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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!

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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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“The only thing I kept was a collection of assorted trinkets stored in a shoebox: the clarinet cap that had belonged to the boy with leukemia, the key chain with the gold star, my Steif mouse from Dr. Salinger’s menagerie.” Betsy Lerner, Shred Sisters 

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There are no clear statistics on how many Americans have memory boxes, although an informal survey of Artifcts community members and friends found that 100 percent of those asked did indeed have a memory box, bin, or even a drawer. The most minimalist among us even had a memory box (or two!).  

Memory boxes are widely used for bereavement support, family history preservation, and dementia care, where the content of the memory box can help patients remember past people and events. Choices abound for those looking for a specific type of box for a specific purpose, as detailed in our Boxes Abound! ARTIcles story. 

We’ve seen over the years how no two memory boxes are alike—the contents of Amy Shred’s box as quoted above are different from the contents of your box, my box, etc. We all have certain things that we hold on to for different reasons. The contents of our memory boxes are reminders of our past, connections to people, places, and events near and dear to us. Most memory boxes are overflowing with heart value, even if the financial value is dubious at best. Case in point, the now-disintegrating rose petals our co-founder Heather has kept for the past eight years. Pure heart value.  

Preserve and Share the Memories 

The whole point of creating and storing a memory box is to keep the memories safe for years to come. But how will anyone know WHAT those items are, let alone the memories that led you to keep them. Neither ‘stuff’ nor photos can talk, and all too often our carefully preserved and curated boxes become a mystery to the next generation, often ending up in a trash or recycling bin. 

We can do better than that!  

We challenge you over the five days to pick one item a day from your memory box and Artifct it on the spot. With Artifcts, there is no story burden, you can come back and edit and add to the story as often as you want! “My husband gave me this rose on our first date,” is all the story you need to connect those petals that are now floating around your memory box to a cherished memory. 

Challenge accepted? Great!  

Follow our easy steps below to ensure your memories, stories, and memory box contents are digitally preserved and contextualized for the next generation. 

      1. Pick an object! Don’t stress over where to start first. What is the first item you see when you open your memory box?
      2. Snap a photo. If you’re up to it, you can add a related audio or video clip, too, or record something new. 
      3. Add a short story. Even a simple fact of WHAT the item is may be enough to get you started. 
      4. Save! You’re done. Now you can privately share your Artifct with family and friends.  

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Imagine if one day you inherited Amy Shred’s memory box, and you discovered the clarinet mouthpiece. You KNOW your mom didn’t play clarinet, but there’s a mouthpiece in her memory box. What gives?  

This is one of the many superpowers of Artifcts—Artifcts lets you contextualize and give voice to your memories, stories, and histories on your terms.  No more guess work or made-up stories in our endless attempts to connect dots and find meaning in the things we keep.  

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Interested in additional ARTIcles? You may like the following:

Why One Mom Moved Beyond Memory Boxes and Instagram

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© 2025 Artifcts, Inc. All Rights Reserved.

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Keepsake Boxes, Remembrance Boxes, Memento Boxes - Boxes Abound!

Boxes, binders, and bins, oh my! Maybe you know them as keepsake, remembrance, memento, memory, or memorial boxes. Some memory boxes even mirror the binder approach, with tabs by topic, checklists, and pouches for loose keys, thumb drives, and other small and useful or meaningful objects. 

No matter what, before you stick any ‘stuff’ in your box of choice and snap on the lid, Artifct it to remember what it is and why it mattered. Unlike boxes, Artifcts are:

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      • Fireproof and waterproof
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      • Do not take up space or require dusting

And, obviously, the stuff inside your Artifcts collection will not run the risk of outlasting your memories like a box full of stuff will. The memories are captured and preserved. You are no longer the single point of failure, the family keeper of the memories behind the mementos. Breathe a sigh of relief!

Keepsake Box Options Abound

For those of us who relish holding onto those curated items that mean the most, we’ve tried to distill here what we’ve learned about the variety of boxes available. A common search on Google is "acid-free keepsake box," which tells you people care about keeping items for the long haul.

Many major retailers, like Crate and Barrel, The Container Store, Pottery Barn, Target, Hallmark, and Amazon, sell at least one or two. So, we know there’s demand, people are looking for them. We suspect from how they are marketed that a box makes for a simple and obvious gift for special occasions. You’ll see below that the options and qualities vary. There is something for most needs, styles, and price points! 

(Listed in alphabetical order.) 

    • Akin offers custom boxes that fit and showcase the curated items you have chosen to help tell your story - whether it’s memorabilia, journals, photographs, documents, records, or more. What further sets Akin apart is that it offers services bundled around the box for custom-designed books and genealogy research to help commemorate family stories and ancestral histories.

"Present and preserve your keepsakes as opposed to hiding them away. A curated memorabilia box not only holds your most treasured pieces, it should tell their origin story—beautifully and archivally—so they can be cherished and shared for years to come," explained Renee Innis, Akin Founder.

