictly ordered in writing by the client, a court of appropriate and competent jurisdiction and/or regulation, or a duly authorized panel of a professional organization. From Standards Rules 2-2 by The Appraisal Foundation Appraisals of Value LLC. |
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