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

Heather Nickerson, Artifcts
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 in '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 the difference between an appraisal and a valuation.

Heather Nickerson, Co-founder of Artifcts: 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.

Nickerson: 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.

Nickerson: 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 am pretty consistent. I always take:

      • a good camera 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
      • 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. If one breaks while I am on-site, I have a backup available to be able to continue working.

These tools are necessary, because 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. 

Nickerson: Some people, and I admit I was one of them at the beginning, may not know the difference between a valuation 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.

Nickerson: Are there any red flags our members should watch out for when hiring 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)...

Nickerson: 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. 

I get called into homes frequently for what I call "on-site consultations" when people have a lot of things (usually inherited) and they are worried about missing something that is potentially high-value. These consultations do not necessarily have accompanying appraisal reports. Most appraisers will charge the firm's hourly rate for this type of service. It can be really helpful for people in "getting unstuck" so they can move forward and make decisions for what's next for it all! 

Nickerson: 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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A Family History in Five Artifcts

It’s family history month, and if you had to, could you tell your family history in five Artifcts or less? Sound impossible? We weren’t sure, so we decided to put it to the test. 

We reached out to one of our super Artifcters, @Grandmom and asked her, if she had to choose just five Artifcts to tell her story, could she? And if she could, what five would she choose?  

Thankfully, @Grandmom was up for the challenge, although she did preface it by saying “Are you sure, just five? That’s all I get?” Yep, that all you get, at least for this ARTIcles story. “Well, good thing I have my timeline, at least I know where to start!”

Over to you @Grandmom to walk us through your family history, Artifct by Artifct. (The below excerpts are from an interview we did with Grandmom; the words in quotes are direct from the source!)

________________

GRANDMOM'S FAMILY HISTORY IN JUST 5 ARTIFCTS

Artifct #1: The Beginning

The Milking Chair My Grandfather Built

“Well, I guess I better start at the beginning, sometime in the 1860s. One of my oldest Artifcts is the milking chair my father’s father made his wife. They lived on a farm in southern Georgia. He built it for her because she was so short, that none of the regular chairs were a good fit. He built it right after the Civil War, I don’t think he used a single nail, only pegs. You don’t see that these days.” 

 

Artifct #2: Childhood in Rural Georgia

Mother's and Grandmother's Wash Boards

Next up? “Well, that would have to be Mother’s and Grandmother’s wash boards. I still have them after all my moves. We grew up in rural Georgia, and we didn’t have much back then, but Mother always made sure we were well dressed and presentable. I still remember her using these boards to do our laundry. I even used them when I was younger! It’s just what you did back then. I can’t imagine what the kids would do today if they had to use washboards. I can tell you; they probably wouldn’t do laundry!”   

Artifct #3: Traveling Far Far Away

Snake Tales

“The next one is one of my favorites—my snakeskin! I still remember [my friend] Shirley’s reaction, ‘I’m not going to do it Martha, you do it, you shoot the snakes!’” What makes the snakeskin so special? “It reminds me of all the crazy adventures and travels that Bobby [my husband] and I had when we were first married. I never could have imagined living overseas, or going on safari, or doing all the crazy things we used to do. I was telling [my granddaughter] about what we did back then, and she didn’t believe me at first. I had to show her the pictures AND the snakeskin. I was something back then!” For the record, we still think you’re something @Grandmom!   

Old photo of a group of people standing around a large dead snake

 
 

Artifct #4: Family Time

Our Trusty Station Wagon

“I guess my next Artifct would be our old station wagon, and the photo of the three boys [our sons] in the back. [It's a private Artifct.] Back then we didn’t use seatbelts; I’m not even sure if we had them in the way back! But man, those boys loved that station wagon; Bobby and I did too! We took it everywhere—Brazil, Europe. I still remember I once got a speeding ticket in Rio while driving the station wagon. I had never gotten a ticket before in my life! So many memories. I can still hear Bobby yelling at the boys to quiet down back there or else. The boys remember too!”  

Feeling inspired? Create a new Artifct!

