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Everything You Wanted to Know About Appraisals, But Were Afraid to Ask

October 18, 2023

Reading time: 12 minutes

In honor of National Estate Planning Week, we thought we’d take a deep dive into the world of appraisals with an Ask Me Anything with our dear friend, colleague, and Ally of Stuff, Sarah Reeder, Founder of Artifactual History Appraisal.

In addition to being an expert on ‘stuff,’ and specifically the value of ‘stuff,’ Sarah is also author of the book Ray Eames in 1930s New York, co-editor of Worthwhile Magazine™ and co-creator of The Art Elevator Collector’s Club. Read on to learn more about what she does as an appraiser, when to contact an appraiser, and even those questions we all want to ask (but may be afraid to!) such as what the difference between an appraisal and a valuation is.

For our members who are new to the appraisal process, how would you sum up what you do?

Reeder: I like to think of what I do as being part lawyer, part accountant, and sometimes even part therapist! It might surprise some people, but appraisals are nothing like what you see on TV. My work entails numerous hours of research, the preparation of legal documents, and meeting meticulous professional requirements for appraising items to establish a value in a specific level of the market on a specific day (called the effective date) for a specific intended use. (We’ll come back to that later!)

Appraisals are nothing like what you see on TV...

The work appraisers do is a very specialized type of professional service akin to an attorney or an accountant that requires a lot of time and focused research, so the very quick and informal “off-the-cuff” depictions of appraising we all see on television have edited out the lengthy preparation (because it would be pretty boring to watch!) that goes into those short segments we see. But I wish it was more widely known that there is so much more work that goes into appraising than the 2-minute clips we see onscreen.

The therapist part sometimes comes into play because as you know so well here at Artifcts, objects can hold powerful memories and inspire strong emotions, totally independent from what their monetary value might be. Sometimes it’s a delicate conversation when the “heart value” and financial value are not aligned, and that is where I rely on market data and research to help individuals understand the current market conditions and corresponding value of the item. I always emphasize that market conditions should not diminish the positive sentimental associations they have with an item—they just happen to be the lens that appraisers must use in our professional work.

So, getting down to the nitty gritty, can you walk us through a typical day?

Reeder: There is no one typical day. That is one of the many things I love about being an appraiser, you never know what you’ll be working on next! There are two types of appraisals I spend most of my time on insurance appraisals and estate appraisals. And yes, they are different!

When I am working on an insurance appraisal, I am creating a legal document that will protect you and your items in the event of damage or loss. These appraisals are for the retail replacement value of the object and in doing so, pins that object and that value in time. That specific moment in time is called the effective date of the appraisal, and all appraisals have effective dates.

The effective date of appraisal is so important in all appraisal report intended uses, because it provides critical context for the numerical appraised value. The markets for art and antiques are always changing, much like the stock market we are more commonly familiar with, so the appraised values need to be contextualized to a specific day, because on the day before or the day after market conditions may have been different. For insurance appraisal reports, the effective date is typically the day I inspect the items in person as it establishes the condition I witnessed on that day.

The markets for art and antiques are always changing, much like the stock market...

When working on these types of appraisals, I spend a lot of time researching the object, documenting it with photos and a detailed description, cataloging it with a standardized format that will allow future users of the appraisal report to know the characteristics of the appraised item, researching the specific level of the market for similar items for the appraisal report’s intended use, and then developing an appraised value based on all the above.

In the case of insurance appraisals, the appraised value is generally the replacement value of the object (i.e. what would it cost to acquire the same exact or very similar object in a short period of time from a retail dealer). For example, if I am appraising a painting by a particular artist for insurance purposes, I’m going to identify which galleries represent that artist or sell paintings by that artist, and then compare their available inventory and pricing (which often is not publicly available and requires outreach to the galleries) to the appraised painting in terms of subject, size, condition, era of the artist’s career, and other factors.

Based on the current retail data I can obtain, I then make adjustments up or down if needed relative to the appraised painting, and document all relevant research for my appraisal client workfile, which I am legally required to keep for a minimum of 5 years. The final number after the specific adjustments from the comparable records accounting for differences from the appraised item is the appraised retail replacement value. So it’s all a lot more complicated and research-intensive than what the public typically sees in popular depictions of appraisers on television.

