The Art of Appraisal

The Art of Appraisal

Appraisals are essential to the online auction process. Whether you are looking to buy an item or sell it, you want to know that you are paying or receiving the amount of money deserved for the property.

What is an appraisal?
An appraisal is the act of assessing something or expert valuation of an item. Appraisals are used for all sorts of possessions or items of worth including machines, gemstones, land, and businesses, to name a few. Typically, appraisals are performed using the Uniform Standards of Professional Practice and can answer what the past, present, or future value of your property. At Auction Masters, we specialize in appraisals for heavy equipment, business liquidation values, printing and binding equipment, and more.

What are some different appraisal processes?
Depending on how detailed of an appraisal you want, there are a few different ways an appraisal can work. A “restricted use” appraisal is minimal and usually conducted for personal use. “Desktop” appraisals are performed without physically viewing an item. All the research is done with information provided from the person seeking an appraisal or information the appraiser can find about the property. “Summary” appraisals are the most in depth and include physical interaction with the property or item. This appraisal takes the most time, but you are more likely to get the most accurate valuation of your property.

What is the result of an appraisal?
After the valuation of an item, the appraiser will take time to gather market value information about your item and items like it. All the information is compiled into an appraisal report. This report indicates the purpose of the appraisal and the standards of valuation. Appraisal reports also include a detailed description of the item or property under assessment, as well as all the considerations taken when appraising the item. Appraisers sign the report and also provide a brief description of their qualifications and expertise within the field.

Why should I get an appraisal?
Appraisals are great ways to establish the value of an item, especially if you are looking to put it up for auction or make an investment. Appraisals can also be useful if you are looking to place insurance claims, need to account an item for your taxes, or if you are about to liquidate your business.