Elements of a Correctly Prepared Art Appraisal
At Anderson Fine Art Appraisals, we prepare every report in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) — the nationally recognized ethical and performance standards for the appraisal profession.
A correctly prepared appraisal protects you, your heirs, and your assets. Whether for insurance, estates, charitable donations, or litigation, the following elements are required for an IRS-qualified and USPAP-compliant report.
Quick Checklist of Appraisal Elements
Client and appraiser identification (with CV/qualifications)
Signed certification with impartiality and no bias statement
Clear scope of work and intended use
Appraisal purpose (insurance, estate, donation, collateral, etc.)
Report type (summary, restricted use, self-contained)
Type of value (fair market, replacement cost, liquidation, etc.)
Marketplace considered (auction, retail, wholesale)
Relevant dates (inspection, effective date, report issue)
Detailed object descriptions (artist, title, medium, condition, provenance)
Disclaimers and assumptions (not a certificate of authenticity)
IRS-specific requirements (Form 8283, related use, appraiser qualifications)
Supporting documentation (market analysis, comparables, artist biography)
Full USPAP Elements (Detailed Guide)
1. Client & Appraiser Information
Name and address of client
Appraiser’s name, contact information, CV, and professional qualifications
2. Signed Certification
Includes statements of:
Truth and accuracy
Impartial and unbiased conclusions
No financial or personal interest in the property
Fee structure not contingent on value
On-site inspection disclosure
USPAP compliance with relevant date
All signatures
3. Scope of Work
Defines the appraisal process, including:
Problem to solve and category of property (fine art, prints, household contents, etc.)
Client, owner, intended use, and intended users
Type of value and source definition
Marketplace considered (auction, retail, etc.)
Effective date of valuation
Extent of inspection, examination methods, and research
4. Purpose of the Appraisal
Examples:
Insurance
Estate settlement or estate planning
Charitable donation (IRS Form 8283)
Collateral, liquidation, damage, loss, or tax purposes
5. Report Type
Self-contained
Summary
Restricted use
6. Approaches to Value
Market Data Comparison
Cost Approach
Income Approach
7. Types of Valuation
Fair Market Value
Retail Replacement Cost
Marketable Cash Value
Liquidation or Salvage Value
Replacement Cost New
8. Marketplace Considered
Auction (high-end, mid-range)
Retail galleries
Wholesale or consignment venues
Geographic location
9. Relevant Dates
On-site inspection date
Effective valuation date
Report issue date
Other key dates (date of death, date of donation, etc.)
10. Object Descriptions
Artist, title, medium, dimensions, markings
Condition report and frame description
Provenance, catalogue raisonné, exhibition/publication history
Statement of value appropriate to appraisal purpose
11. Disclaimers & Limitations
Belief in authenticity (not a certificate of authenticity)
Extraordinary assumptions
Page count statement
12. IRS-Specific Requirements (Estate & Donation)
Confirmation appraiser not disqualified by IRS
Tax ID number of appraiser
Statement acknowledging IRS use and civil penalty risk
Acquisition history and value paid (if known)
Related Use and Donee identification for donations
13. Supporting Documentation
Market analysis and comparables (with annotations)
Artist/school biography
Consultant input where relevant
Why USPAP Compliance Matters
A USPAP-compliant appraisal:
Ensures credibility for IRS, courts, and insurers
Provides accurate, defensible valuations for estates and donations
Demonstrates independence, objectivity, and transparency
At Anderson Fine Art Appraisals, every report is tailored to meet both the highest professional standards and the specific needs of our clients — from private collectors to attorneys, executors, and financial advisors.