What’s Involved in an Appraisal?

Silver_One
Drawing_One
Tribal_Two copy
The ancient handle

The appraisal process 

Generating a professional standard appraisal report usually includes the following tasks:

 

a personal inspection of your objects to note their features, dimensions and condition  ***

— photography for both research purposes and to include images in the appraisal report

a review of relevant documentation in your possession (original sales receipts, provenance, etc.)

research on the objects, their markets, relevant comparable sales and asking prices 

composition of a clear and useful appraisal report conforming with RICS Valuation – Global Standards

 

***  Remote appraisals can be carried out with accurate documentation and good quality photographs. Please see the link at the bottom of this section to learn how to collect useable data and photos.

 

Your appraisal report:

Appraisal reports issued by S. P. Sweeting Appraisals are well-organized multi-page documents conforming with accepted valuation standards. They describe and value your artworks or objects within a defined context such as insurance coverage, donation, probate, etc. 

 

Appraisal reports contain: 

a letter of transmittal page indicating a total value and other key elements of the assignment’s findings 

an extended preface outlining the essential information required to understand the valuation process and value conclusions 

basic assumptions and limiting conditions 

a signed certification
the appraiser’s professional profile 

a detailed or short descriptive inventory of the appraised items
value estimates assigned to individual items or specified group of items

 

Some reports, such as donation appraisals, contain narrative “rationales of value” with relevant comparable sales. Most appraisal reports contain photo images of the objects appraised. Appraisal fees are discussed below.

Remote appraisal data collection tips

Appraisal fees

The cost of appraisal services depends on the following:

time spent on the project

the number of objects

the complexity of the work

your timeline for completion

the intended use of the appraisal

Travel and expenses are extra.  

 

We provide fee quotes in advance in most cases. The appraisal fee is never based on a percentage of the end value.  

Most projects require a deposit of one-third of the fee at engagement. Out-of-town travel costs may be billed in advance. The balance is due on receipt of the final invoice. Regular and institutional clients may have alternate terms.

We have a minimum fee of $800.00 (CAD eight hundred) plus HST for any appraisal or consulting assignment.

 

S. P. Sweeting Appraisals accepts payment by Interac, EFT and cheque.  

 

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