Insurance appraisals are very different from estate appraisals. Estate appraisals are not used for insurance coverage.  Estate appraisals are prepared at fair market value and are required in some situations to be filed with the federal government or relevant state and local governments for estate tax filing. The legal professional handling an estate is the one who determines whether this is required in specific estate situations.

While insurance appraisals are typically prepared at retail replacement value, estate appraisals are prepared at fair market value, which is often quite a bit lower. The United States government defines fair market value as

"The price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." According to Technical Advisory Memorandum 9235005 [May 27, 1992], fair market value should include the buyer's premium. [Source: Treasury Regulations Section 20.2031-1 (b).]

For estate appraisal reports, the effective date is typically at the time of the death of the deceased. This is very different than with insurance appraisals as it could take an executor months and months to close out an estate and yet the value is still pegged to the date of death. There is something called the “alternate effective date” which is 6 months after the date of death, which the estate can elect to use if the market has changed significantly in that time period. I always like to confirm which effective date the estate is using as this is a critical factor in guiding my valuation research.

Can you tell us a bit about the tools of your trade? What do you take with you when you visit someone’s home to start an appraisal?

Reeder: I always like to take a good camera with me for capturing documentary photos, a tape measure so I can obtain the dimensions of artworks and the other items I am appraising, a clipboard and paper so I can take notes on-site that will later be expanded with research back in my office, a blacklight for examining artwork for inpainting and other restorations, a jeweler’s loupe for studying silver marks and other small details, and a flashlight for studying artist signatures and providing additional ambient lighting for my photographs in dark locations. I carry multiple flashlights and measuring tapes with me so if one breaks while I am on-site, I have a backup available to be able to continue working.

I have to make sure I capture all the precise details that make your object unique. If it is artwork, is there an artist signature? Any blemishes or marks? Water or sun damage? All of these things are important to ascertain the value of an object, and I need to be able to document them while onsite.

 

Worn leather bag used for appraisalsSarah's trusty go-everywhere appraisal bag full of her tools of the trade. 

Some people, and I admit, I was one of them at the beginning, may not know the difference between valuation services and an appraisal. Could you help explain what makes the two different?

Reeder: Sure! The Uniform Standards of Professional Appraisal Practice (USPAP) define valuation services as:

“A service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others.”

An appraisal is defined by USPAP as:

"(noun) the act or process of developing an opinion of value; an opinion of value. 
(adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services.
Comment: An appraisal is numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).” 

In terms of the general popular context of these two words outside of their specific USPAP definitions, a valuation is typically more closely associated with ballpark estimates and not with a legal document. Think of it as something that will get you basic guidance, such as getting an approximate sense if an inherited collection is simply sentimental and has no monetary value, or conversely, if it might have significant monetary value.

A valuation is typically more closely associated with ballpark estimates ...

Appraisals are legal documents.  A verbal ballpark numerical range cannot be used in court to settle an estate, with the IRS to document tangible assets for tax purposes, or with an insurer to document items for an insurance policy. USPAP-compliant written appraisal reports are needed for those intended uses.

Are there any red flags our members should watch out for when looking to hire an appraiser?

Reeder: One of my personal red flags is if the appraiser essentially says, “I will tell you how much it is worth and then purchase it from you.” There is a major conflict of interest there, and their interest may not be in your best interest.

Another major red flag is if an appraiser is not USPAP-compliant. USPAP is a very important professional and ethical standard regulating appraisers to help protect users of appraisal services.

It’s always best to look for an independent appraiser who is USPAP-compliant, and ideally is also a member of one of the professional associations for appraisers such as the Appraisers Association of America (AAA), the International Society of Appraisers (ISA), or the American Society of Appraisers (ASA). I am a Certified Member of the Appraisers Association of America and a Certified Member of the International Society of Appraisers.

You also want to make sure that any appraiser you hire has expertise in YOUR object(s). A jewelry appraiser may be great for your jewelry collection, but not your collection of mid-century modern furniture and vice versa. In USPAP, this is called the “Competency Rule”—basically, is this appraiser competent to appraise your items? If they aren’t, they shouldn’t do it.

