Want to be an appraiser? Fine, hang out a shingle. That's all you have to do. And that can be a big problem for buyers and sellers of art and antiques.
"There is no state or federal certification required for antique appraisers whatsoever," said Tim Naylor, a professional appraiser in Baltimore who is a graduate of a program at George Washington University in conjunction with the American Society of Appraisers. "An appraiser can walk into a house and say a chair is worth $200" with no documentation or research.
There are a number of reasons people seek appraisals. A common one is estate sales, in which the heirs try to establish the value of the estate in order to sell it, or to divide it equitably. Some appraisals are for insurance purposes. And some are for people who are simply curious.
Besides establishing value, appraisal research can establish the provenance of an item -- who has owned it through time.
In the '80s, Naylor said, when there was a huge influx of money into the antiques market, abuses of the appraisals became serious enough to warrant IRS attention. "People were buying a diamond ring for $2,000 and a year later donating it to their alma mater for $20,000."
Under-appraisals also became a problem. Naylor recalled an instance in which managers of an estate tag sale priced two small paintings at $75 and $125. The paintings, which were by an American artist named Martin Johnson Heade (1819-1904), were bought, and later sold at auction for more than a million dollars.
The answer to abuses of this sort is the same in art and antiques appraisals as it is in real estate, Naylor said: comparables. It means appraisers, before they put a value on something, must do the research to find the value of similar items that have previously been sold. He predicted that within the next five years, laws would be enacted to ensure that certified appraisals are accompanied by comparables.
The American Society of Appraisers has already established standards and guidelines for appraisers.
. "I love doing the research," said Naylor, who is also an antiques dealer. "It's a treasure hunt. And when you're an appraiser, it's a treasure hunt with not your money."
Who you gonna call?
If you're interested in using an appraiser, one place to start is the American Society of Appraisers at 800-ASA-VALU. The organization, based in Herndon, Va., has a referral service of its members.
Fees vary widely, although most appraisers will offer options -- including an hourly rate or flat fee.
Pub Date: 03/07/99