Frequently Asked Questions

  • A personal property appraisal is the process of developing a well-supported opinion of the value of tangible, movable assets by a qualified appraiser.

    Personal property includes items such as fine and decorative art, antiques, jewelry, collectibles, and general household contents. Unlike real estate, which involves land and buildings, personal property refers to movable items.

    The type of value or cost developed in an appraisal varies depending on the intended use.

    Common types include:

    • Fair Market Value (for gifts, donations, and estate purposes)

    • Replacement Value (for insurance coverage)

    • Liquidation Value (for bankruptcy or forced sale situations)

    • Repair Cost (for damage or loss claims)

    Appraisals may be delivered in different formats, including a written report, a restricted-use report, or oral report.

  • You need a personal property appraisal based on the intended use of the valuation. 

    Common reasons include:

    • Insurance Coverage
      If a home contains valuable items such as fine art or collectibles, a standard homeowner’s insurance policy may not provide adequate coverage. Insurers often require appraisals to establish appropriate coverage limits and ensure proper reimbursement in the event of loss.

    • Charitable Contributions (Tax Deduction)
      When donating property to a qualified organization (e.g., a museum), an appraisal is required to substantiate the value for an income tax deduction. This is reported using IRS Form 8283 (Noncash Charitable Contributions).

    • Estate Tax and Estate Planning
      When an individual passes away with significant assets, appraisals are needed to determine fair market value for estate tax purposes. This information is reported on IRS Form 706 (United States Estate Tax Return) and may affect both federal and state estate taxes.

    • Sale of Property
      An appraisal helps determine an appropriate asking price by establishing current market value.

    • Division of Property
      In situations such as divorce, estate settlements, or partnership dissolutions, appraisals ensure equitable distribution of assets among parties.

    • Insurance Claims
      In cases of loss, theft, or damage (e.g., fire), an appraisal supports the claim by documenting the value of the property. Insurance companies may also hire their own appraisers for review.

    • Collateral for Loans
      Valuable personal property, such as artwork or jewelry, may be used as collateral. Lenders require appraisals to determine the amount they are willing to loan.

  • According to USPAP, an appraiser is “one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.”

    A qualified personal property appraiser is a trained professional with the education, experience, and market knowledge necessary to develop credible, well-supported opinions of value. They determine value by researching relevant markets, analyzing comparable sales, and applying appropriate valuation methodologies. When applicable, they may also develop cost-based opinions through industry expertise, professional networks, and consultation with vendors or subject-matter specialists.

    Beyond technical expertise, a professional appraiser understands that value is not fixed—an object may have different values depending on its intended use, such as insurance coverage, estate planning, or charitable donation. A qualified appraiser identifies and applies the appropriate standard of value in accordance with professional standards and applicable IRS requirements.

    They also bring informed judgment and context to each assignment, asking the right questions to ensure the valuation is credible, relevant, and appropriate for its intended purpose.

  • A qualified appraiser demonstrates expertise, professionalism, and accountability through:

    • Education and Training
      Completion of formal coursework, including the 15-hour USPAP course and exam

    • Professional Standards
      Compliance with USPAP, ISA, and IRS

    • Professional Memberships
      Active membership in recognized organizations, such as the ISA

    • Ongoing Development
      Continued education and active engagement with the marketplace

    • Professional Reporting
      The ability to produce clear, well-researched, and comprehensive appraisal reports

    It is important to note that personal property appraisers are not state-licensed, and USPAP does not “certify” or “license” appraisers. Instead, qualifications are demonstrated through education, experience, and professional affiliation.

  • We offer in-person appraisal services for clients in New York City and throughout select areas of the New York tri-state region. Certain assignments, including larger estate appraisals, require an in-person site visit to properly examine, document, and assess the property.

    Remote appraisals may be available for select objects and assignments based on clear, high-resolution photographs, supporting documentation, and, when appropriate, a video walkthrough or video call.

    The appropriate appraisal method is determined on a case-by-case basis and depends on the client’s location, required timeline, type and quantity of objects being appraised, and the intended purpose of the appraisal.

  • At Unknown Art, the appraisal process begins with an initial consultation to understand your needs and the intended use of the valuation. This is followed by examination of the property, either in person or through detailed photographs.

    Appraisals are delivered in several formats, depending on the scope and purpose of the assignment:

    • A comprehensive written report in PDF format

    • A restricted-use report in PDF format

    • Oral report delivered via phone or in person.

    All reports are prepared in accordance with the International Society of Appraisers (ISA) Appraisal Report Writing (ARW) standards and are fully compliant with the Uniform Standards of Professional Appraisal Practice (USPAP), ensuring thorough, credible, and professionally structured documentation.

Appraisal Services

  • Because clarity, organization, and care are essential to preserving and understanding your collection.

    At Unknown Art, we create comprehensive, well-organized inventories for fine and decorative art and antiques. We develop detailed object files, including receipts, provenance, agreements, and condition reports, ensuring your collection is fully documented and easily accessible.

    We also advise on when updated appraisals are needed for purposes such as insurance, loans, or estate planning, helping you stay informed and properly protected.

    From recommending archival materials and storage solutions to overseeing packing, handling, conservation, installation, and shipping, we manage every detail with precision. The result is a collection that is not only protected, but thoughtfully maintained at every stage.

  • A qualified collection manager combines experience, organization, and care.

    Look for a background in art history, museum registrations, or collections management, along with hands-on experience working with fine and decorative art. They should be detail-oriented, able to catalogue objects, track condition, and maintain clear, consistent records.

    Strong communication is also key, especially when coordinating with appraisers, conservators, insurers, and shippers. Familiarity with industry standards and access to a trusted network of specialists are equally important.

    Ultimately, you want someone professional, discreet, and reliable, someone you trust to care for your collection as you would. At Unknown Art, we bring that same level of rigor and thoughtful attention to every collection we manage. We are active members of the Association of Registrars and Collections Specialists and remain committed to upholding the highest standards in the field.

  • A condition report is a detailed record of an object’s physical state at a specific moment in time.

    For collectors, it’s an essential way to document and photograph wear, damage, or areas of concern, creating a clear baseline for how a piece looks today. Over time, these records help track changes, identify issues early, and inform decisions around care, conservation, and handling.

    They’re also useful for practical needs like insurance, loans, shipping, or distinguishing between similar objects, and can serve as important documentation if a piece is ever lost or stolen.

    At Unknown Art, we prepare condition reports for your artworks and antiques, and collaborate with trusted conservators and specialists when additional expertise is needed.

Collection Management

  • At Unknown Art, we offer flexible and transparent fee structures tailored to the scope of each engagement.

    Appraisal services are typically billed on an hourly or per-item basis. Depending on the project, a flat fee or onsite daily rate may also be arranged. We do not charge contingency fees or percentages of the appraised value, as this would violate the ethical standards set forth by USPAP and ISA and constitute a conflict of interest.

    Collection management and art advisory services are structured based on scope, complexity, and duration, with flexible arrangements designed to accommodate both short-term projects and ongoing engagements.

  • All billing terms are discussed and agreed upon in advance to ensure full transparency before work begins.

    Clients are invoiced prior to the delivery of appraisal reports, condition reports, collection databases, or inventories. Depending on the scope of the project, payment may be required in advance or structured on a biweekly basis.

    They bring both technical expertise and practical experience, ensuring collections are organized, protected, and managed to professional standards.

    At Unknown Art we are active members of the Association of Registrars and Collections Specialists and remain committed to upholding the highest standards in the field.

Fees & Billing