You also want to make sure that any appraiser you hire has expertise in YOUR object(s)...

When should people hire an appraiser? Are there any life transitions that may necessitate an appraiser?

Reeder: Life transitions are a great time to take stock of what you have and what’s it worth. Some common life transitions where it can be useful to engage an appraiser are:

      • If you have inherited potentially valuable items such as artwork. An appraiser can provide expert guidance on their value and prepare an insurance appraisal report so they can be scheduled and protected with your insurance company.
      • If you plan on moving it can be very helpful to have valuable items appraised for insurance purposes in advance or to update an existing appraisal to make sure the insurance coverage is current.
      • For estate filing purposes when someone has passed. The estate’s attorney will direct whether an estate appraisal is needed.
      • For proactive estate planning purposes—if you have large collections, it can be helpful to get a sense of their value and how they might be structured in your estate plan for maximum tax efficiency for your heirs (again, your attorney will be a very helpful resource in this process).
      • Sometimes divorces are another life transition that may require an appraiser for the equitable distribution process. 

And finally, you’ve experienced firsthand the joy (and usefulness!) of Artifcting. Any advice for our members or thoughts on how Artifcting can aid the appraisal process?

Reeder: Yes! Artifct your ‘stuff.’ Don’t wait! The details, photos, even video can help an appraiser get to work immediately determining an appraisal scope of work and sometimes even using the Artifcts as a resource to appraise items that may now be damaged or lost. It can save a lot of time and back and forth emails if you Artifct and share your Artifcts with your appraiser. Artifcts really is perfect for an appraiser’s workflow!

###

Sarah Reeder is a Certified Member of the Appraisers Association of America, a Certified Member of the International Society of Appraisers with the Private Client Services designation, and a graduate of New York University's Program in Appraisal Studies in Fine & Decorative Arts.

© 2023 Artifcts, Inc. All Rights Reserved.

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Then it came to boxes belonging to my boys with childhood 'stuff' in it. You know the stuff - ribbons, artwork, school papers. Someone thought it was special and hung onto it but now even my boys only got a laugh out of it and wanted to recycle it. My son Temple was totally into recording the story behind some of his more creative efforts, and photographing it all, before tossing it.

Child's artwork - a pizza slice

 
 
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Bottom line: Artifcts works. Try it for you. Try it for them. Try it free today at Artficts.com. Let them know Matt Paxton sent you.

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© 2025 Artifcts, Inc. All Rights Reserved.

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Have a Kid Leaving the Nest Soon?

When I went away to college, my parents converted my bedroom into a meditation room for my father. I was the youngest of three, the last to leave, and the only one who had their bedroom immediately transformed into something else entirely. Ironically, mine was also the smallest and had no heating or air conditioning, which you might think would make it the least desirable bedroom of the three to transform. So then, why my room? Simple: I was organized. (Okay, and yes, it was less desirable for company. But play along with us.)

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Today we're sharing three conversations you'll want to have with your kiddos before any extreme makeovers to keep the peace and the memories.

One Conversation: All that 'stuff'

Parents, if you have not done so recently, open the door to your kid’s room, and just take in the 360 view. Do you see their personality blinking at you like neon lights of Las Vegas?

From the papers, posters, paint colors, and collections, you can see their interests, old and new, hobbies, achievements, and more. And all that they love now will get tested and turned on its head as they step into their new lives, whether they are going off to college or entering the labor force. What was cool or amazing or their passion now, may not be in a few short months.  

Here are a few questions you could ask to help you start a discussion about all the ‘stuff.’ It's all about understanding what's what:

      1. What do you plan to take with you? TIP! Keep a notepad handy because in this process you might also turn up new items that they need to buy before they go.
      2. Is there anything you aren’t taking that you wish you could?  
      3. Are there things we could put into storage or rehome? I may have company stay in here now and then when you’re away, I’d like to make room for them to feel more comfortable.
      4. These {items} are actually quite valuable. I’d recommend you leave them here. Not great for a dorm room.  
      5. If we had a fire or a flood, and we needed to grab and go with just a few things, what of your belongings would you want us to take out?

