An appraisal is a statement of value determined through an analysis of specific markets. The most commonly used values are Fair Market Value (frequently used for estates and donations) or Replacement Value (used for insurance coverage). The purpose and intended use of the appraisal will dictate which value is used and the avenues of research involved.
Witherell’s prefers to examine the item in person. The object is inspected for condition, signatures, medium and size. Measurements and photographs are obtained. The next step is offsite research and analysis. The client will receive a written appraisal document, in compliance with USPAP standards, within the predetermined time frame.
What will it cost?
Our fees are charged either hourly (two hour minimum) or by the project. The fees are not based on a percentage of the value of the object. Customary travel fees exist for destinations over thirty five miles from our office. We require a deposit of 50% of the fee at our initial visit and the remainder upon completion of the project.
How do I prepare?
The object(s) should be in an easily accessible location to be examined and photographed. Any documents (receipts) related to the acquisition of the object, prior appraisals or other relevant information should be available.
How often should an appraisal be updated?
Due to the changing markets, we recommend every five to seven years.
Please contact us to discuss your appraisal needs.