Appraisal Studies in
Fine & Decorative Arts

The appraiser of personal property, including fine arts, antique and decorative arts, gems and jewelry, residential contents and more, is a member of an emerging profession. The appropriate identification and valuation of fine and decorative arts, traditionally the function of the connoisseur, historian, merchant, assessor or accountant are now combined in appraisal practices. Gain an understanding and working knowledge of general valuation theory and the principles that influence valuation. Explore historical antecedents of modern appraisal practices, the functions of appraisal and identification in the appraisal process.

Discover the relationship between valuation theory, market economics, and statistics. Identify how to match appraisal methods to appraisal purposes and objectives. Gain the skills necessary to research primary and secondary resources for identification and market analysis. Apply the use of statistics in valuation. Identify the work plan and its components: research design and organization. Interpret on-line market research, auction, gallery, internet and catalogue information, and prices; recall the history of working bibliographies and libraries, and how to use them effectively.

Examine the components of a written appraisal report, identify appraisal report standards, and the methods required to prepare an appraisal document. Learn how to communicate an opinion of value and the reasons used to develop the conclusion are investigated in instructional formats that include lecture and in-class composition exercises. Produce a written appraisal report including a narrative that is logically constructed and consistent with standards of professional practice in valuing personal property for insurance coverage, estate division of property, liquidation, taxes or professional consultation. Utilize on-line market research and analyze market data to complete the individual appraisal materials from the previous courses.

Gain a practical understanding of Fair Market Value and how it applies to appraisal reports prepared for the IRS dissolutions, loss claims and other assignments. Examine contracts as they relate to an appraisal practice. Review insurance, tax law, and court vocabulary through the study of precedent establishing cases. Develop an understanding of ethical and professional standards, the relationship of standards to practice, competency, liability and the business management of an appraisal practice.

This course is devoted to the day-to-day practical business of being an appraiser, with emphasis on the legal and business aspects of conducting an appraisal practice. Begin by taking an in-depth look at how to select the right type of corporation or business entity to develop, such as sole proprietors, corporations, general partnership, limited partnerships, limited liability companies and limited liability partnerships. Next, you'll discover how to limit an appraiser's exposure to liability, and how to be an independent contractor. Explore historical and current legal liability issues, the ramification and benefits of various types of business structure; consider employment issues and the impact of hiring employees and independent contractors. Discuss appraiser's ownership and copyright issues, including works made for hire. Appropriate for "new" appraisers and seasoned veterans alike.

This course examines the systematic methodology for preparing the appraiser of personal property in insurance related appraisals, including; analyzing the role of the appraiser and collateral professionals; incorporating prudent interviewing and inspection techniques; identifying and evaluating the various types of damage and loss; classifying appropriate types of insurance policies; and delineating issues related to values prior to and after loss, ownership, condition, authenticity and provenance. You will become familiar with recognizing and handling issues of clear title and suspected fraud, and how ethics, advocacy and professionalism impact the role of the personal property appraiser. Last, you will discuss with a guest attorney lecturer, insurance industry concepts and terminology, widely accepted court decisions and case law relevant to the insurance and appraising of personal property.

The Internal Revenue Service (IRS) has changed the rules governing charitable giving and estate tax. As a result of the Pension Protection Act passed in 2006 by Congress, all appraisers must be in compliance and knowledgeable in following new and existing laws covering the donation and estate tax of art, antiques, fine and decorative arts. Are you a "Qualified Appraiser" and do your appraisal reports meet the Qualified Appraisal Requirements as outlined by the IRS? Identify the professional qualifications and IRS definitions necessary for "Statement of Proof," "Fair Market Value," "Usable Condition," and others so you can stay ahead of your competition. Existing IRS and new rules will be examined and discussed.

All candidates to and designated members in the American Society of Appraisers (ASA) personal property discipline are required to successfully complete the Uniform Standards of Professional Appraisal Practice (USPAP) course on a regular basis (within one year of candidacy, then once every five years) demonstrating tested knowledge of this document promulgated by the Appraisal Standards Board of the Appraisal Foundation. Previously, all USPAP courses focused on real property for state certification, with personal property appraisers receiving minimal information. This USPAP course, designed specifically for personal property appraisers explores the unique relationship of personal property to USPAP. The entire USPAP document is covered with an emphasis on the general rules and standards rules, delineating standards which identify public trust, ethics, competency, jurisdictional exceptions and supplemental standards required for written appraisal documents.