Avoid these common pitfalls as you get started: 

Rushing it. The reason we're publishing this article now is because we want to save you from this pitfall. It happens when you either waited until the last minute or allowed only one week in the whole summer to get this done. Either way, rushed decisions are fraught with stress and increase the risk of conflict. Plan ahead. 

Ignoring or dismissing sentimental attachments. Are you SURE they do not have a sentimental attachment to things x, y, z, that they are getting rid of? Regret can be so painful. You know your kid. If they are suddenly tossing aside items they have loved, maybe put them into a box you’ll hold for 6 months. Then they can check back in on that box with a different mindset from a different moment in time to ensure they are truly ready to part with its contents. 

Ignoring YOUR sentimental attachments. Yes, your turn. If your kid is ready to let go and you are not, that’s on you. Let them know you want to save those items for your own memories and take responsibility for finding a safe place to store them until you are ready to let them go.  

Missing out on opportunities to digitize. Digitization is your friend. It cuts down on clutter, provides a backup in case of fire or flood, and makes items accessible 24/7 from anywhere. What can this apply to? Printed photos, certificates, artwork, class notes, posters, projects, greetings cards, yearbooks (and the notes friends leave), and the like.

Losing context. Will your kid ever wear those clothes again? Do they need that sports gear anymore? Life is changing in a big way. Some stuff will no longer be needed in this new life. Let it go to someone who can use it.

‘Disappearing’ things. Resist going through their room after they are gone and make decisions about what goes and what stays. Instead, at most, sort the items, and when they next come home (and after they have caught their breath), ask them to go through the boxes and verify what should go where. No parent wants to ruin a visit by pestering their kid to go through their stuff, so you might also consider taking it in doses. One box per visit? In all likelihood, they are still adjusting to their new life. Cut them a break unless you are in a situation that absolutely compels downsizing.

A Second Conversation: It’s About the Space

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      • I love you and you’ll always have a home here and a bed to sleep on.  
      • But I am going to convert your room into a dual-use space. I’ve always wanted to have a place for {whatever purpose}.  
      • When you are home, I’ll happily turn it back over to you. You’ll always have room for your clothes and ‘stuff’ {in this dresser/closet/space}. 
      • This does not mean all your ‘stuff’ has to go. We just need to make room. What can we pack up and: 
          • Send with you? 
          • Store in the closet/attic/basement?
          • Donate? 
          • Sell? 
      • Are you comfortable if we redecorate or paint the room? 
      • Do want to take any furniture with you, or do want us to keep certain pieces for you in the future?

snippets from a video of a kid's room

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The Penultimate Conversation: The Joy of Connection Through Artifcting 

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This is for them 

This is for you. 

The moments behind everything in their rooms will begin to get fuzzy and fade as they make room for this whole new world they are walking into. Save them now. And besides, as much as they may love Winnie the Pooh, what if he does not make the cut for the dorm room?

Your digital Artifcts provide the memories and comfort of home no matter where you or those physical artifacts are in the world. Feeling connected and grounded when there is so much change is the gift you give them through Artifcting together. 

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© 2025 Artifcts, Inc. All Rights Reserved.

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Have you ever had to clean out the home of a loved one who has passed away? 

Have you ever served in the role of executor of an estate for a friend or family member? 

In a strange way, if you have not, you’re missing out on life education that has the potential to help you and your family and friends to one day leave behind love, legacy, and memories rather than a “dumpster fire,” as Rachel Donnelly, our friend, founder, and author of Late to Your Own Funeral, has been known to say. 

Read on for one family’s true story. We’ve made modifications along the way to protect their privacy.

Honoring a Bachelor’s Legacy 

Emily was always close to her cousin Joseph, growing up in neighboring towns, spending many weekends together at the family’s cabin. Time passed, Emily moved away (three towns over), married and started a family, and had a fulfilling career, keeping her busy, but never too busy for her cousin. In contrast, Joseph remained a proud bachelor, well-liked by his neighbors, and ever the humble host.  