    • Archival Methods offers archival boxes as well as a whole product category for “object storage.” They have additional custom options for fitting objects more snuggly in the boxes, too. Check them out on Allies in 'Stuff' for a discount code!
    • Etsy is a logical choice for creative and custom options you’ve never even knew existed, offering a breathtaking variety of sizes, styles, and materials to match your purpose or occasion.
    • Infinity Trunk is new to this list since we first published this article. If you need more space like the cedar trunks of old, and truly want a box that is fireproof (and will not be damanged by the water to put out that fire either), this is the box for you. And if it burns, still protecting your items, they will even replace the box for free! Designed and built by expert engineers in Chicago.
    • Nokbox is about functional preparedness, organizing critical information about your life in a box. Keep in mind that if you’re going to store and rely on hardcopy, however, we strongly encourage: (1) fireproof, and know what that covers, (2) never put passwords into a single physical, open access, hardcopy location, and (3) use a digital equivalent for all your life documentation (such as a digital vault from Trustworthy). Digital options are less vulnerable, easier to update, and accessible from anywhere.
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    • Savor, in contrast to Petite Keep, offers a cleaner, more basic style like you might find from archival-quality sources. Its collection has expanded to offer drawers for vertically oriented boxes, built-in envelopes, and more to cover whatever ‘stuff’ you might have in mind to combine.  

Need we say it again? Just as we tell you “Before you store it, Artifct it," before you box that, Artifct that, too. And slip your Artifcts collection QR code inside or as a sticker on the box for safe keeping of all those stories, videos, and more from your Artifcts collection. Your future self will thank you! And if you need a little help getting started, check out Artifcts concierge options. ->

My Artifcts homepage with option to create personal collection QR code

 
 
 
Each Artifct has a QR code as does your Artifcts Collection. Access it from My Artifcts -> 

Before We Go, a Word to the Wise: Know What You’re Buying

Archival does not always mean archival. What? Yes; sad truth. Sometimes archival only means the paper is acid free, for example. And if you are a proponent of recycled paper, you have another potential recipe for disaster once you shut objects inside and create a little microclimate for terrible things to brew.

If you are popping items into a box that you truly cherish, do the homework on your archival products, or speak to a professional. You can contact nationwide companies like Archival Methods—one of our Allies in 'Stuff'—and Gaylord Archival or seek out archivists in your local area for guidance, products, and services.

The same goes for fireproof. Look up the certification on any product that you plan to purchase and see what it was tested to withstand.

 
 
Learn more about all things archival, fireproof, and protecting your photos, too, in this replay of Evenings with Artifcts.

Happy Artifcting!

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You might also enjoy a guest article shared here on Artifcts in response to this story: 

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The Real Gift: Time with Mom Sharing Stories of 'Stuff'

Artifcts is grateful to Arti Community member @Buchalgi for sharing her sweet story of bringing Artifcts into the birthday celebrations with her mother. Do not miss the final words of this story. They are everything.

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What do you get your 85-year-old mother for her birthday? She doesn’t need a thing. She doesn’t want a thing.

Does she want to go out for the day and have lunch or go shopping? No, not really.

So, what does she love? Well, she loves her friends, her family, and telling stories about the past. Bingo! I decided to fly down and spend a day last week asking her about things that I’ve seen in her home, but never knew the story behind them, and then, Artifct them!

We started the day with me choosing 5 items in her house.

It started with the green metal plate on the wall. I remember that plate forever, in all the homes we’ve lived in, always on the wall. I never knew the origin or who gave it to her, or why, or when. She told me how the plate was a gift from her grandmother who had come back from her honeymoon in Isreal in 1968. She wanted to bring something back for her eldest granddaughter (my mother) and her husband. My mother remembered the level of detail to say they were all together on Cozine Street in Brooklyn and I was there (aged 19 months) wearing a pink & white dress that she had bought me to celebrate their wedding. She told the story like it was yesterday and delighted in the fact that I was typing as fast as I could to keep up with the details.

 
 
Did you know you can record audio and video directly in the Artifcts app? Or add the same to your Artifcts on desktop/laptop computers? Get Mom's stories her way, funny expressions, intonations, and bluppers included, for always. 

Next was the candy dish. I have seen this dish on every end table or coffee table for as many years as I can remember. It was usually filled with hard candy but got filled with better candy when company was coming. And I can remember reaching into it for a hand full of M&Ms on many occasions. I didn’t know that the dish was given to my mom and dad as a gift when they got their first place, and I didn’t know it was a hand-me-down gift from my grandparents who also received it as a gift for their first apartment. It was from the Fostoria Glass Company in 1952. They closed in 1986 after 100 years in business, but I imagine their pieces have a place in a lot of family histories.

glass candy dish from Fostoria Glass Company

 
 
We wonder, how many people have Artifcted candy dishes? We know it's many, including this dish. If you do not have a candy dish in your family yet, maybe it's time to get one!

We went on to talk about Nana’s hot chocolate pot, the framed family photos found in a box, the baby record books with beautiful illustrations, the favorite pieces of artwork, and so much more. Hours had gone by. I was tired and she wasn’t. She was elated. She honestly loved that I asked for these stories. This is how we celebrated her birthday, but who got the gift?

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Mother's Day Surprise!

We always honor Mother's Day with our deepest sale of the year at Artifcts.

We love our men, don’t get us wrong, but it’s more often than not the women who:

- Keep our homes and lives decluttered and organized on a daily basis
- Play the role of family keeper and the memories, birthdays, and family history that entails
- Become the caregiver, even when still raising their own children
- In the end, take on the role of estate executor to clean-out the homes of our loved one’s when they pass.

This year, in addition to our 30% off sale, we are also offering a special gift FREE with any purchase of a bundled Artifcts membership + virtual conicerge session. We will ship our premier Artifct That! Kit to the destination of choice, gifting ready. Just look for the "Bundle & Save" at checkout!

bundle and save

© 2025 Artifcts, Inc. All Rights Reserved.

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