Not a member yet? No problem! Sign up free to start Artifcting.

 

Artifct #5: Small Momentos of a Life Well Lived

International Spoon Collection

Sounds like travel and all your adventures overseas are a big part of your family history and story @Grandmom? “It was our life back then. We didn’t think twice about it when we were doing it, but it was what our family did. It’s what our boys remember. Living overseas teaches you so much. So, I guess my last Artifct would have to be my spoon collection.

I have one from every place I’ve ever lived or visited! I have at least two hundred! The one spoon I didn’t have until recently was Monrovia. I couldn’t find one when we were living there, but then Joy [my daughter-in-law] found one on Ebay and now my collection is complete! It’s amazing to think that had life been different, we could have stayed in Georgia. I know my boys are thankful we did not do that.” 

Souvenir spoons hanging on a wooden display rack

 
 
One of these is not like the other. Is that a spork in the spoon collection?

And there you have it! Five Artifcts; five stories; five memories of a life well lived and well-traveled. If you had to choose, what five objects would you Artifct to tell your story? You can write to us at editor@artifcts.com and let us know, we’d love to hear from you! 

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A very special thank you to @Grandmom for sharing her Artifcts and story with us. For those of you curious about this amazing woman, she lived to be 85, had three grown sons, 10 mostly-grown grandchildren, and had lived in six countries and traveled to well over 50. She was married to the “love of her life” for over 40 years and was proud to be her family’s keeper. Why did she Artifct? “To tell the histories and stories behind all my stuff. If I don’t the boys will have no way of knowing what is what.”

We thank @Grandmom's family for letting us reprint this ARTIcle (which originally ran in 2023) as a special tribute to her and the amazing life she lived.

© 2025 Artifcts, Inc. All Rights Reserved.

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Estate Planning of Things

Over the last several years, there has been a movement in technology called the “Internet of Things.” This is the growing interconnection, via the internet, of computing devices embedded in everyday objects. At some point in the future, all our home and business technology are expected to be seamless and interconnected.  

In the past, estate planning has been solely or almost completely concerned about passing a person’s assets at death. It has not been connected to other parts of life and especially not connected to the parts of all our lives that have no monetary value: family history, legacy, values, etc. If the IRS does not value it, we often ignore it in estate planning.  

If the IRS does not value it, we often ignore it in estate planning

We need to start thinking about Interconnected Estate Planning to make estate planning more wholistically connected with our lives. Especially in this age of downsizing and decluttering, we need to start thinking about how we plan to transfer our things to our children, families, and friends in a way that transfers not just the title and ownership, but also transfers the “Why” so those people and others will understand the importance and the stories behind those assets. We also can think about making those transfers during life when we have the chance to assure the best stewardship of the items for the future.  

 
 
 
 
You can watch the full episode of Evenings with Artifcts: Modern Estate Planning here.

How do we start Interconnected Estate Planning? Many of us are paralyzed or overwhelmed and do not start estate planning until late in life, or – at worst – when it is too late. Among the negative thoughts I have heard are: 

  •  “I’ll just leave this to be handled after I am gone.” 
  • “My children/grandchildren/friends/family all know what I want and they will divide everything fairly.” 
  • “I do not want to make any decisions that might make people mad after I am gone.” 
  • “I don’t want to dwell on my own death.” 

In my experience, it is much better to make a plan than to leave the disposition of your estate to chance. Many estate planning attorneys, accountants, insurance professionals, and others who help to manage assets for estates have stories of families broken apart because the person who died was not clear about disposition. There are lawsuits that have dragged on literally for decades where beneficiaries argue about these assets… and not always the most expensive items. 

 In my experience, it is much better to make a plan than to leave the disposition of your estate to chance

Fortunately, there is a solution. Creating an interconnected plan can start with considering just a few items, and without even going to an attorney. By considering these items, you have the chance to answer the most important question your beneficiaries will have after you are gone: Why? Why are these items important? Why did she save that? Why does it matter? 

