Why should I be wary of reports provided by auction houses and dealers?
While not intending to impugn the motives of individuals appraising for auction houses and galleries, they provide appraisal services because it is a means for them to gain access to future inventory. They hope you will ultimately consign or sell your fine art to them; thus, there is an inherent conflict of interest. As an independent appraisal establishment, we have no present or future financial interest in the objects we appraise. Also, most individuals doing appraisals for auction houses and dealers do not have professional training in art market research and report writing.

Why is professional training important?
Insurance companies, the IRS, and courts of law all prefer to work with reports prepared by professionals because they follow certain agreed-upon methods and procedures in the field. The best reports are written by trained appraisal professionals who comply with Uniform Standards of Professional Appraisal Practice (USPAP), ethical guidelines which were established by the Appraisal Foundation in Washington D.C. (authorized by Congress as the Source for Appraisal Standards and Appraiser Qualifications).

What constitutes a good appraisal report?
Many appraisals consist of merely a page or two describing the object and giving an opinion of value. A well-written appraisal report will contain much more. A description of the state of the market for the object, an explanation of all sources consulted (auction houses, dealers, databases, reference books, et cetera) and a discussion of the analysis used to arrive at a value conclusion are all components of a professional report. A well-prepared report is one in which the appraised value is clear to adjusters or other agents, and is thoroughly backed up with references and documentation. Such a report will greatly expedite what can be a lengthy and emotional process of concluding cases involving the value of your fine art. When one needs to file a damage claim, claim a loss with an insurance company, or claim a tax deduction after donating works to museums, all of which are occasions when disagreements between parties over value may occur, a well-written report will give you peace of mind.

How long does it take to complete an appraisal report?
This can vary greatly depending on the number of objects being appraised, whether the market is regional, national, or international, and the amount of information available. The average length of time to prepare a report is 4-6 weeks.