What is an Appraisal & Why Should I Have One?

An appraisal is defined simply as an opinion of value. Appraisals are opinions based on an informed judgment and supported by facts. Appraisal conclusions are arrived at through systematic and thorough analysis and processing of all relevant factors. These values are expressed in a formal report, either written or verbal, that is transmitted to the client upon completion of an assignment.

There are several reasons to have an appraisal of your collection: for financial planning, appropriate insurance coverage in case of damage or loss, determining equitable distribution or for non-cash charitable donations. Appraisals can also serve as an inventory of your collection and its value to help you make more informed acquisition and deaccession decisions.

What is the Difference Between Appraisal and Advisory Services?

Our Appraisal Services provide formal, written appraisal reports with detailed information on the process and objects along with a valuation appropriate for the intended use of the appraisal. Our Advisory Services provide guidance throughout the buying and selling process and we act as your agent working with an auction house, gallery or clean-out service.

 start with a discussion of your needs and how much advice/representation you would like in either the sale or acquisition of personal property. We have established relationships with auction houses, galleries and dealers around the country so that we can utilize the best option to suit your needs and maximize your results. With our extensive network of professional connections, we can also facilitate any packing, shipping and clean-out needs. Whether it’s one object or collections spread over multiple locations, we are here to oversee the process from start to finish. We can act as your agent and manage all communication between the dealer or auction house or simply make an introduction or recommendation then step away.

What is USPAP?

The Uniform Standards of Professional Appraisal Practice (USPAP) is a publication that outlines Congressionally-authorized appraisal terms, rules, and standards to ensure that appraisals are objective and ethically prepared by The Appraisal Foundation, a non-profit authority on the valuation profession. Be aware of any appraiser describing their credentials as "USPAP Certified." According to the Appraisal Foundation and the Appraisal Qualifications Board, “there is no such credential. The use of the expression ‘USPAP Certified Appraiser’ is misleading. Completing a USPAP course does not entitle one to call oneself a ‘USPAP Certified Appraiser’.” Appraisers are compliant with USPAP after successfully completing the USPAP course. Our appraisers are all USPAP compliant and required to take a 7-hour update course every two years.

How Much Does an Appraisal Cost? How Long Does it Take?

Cost is dependent on the size and scope of the project as well as how quickly it needs to be completed as a rush fee may be applied. It is NEVER based on the value of the items being appraised. It is unethical for the cost of a professional appraisal to be contingent upon any value conclusion.

Tomasello Appraisals & Advisory will provide an estimate or rate based on the size and scope of the project inclusive of any travel and/or additional expenses for client approval prior to signing the contract with a minimum fee of $1,500*. The typical turnaround time to receive a draft of the report is 4-6* weeks from the last inspection date, dependent on the scope of the project and current workload of Tomasello Appraisals & Advisory.

*all fees and timelines are subject to change based on the scope of the project

Will You Authenticate My Property?

While an appraiser must always identify items of personal property, appraisers are typically not authenticators items of personal property. Normally, appraisers rely on recognized experts to ascertain genuineness when authentication is required by the specific needs of the assignment. Because of the existence of fakes and forgeries in the personal property field, the appraiser must apply due diligence to determine if authentication is required.

Can You Just Tell Me What My Item is Worth Without a Formal Report?

If you would like to engage our Advisory services, we would be happy to provide guidance on potential realized value if you were to sell your item along with recommendations on where to sell as well as the appropriate time to maximize your results. However, if you are interested in a verbal appraisal, we would not be able to provide that service. We believe that the best way to serve our clients is through formal appraisal reports, which are developed and written according to strict ethical codes and professional standards and contain specific information to provide context to the item’s valuation.

Will You Buy or Sell My Item(s)?

TAA does not buy or sell personal property. Rather, we can act as your agent to solicit offers for sale from appropriate auction houses, galleries, dealers, or private buyers, negotiate the terms and provide guidance as to which proposal best suits your needs as part of our Advisory Services.