What does a personal property appraiser do?

A personal property appraiser determines the fair market value (or other defined value) of movable, tangible assets, everything from fine art and jewelry to furniture, collectibles, and household contents, through inspection, research, and a written report prepared to professional standards.

Here's what that work actually involves:

• Inspecting the items in person or through detailed photos and descriptions, noting condition, materials, maker's marks, provenance, and any factors that affect value.
• Researching comparable sales, auction records, and market data to support a defensible value conclusion rather than a guess.
• Applying the appropriate valuation approach, most often fair market value or replacement value, depending on whether the appraisal is for an estate, donation, insurance policy, or another purpose.
• Preparing a written report that documents the methodology, describes each item, and states the appraiser's qualifications and conclusion of value.

The intended use of the appraisal shapes the entire process. A personal property appraisal prepared for an IRS estate or charitable donation filing has to meet different documentation standards than one prepared for scheduling a homeowner's insurance policy, even though the underlying research is similar. Our appraisers hold credentials with organizations such as the ASA, ISA, and AAA, and every report is prepared in accordance with USPAP (the Uniform Standards of Professional Appraisal Practice), which governs how appraisers develop and communicate their opinions of value regardless of the asset type.

Beyond valuing items, an appraiser can also testify to how a value was reached if a report is questioned in probate court, a divorce proceeding, or an insurance dispute. For a closer look at how these reports are structured, see our FAQ on personal property appraisal.