What is a “qualified appraiser”?
Many art professionals perform valuation services for their clients. However, when it comes to complex appraisal needs such as IRS tax functions (e.g.: charitable contribution, gift, and estate tax) or fine art insurance scheduling it is important that a “qualified appraiser” provides a “qualified appraisal report”. In fact, the IRS requires qualified appraisals and, increasingly, insurance carriers are too. So what does “qualified” mean?
The Appraisal Foundation defines “Qualified Appraisers” as meeting the following minimum professional requirements:
Education: 30+ semester credit hours from a college | 120+ hours of specialized professional coursework
Continuing Education: 70+ hours every 5 years | 7-Hour Personal Property USPAP course every two years
Experience: 700+ hours of appraisal work | 1,800+ hours of appraisal market experience and/or 4,500+ hours of non-appraisal market experience
Similarly, a “qualified appraisal report” must meet specific requirements, not only in the report writing but also in the development, these criteria are outlined in the Uniform Standards of Professional Appraisal Practice (USPAP) - the generally recognized ethical and performance standards for the appraisal profession in the United States.
+More about what makes a “qualified appraisal” report
As a qualified appraiser, I stay current with USPAP by completing the National Update Course every two years.
Additionally, I complete a range of courses and seminars each year to stay up-to-date on methodology, the latest tax and legal issues related to the appraisal field and, of course, to increase my subject matter knowledge across a variety of fine and decorative art genres.
Working with a qualified appraiser, you will receive the most credible report designed to meet your specific needs and provide a strong testimony in judicial proceedings and beyond.