What Is an Appraisal?
An appraisal is a document that contains an opinion of value of a specific item that is developed by an appraiser after assessment of all the characteristics of the item, the use for which the appraisal is intended (for example, insurance scheduling or estate purposes), and any other factors, such as appropriate markets or comparable items.
MP Appraisal Services abides by the Uniform Standards of Professional Appraisal Practice (USPAP, 2024-2025) and the Code of Ethics of the National Association of Jewelry Appraisers
Insurance Appraisal
This is probably the most common type of appraisal and is used for insurance scheduling. Although original receipts for an item of jewelry serve to establish a jewelry item's cost at the time of purchase, an insurance appraisal describes the item in full and provides a credible replacement value. MP Appraisal Services recommends that insurance appraisals be updated about once every 3-4 years.
Other Types of Appraisals
Other types of appraisals may be necessary in the case of Estate valuation and distribution, Dissolution of Marriage (Divorce), Donation, Gift, or Liquidation actions or liabilities. These appraisals frequently use a Fair Market Value (FMV) approach to valuation and some require certain forms or filings for tax purposes. MP Appraisal Services can provide qualified appraisals for these types of appraisals and help the client, attorneys and tax professionals understand the distinctions and differences among them.
