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 estimate, 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 makes the work impossible to recognise and offers no protection: in the event of theft, damage or dispute, what is not expressly described is, for all practical purposes, non-existent.
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 reasons why other approaches were set aside. An appraisal without an analytical justification risks being rejected precisely for want of reasoning, whatever the value stated.
4. Direct visual examination
The work must be examined in person. Where this has not been possible, the report must expressly declare it as a limitation of the enquiry and specify the assumptions on which it rests (the truthfulness of the information supplied, the correctness of the attribution, the lawful ownership of the client, and so on). Should even one of these assumptions fail, the conclusion is invalidated.
5. Date of reference
The appraisal must state both the date of the direct examination and the date to which the valuation refers. Since the value is subject to market fluctuations, an appraisal without a precise date loses all effect.
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 direct interest in the work or in the outcome of the valuation, discloses any previous transactions or appraisals concerning the same object, and receives no fee calculated as a percentage of the value stated. My appraisals adopt as their standard the requirements of USPAP (Uniform Standards of Professional Appraisal Practice) and IVS (International Valuation Standards).
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.