What is an online appraisal?
Online appraisals are electronically-transmitted personal property appraisal reports based on customer-provided photos and descriptions. Just Art Pottery's online appraisal reports are prepared in accordance with appraisal report writing standards and the Code of Ethics of the Association of Online Appraisers (AOA). Online appraisals are written in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by The Appraisal Foundation of Washington DC.
Online appraisals should be written to the standards of The Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by The Appraisal Foundation of Washington, DC. USPAP clearly states that any opinion of value offered by one holding him/herself out to be an appraiser is an appraisal, and as such should be performed in accordance with USPAP.
JustArtPottery.com follows the online-specific and USPAP-compliant standards developed by the Association of Online Appraisers (AOA). Just Art Pottery's Greg Myroth is a member of AOA and adheres to its Code of Ethics.
Your online appraisal will include a detailed written report including identification of maker of your item, approximate production date, condition description, and an estimate of the current retail and wholesale value of the item using the sales comparison approach.
Your online appraisal will normally be completed within 5 business days.
No. Appraisers have done appraisals using photographs for many, many years. Doing so is often required by circumstances. For instance, if an item is stolen or destroyed by fire, photographs are frequently invaluable to arriving at a value conclusion. The IRS Art Advisory Panel uses photographs extensively when reviewing the accuracy of a taxpayer's claimed deduction for the charitable contribution of works of art. The only difference with online appraisals is that the images can be digital in form. But whether using contact print photographs or digital images, it is always critical that the appraiser note within his appraisal report any extraordinary assumptions being made because of the inability to personally inspect the item in question.
Unless otherwise stated within the report, only you, the client, can use your online appraisal. Typical intended uses for online appraisals include gathering information such as identity, value and history in contemplation of selling or buying an item. Another use would be for personal planning. For instance, one may wish to equitably divide several items of personal property among a number of children. Online appraisal can help support a claimed deduction for a non-cash charitable contribution of less than $5000, and can assist in the fair and equitable settlement of a transit-related or insurance casualty loss damage claim. The use of online appraisals are also valid in situations in which the use of photographs have traditionally been considered a typical appraisal practice, including, but not limited to damage claims or casualty losses where the property is no longer available for inspection.
Do not use an online appraisal for functions requiring a more traditional appraisal in which the appraiser must have the opportunity to personally inspect the property. Uses requiring this more formal (and necessarily more costly) appraisal process include obtaining insurance, claiming an IRS non-cash charitable contribution deduction of over $5000, determining estate tax liabilities, for divorce, and for any function in which litigation is a possibility.
The Association of Online Appraisers (AOA) is a not-for-profit, independent professional association for personal property appraisers who are involved in offering online written personal property appraisal reports (either as individuals or via an appraisal management company) through the use of digital images and Internet online reporting.
The goal of the AOA is to develop, maintain and promote standards of professional practice for the online appraiser. The AOA feels that such standards will give guidance for practitioners and will at the same time provide the public with a gauge by which to measure the adequacy of the online appraiser's work product.
Just Art Pottery's Greg Myroth is an active member of AOA and supports its USPAP-compliant standards and code of ethics.