In one of the episodes of Evening with Artifcts, Jeff Greenwald said, “When you are giving an object away, it motivates you to tell the story. Stories don’t take up much space at all.” So, start with a small list of items you value. Title the list “Personal Property Memorandum” and state at the start that you intend this to be included in your current or any future Will, and date it. Make the list and consider why you think those items are worth giving away, what they mean to you, name the beneficiary, and describe what the item might mean to the beneficiary.  

Artifcts can be a great way to start organizing your thoughts. Once you have the items in Artifcts, you could print out the items, and use the printout as part of your Memorandum. With Artifcts, you can also write directly in the "In the Future” field that the object in question is to be given to a particular person.  

By considering who should get the items, you can decide whether to wait to give it away now, or make it part of your estate. As you make these decisions, just update your Memorandum (and Artifcts!) at any time. 

This is a simple way to pass along items with the most meaning in your life to those who can most benefit. 

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Looking for additional tips to help you tackle the estate planning of things? You might also enjoy:

Estate Planning & The Art of Artifcts

Insider's Look at What It Means to Clean Out an Estate

How Well Managed Is Your Family History Estate?

© 2025 Artifcts, Inc. All Rights Reserved.

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When Insurance Isn't Enough: Preserving What Truly Matters

Across the US, homeowners are watching their insurance premiums skyrocket. According to an analysis of insurance industry reports, average premiums have risen over 20% in the last year alone, with no signs of slowing. And when disaster strikes — from hurricanes and wildfires to floods and theft — insurance payouts can take three to six months or longer to be fully processed and received. 

Even when claims are approved, homeowners are often left grappling with another harsh truth: some things can be replaced, but many cannot. And often the things that cannot be replaced are the ones that we value most. They may not be the ones that hold the most financial value, but they certainly tend to hold a lof of what we call “heart value.” 

What’s a Needlepoint Pillow Worth? 

Let’s say your insurance company writes you a check for the fair market value of your damaged or stolen items. Refrigerator? Check, that’s easy. Sofa and loveseat, double check.  

But what’s the monetary value of Nana’s handmade needlepoint cushions that sat in her living room for decades? Or the vintage charm bracelet your mom wore every holiday? How about your child’s first fingerpainting, lovingly framed and hung in the hallway? 

The answer: There is no replacement cost high enough to recover the meaning of these items. And that’s why we Artifct. 

There is no replacement cost high enough to recover the meaning of these items

When Disaster Strikes, an Artifct Is Your Memory Vault 

Natural disasters don't give us time to prepare. But a digital record of your most sentimental belongings means you can prove ownership, document financial value (when possible), and most importantly — preserve the memories even if the object is lost. 

While insurance companies assess damage and estimate costs, your family won’t be left trying to remember what that cherished object looked like or where it came from. You’ll already have a rich, secure record, and a legacy to pass on. 

This October, we challenge you to Artifct the irreplaceable. Not everything in your home, just the things that would break your heart to lose. Start with: 

  • A family quilt with generations of history sewn into its fabric
  • The wedding china no one dares eat off of, but everyone remembers
  • Dad’s old fishing rod, full of childhood memories
  • A handwritten letter tucked in a book from someone long gone 
 
 
 
 
 
 
Vintage Handwritten Love LetterClick on the image to view the Artifct, one of many irreplaceable items of this family's history.

At the end of the day, no insurance policy (or AI algorithm for that matter) knows what matters most or what items have the most heart value to you and your family.  

Your Family’s History Is Worth Saving 

As you celebrate Family History Month this October, don’t stop at genealogy charts and old photographs. Think about the physical items that tell your family’s story. Think about the why behind them. And give yourself (and future generations) the gift of preserving not only the item, but the history, stories, and memories that go along with it. 

Because in the end, your history is more than names and dates. It’s the objects you touch, the stories you tell, and the people you love. 

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Looking for additional tips to help you be prepared for all of life's what ifs? You might also enjoy:

Insurance & The Art of Artifcts

How to Choose the Right Home Inventory App for You

How a Simple Act Saved One Man's Most Valued Memory of His Dad

© 2025 Artifcts, Inc. All Rights Reserved.

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