Q. What is an appraisal?
A. The appraisal process yields an appraisal report, where the appraiser establishes a professional opinion of value. This appraisal document includes supporting evidence, appraisal certification, and a defined scope of work. It is a signed, valid legal document that can be relied upon by specific defined users. It may provide a retail replacement value for insurance purposes, a fair market value for tax purposes, or other values on a case-to-case basis.
Q. What’s the first step in the appraisal process?
A. The first step is to clarify the purpose of the appraisal. Are you seeking an appraisal because you are interested in selling your art? Do you need an appraisal for insurance purposes? Knowing this will help the appraiser determine how to help you.
Q. What do I need to do next?
A. If you are interested in selling your art, please email images, dimensions, and the artist (if known) for each piece to leah [at] tharpeandfairchild.com. If you need an appraisal for insurance purposes, please send an introductory email to leah [at] tharpeandfairchild.com, including the approximate number of items you have, to schedule an appointment for the appraiser to meet you and inspect the artwork.
Q. What are the fees for an appraisal?
A. Tharpe & Fairchild charges an hourly rate, and provides specific estimates to individual clients based on anticipated research time, report writing time, and time to examine the property.
Q. What do the appraisal fees include?
A. The appraisal fee includes two hard copies of the appraisal report as well as a PDF version of the report for your digital records. The final report is typically delivered after receipt of payment in full.
Q. Why might I need a qualified appraiser?
A. A qualified appraiser establishes independent, objective opinions of value for your personal property items. He or she will adhere to the Uniform Standards of Professional Appraisal Practice and stays up to date on the most current industry standards, including appraisal methodology and markets.
Q. What is USPAP?
A. USPAP stands for Uniform Standards of Professional Appraisal Practice. Written and published by The Appraisal Foundation, with updates every two years, this set of standards provides guiding principles for professional appraisers of both real estate and personal property. The IRS requires USPAP compliance for all qualified appraisals used for tax purposes, and adherence to USPAP indicates work done to the highest industry standards. All Tharpe & Fairchild appraisals are USPAP compliant.
Please email us with any questions you may have that are not addressed above. We look forward to working with you.