An appraisal is a reasoned valuation expressed in writing. It is not an objective fact in itself but a technical judgement: dated, signed by the professional, and structured along a line of reasoning that a third party can clearly retrace. Unlike a verbal indication or a summary valuation, an appraisal establishes not only the economic value of the work but also its context: why it was prepared, for whom, and the date to which it refers.
1. Full identification of the work
The analysis begins with a detailed description of the object: the artist or the attribution, title, date, medium, dimensions, inscriptions, signatures, condition and photographic documentation. A generic description does not allow the work to be recognised: in the event of theft, damage or dispute, what has not been described and photographed cannot be identified or claimed with precision.
2. Purpose and type of value
The report must state the intended use for which it was prepared (for example, insurance cover, division of an estate, sale or security for a loan) and clearly define the type of value adopted. Since value varies with purpose, a valuation prepared for one specific purpose cannot be applied to other contexts.
3. Valuation methodology
The report must explain how the final figure was reached: the chosen comparables, the reference market analysed and the approach adopted. An appraisal without an analytical justification risks not being accepted precisely for want of reasoning, whatever the value stated.
4. Direct examination of the work
The work must be examined in person, front and back. Where this has not been possible, the report must state it as a limitation of the enquiry. In every case the appraisal lists the limiting conditions and assumptions on which it rests: the truthfulness of the information and documents supplied, verified as far as possible; the presumption of authenticity, which the appraiser accepts or rejects after their own checks, with appropriate caveats in the conclusions where it is not established; the ownership declared by the client, on which the appraiser makes reasonable enquiries before accepting the engagement. Should one of these conditions fail, the conclusion of value is affected: an error of attribution is an error of valuation.
5. Date of reference
The appraisal states the date of the direct examination, the date to which the value refers and the date of issue of the document. Since the value is subject to market fluctuations, an appraisal without a precise date does not allow the value it states to be placed in time.
6. Qualifications, signature and independence
The report must bear the appraiser's signature and qualifications, together with a formal declaration that there is no conflict of interest. The signatory attests that they have no present or future interest in the work or in the outcome of the valuation and discloses any previous transactions or appraisals concerning the same object. Fees are dealt with in the dedicated article. My appraisals follow the international professional standards of reference.
Although there is no rigid or binding format, these minimum contents are indispensable. A document lacking even one of these elements may be a useful indication, but it does not carry the weight of a proper appraisal.