Appraisal Studies in
Fine & Decorative Arts

The appraiser of personal property (fine arts, antiques, decorative arts, gems, jewelry, and residential contents) is a member of an emerging profession. The appropriate identification and valuation of fine/decorative arts are traditionally the function of a connoisseur, historian, merchant, assessor or accountant is combined in appraisal practices. Gain a working knowledge of valuation theory and the principles that influence valuation.

Discover the relationship between valuation theory, market economics and statistics, and match appraisal methods to appraisal purposes and objectives. Gain the skills to research primary and secondary resources for identification and market analysis. Identify the work plan and its components. Interpret online market research, auction, galley, internet and catalogue information, and prices.

Examine the components of a written appraisal report, including standards and methods required to prepare an appraisal document. Identify how to communicate an opinion of value, and reasons used to develop the conclusion. Your written appraisal report will include a narrative that is logically constructed and consistent with standards of professional appraisal practice for insurance coverage, estate division of property, liquidation, taxes, or for professional consultation. Utilize on-line market research and analyze market data to complete the appraisal documentation.

Gain a practical understanding of Fair Market Value and how it applies to appraisal reports prepared for the IRS, dissolutions, loss claims and other assignments. Examine contracts as they relate to an appraisal practice, review insurance, tax law, and court vocabulary through the study of precedent establishing cases. Develop an understanding of ethical and professional standards, the relationship of standards to practice, competency, liability and the business management of an appraisal practice.

Review the day-to-day practical business of being an appraiser. Discuss the legal aspects an in-depth look at how to select the right type of corporation or business entity to develop, learn about sole proprietorship, general and limited partnerships, and limited liability companies. Review how to limit an appraiser's exposure to liability, how to be an independent contractor, historical/current legal liability issues, ramifications and benefits of various structures, employment issues, and the hiring of employees and independent contractors.

Examine the systematic methodology used in insurance related appraisals. Analyze the role of the appraiser and collateral professionals; incorporating prudent interviewing and inspection techniques; identifying/evaluating the various types of damage and loss; classifying appropriate types of insurance policies; and delineating issues related to values prior to and after loss, ownership, condition, authenticity and provenance. Recognize and handle issues of clear title, suspected fraud, ethics, advocacy, and professionalism.

The IRS has changed the rules governing estate tax and charitable giving. Following the Pension Protection Act (passed in 2006 by Congress) all appraisers must be in compliance in following new and existing laws covering donation and estate tax of art, antiques, fine and decorative arts. Identify the professional qualifications and IRS definitions necessary for "Qualified Appraiser," "Statement of Proof," "Fair Market Value," and "Usable Condition."

All candidates and designated members in the American Society of Appraisers (ASA) personal property discipline are required to successfully complete the Uniform Standards of Professional Appraisal Practice (USPAP) course on a regular basis. This course explores the unique relationship of personal property to USPAP with an emphasis on the general rules, delineating standards used to identify public trust, ethics, competency, jurisdictional exceptions and supplemental standards required for written appraisal documents.

How do you describe a Jackson Pollock painting? How do you measure a Frederic Remington bronze sculpture? How do you identify aquatints, etchings, engravings, lithographs, and giclées? This course introduces you to the process of inspecting and describing paintings, sculpture, and works on paper for fine art appraisal assignments, gallery, insurance schedule, personal collections and other commercial applications. Focusing on in-class assignments, working individually and in groups, to acquire the skills necessary to quickly, correctly and efficiently inspect and describe fine art that adhere to the Object ID criteria and conform to current ASA and USPAP standards.