How to Choose the Right Antique Appraiser

You have determined that you do, in fact, need an appraisal. Now you just need to choose the right appraiser to do the job. This is a crucial step as choosing the wrong appraiser can be worse than never getting the appraisal done in the first place. So what should you look for? Read on.

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Clarifying Roles

First, let's clarify that a professional appraiser has a very different role than others than might offer valuation services. An auctioneer, for example, will offer an auction estimate, but this may very well be inflated in order to win your business. The estimate is always expressed as a range. It's just a ballpark figure to give a general idea of what he or she thinks the item will bring in the auction to which it is assigned. The estimate can vary depending on the size of the auction house, the nature of the specific auction, etc. In other words, an auctioneer's estimate is decidedly not a statement of fair market value. Similarly, a dealer potentially has similar shortcomings when offering a valuation - they may be looking to estimate low so as to preserve a reasonable profit for themselves. Or, their estimate may be anchored in the local market, which may not reflect values elsewhere

In contrast, a professional appraiser approaches the valuation assignment as a neutral, impartial third-party. Valuations are based on research and analysis. In fact, there are strict ethical rules within the profession that prohibit payment for appraisal services that is based on the valuation given. Nor may appraisers have been involved in the purchase or sale of an appraised item within 3 years prior to taking on the assignment. In this way, conflicts are eliminated and the appraiser is free to be completely objective.

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What Does "Qualified" Actually Mean?

Certainly, you will want to find an appraiser who is qualified. But what does that mean? Personal property appraising (as opposed to real estate appraising) is not a government licensed occupation. This means that there is nothing preventing anyone from hanging out their shingle and presenting themselves as an appraiser. Fortunately, there are professional standards. The Uniform Standards of Professional Appraisal Practice (USPAP) are a set of standards that have been promulgated by the The Appraisal Foundation since the 1980s. All of the major professional appraisal organizations (ISA, AAA, ASA) require members to be USPAP-compliant.

These same professional organizations also have certain basic education that all members must undergo as well as their own set of ethical and professional standards that all must comply with. These ensure that the work done by their members is reliable, well-researched, and well-supported.

One key way in which qualified appraisers distinguish themselves is by insisting on clarity as to the intended use of the appraisal. Different intended uses can require different approaches to valuation and it is important for appraisers and clients to be clear on this important matter.

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Red Flags

There are a few red flags you should be on the lookout when interviewing appraisers.

• Be wary of anyone who is appraising an item they have expressed interest in buying. It should be obvious the conflict here - they may be consciously or unconsciously tempted to value the item on the low side.

• If your potential appraiser insists they can only offer verbal values, this is an indication that their valuation cannot be relied upon. Now, there may be perfectly legitimate reasons why a professional appraiser would make this caveat - maybe they are doing an "Antiques Roadshow" presentation at a local community center and do not have the chance to do the kind of research they normally would. Some appraisers offer "walk through" services where they provide valuations of objects as they walk through the home. This may be sufficient for the needs of the client. But, regardless of whether the circumstance justifies a verbal-only valuation, these cannot be used in important circumstances such as insurance, taxes, or equitable dissolution.

• You should pay attention to whether the appraiser specifies a scope of work in a contract or other agreement. This should also be stated in their written report or other summary of the work done. A scope would include such things as: what the objects are, where they were located at the time of inspection, whether any authentication was / is necessary, what the results of the inspection were, and any relevant limiting conditions or extraordinary assumptions. (These would be things like it was not possible to inspect all sides of the object, it was too dark, or it was not possible to confirm the object was in working condition (when relevant).)

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Questions That Actually Matter

Here are some examples of questions you can ask when talking with potential appraisers.

• Will the appraisal be USPAP-compliant?

• Are you independent of any sale?

• Who is the intended user of the appraisal? (This is something they may ask you, but you should be sure you are both clear on the answer.)

• What is the intended use of the appraisal? (Again, something that would usually be provided by the client, but it is crucial that both parties are on the same page.)

A Final Note

Selecting an appraiser is less about finding someone to assign a number and more about ensuring that the valuation will be credible, defensible, and appropriate for its intended use. Whether the appraisal is needed for estate settlement, insurance, tax reporting, or informed decision-making, clarity about qualifications, independence, and methodology matters.

If you are uncertain about whether an appraisal is required—or what type of appraisal would be appropriate in your situation—a brief consultation can often provide useful guidance before any formal work is undertaken.