“Joe’s place was a gathering place. People just showed up with a cooler of drinks to shoot the breeze on his back acres, enjoying the lake view. You could see two dozen different birds just relaxing by the lake.”  

Joseph’s affable nature and pride in his numerous collections related to pyrotechnics and war—think Civil War through WWII guns and other historical artifacts—meant he was also well known far beyond his local area. 

So, when Emily got the call that Joe had passed away, she sprang to action.  

"He joked all the time that I was going to get all his s*** one day, but he was better prepared than you might expect given his other bachelor ways. All of the items in his collections were labeled. And he had shared with me the names of antiques dealers and others he bartered and traded with over the years. I had a head start on what to do with everything valuable.” 

We asked Emily, “But where did you even start? How did you know where to start?”  

“Well, I’ve seen this movie before, being the executor for my mom’s estate and helping my husband with his sister’s, too, so I knew the basics. And I wasn’t alone.”  

Here are Emily’s 5 steps to a DIY estate cleanout, bachelor style: 

Step 1. Security. Joe lived out in the country in a modest 2-bedroom rambler, and didn’t really worry about locking his doors. Everyone knows everyone. Everyone looks out for everyone. But of course, Joe’s reputation as a collector was known far and wide. Not only were his collections valuable, but, if improperly handled, some pieces were dangerous. So, as executor, Emily immediately sent a family member to stay at Joe’s home to ensure his belongings were secured.  

Step 2. Make it legal. Joe had a Transfer on Death Deed (TODD), otherwise known as a beneficiary deed. As such, because he planned ahead and named Emily to receive his home and all of its contents, in a matter of days the property was legally in her name, neatly nipping a prolonged probate process in the bud. 

Step 3. Dust (and tidy). Emily’s lifelong bachelor cousin was not much for cleaning, but this isn’t only about dusting away the cobwebs. His extended dining table was also his home office and the most likely place for her to find bills and statements, her clues to the financial assets and liabilities that were now left to her to sort out. Finding bills to be paid was foremost on her mind. If only this part of his life was as well organized as his war memorabilia! 

Step 4. Grief and ‘stuff.’ “Joe was always telling stories. He loved history. And because the things he collected had stories, I wanted it all to have good homes. We easily could have gotten a dumpster. But how would that honor Joe’s memory, help his close friends grieve, or have been good for the planet? You can’t just throw it all in a landfill!”

A few weeks after the funeral, Emily arranged for a celebration at Joe’s house. While he had no immediate family, the neighbors, other collectors, and extended family were eager to gather to remember their friend. Emily also invited them to select mementos to remember Joe.  

This gathering was then the steppingstone for a broader community initiative to find the right auction houses, antique dealers, and yes, pyrotechnic experts, to liquidate the more valuable (and explosive) assets from Joe’s estate. 

“Some things went at auction for only $1 or $5, many more sold in the $50-75 range, and then there were exceptions hitting $2,000 or more. We used Facebook Marketplace, too, because it’s fast, local, and you’re not giving up 20% or more to an auction house.”

Step 5. The dump. Well, not only the dump. Yes, some items were trashed, but they could re-sell steel, aluminum, and copper scraps from Joe’s various projects, recycle electronics, and bring home goods to Habitat for Humanity’s ReStores

checklist of tech items to Artifct and then get rid of

 
 
Have a lot of old machines and tech products hanging out? The clutter of modern living! CLICK THE IMAGE to explore our FREE checklist for all things tech and more.

_______________

At the end of our conversation, we took Emily back to the beginning to ask if she had considered hiring a professional to do all this work at any point during the cleanout. 

“No. Maybe it’s a trust issue, worrying they’d just toss stuff out. But really, I had the time—I’m retired—I already knew what was what inside his home, and I was not doing the work alone. I had my husband’s support. He could have said, ‘Hell with it, I’m not helping. Just sell the place!’ And Joe’s wide network of friends and neighbors helped at every turn, too.  

To tell you the truth, in the end, it feels good.”

###

Did you miss our first installment about estate cleanouts? Read it now --> 

© 2025 Artifcts, Inc. All Rights Reserved.

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