Home > Appraisal/Auctions, Chinese, International > The Specialized Art of the Appraisal

The Specialized Art of the Appraisal

There was a very good article about the art of personal property appraisers in the NYT. Here is the link:
 
The article touches on the fact that there is no license required to appraise, but that professionals who continue to appraise, and appraise for  individuals, insurance companies, lawyers, museums, etc. belong to one of the three major appraisal associations, in addition to  adhering to USPAP. 
 
It goes on to explain about the IRS Art Advisory Panel created to review appraisals performed for federal income tax purposes and that additional requirements are to be followed by appraisers for such appraisals. A problem was mentioned by one of the appraisers quoted – appraisers rely on auction estimates but in some markets, the Chinese art market for example, auction results have  far exceeded estimates and previous results an appraiser often takes into consideration. I might add that sometimes there are  problems with  Chinese buyers at auction, in and outside China – the Chinese buyers often follows a different set of rules than what is standard in the West. 
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