The New York Times recently published an article titled “The Specialized Art of the Appraisal”. It stresses the importance of keeping tabs on your collection, knowing what you have and the values.
“Whether it is fine wines, vintage movie posters or abstract paintings, some people spend a great deal of time and money compiling collections of valuables. Even if they’re collecting out of personal passion, rather than as an investment, it makes sense to keep tabs on how much the collection is worth.”
An appraisal is an essential tool to accomplish this goal. The article goes on to explain the importance of selecting the correct appraiser for the job, checking the appraiser’s qualifications and additional helpful tips.
“Personal-property appraisers aren’t licensed, but reputable professionals are affiliated with at least one of the three major appraisal organizations: the Appraisers Association of America, which focuses on personal property; the American Society of Appraisers, which includes specialists in real estate and other areas; and the International Society of Appraisers. ”
Credentialed members of these three associations have been tested in their specialty area and the Uniform Standards of Professional Appraisal Practice (USPAP), abide by a Code of Ethics and have to requalify every five years.
To read the entire article click here.