What is an appraisal?
An appraisal is an opinion of value at determined date. It is
expressed as a $ amount or $ range, and is based on documented
comparables. It is typically a written report, but occasionally
oral reports are provided.
Who is a qualified appraiser?
Currently there is no standards for personal property training.
However, a "qualified" personal property appraiser (per U.S.
Treasury definition) should have completed formal training is
three areas: Appraisal Principles and Methodologies, Uniform
Standards of Professional Appraisal Practice (USPAP), and
Specialty Area(s). Formal training programs are offered by the
major appraisal societies: International Society of Appraisers
(ISA), American Association of Appraisers (AAA), Association of
On-line Appraisers (AOA), National Association of Watch and
Clock Collectors (NAWCC), and Appraisal Course Associates. Some
Universities offer appraisal courses as part of their Fine Arts
What is personal property?
Personal property is any tangible or portable property which is
considered by the general public as being "personal" ie. items
which are decorative, utilitarian or collectable such as
furnishings, artwork, antiques, gems, jewelry, machinery,
equipment; all property that is not classified as real estate.
Why would I need an appraisal?
• Learn about your clock(s)
• Sales Advisory - determine value of your collection
• Insure an antique clock or submit insurance claim
• Non-cash charitable donation greater than $ 5000 to satisfy
IRS tax regulations
• Divide property equitably for estate or divorce purposes
• Assist with estate planning and establishing net worth
How are fees charged?
Fees are based on an hourly charge for: conducting on-site
inspection and documentation, researching and value
determination, and preparing appraisal report.
There are three types of written appraisal reports based on
varying requirements; they differ in their level of
documentation and detail, and can vary between 10 to 20 plus
pages in length.
Self-Contained - highest level of documentation for non-cash
Summary - next highest level of documentation for insurance
(obtaining or settling a claim)
Restricted - minimal details for sales advisory (client only)