Thirty years ago, our senior appraiser, Farhad Radfar, had another small business: a fine art gallery. After a pipe broke in the gallery, an appraiser was called by the insurance company to determine the extent of the damage. The appraiser, one of few in town and considered the best, submitted his report. Upon reading it, Mr. Radfar became aware of the inaccuracies concerning the art and its condition and realized the importance of research and knowledge of the art field.
The majority of appraisers tend to work alone, and he thought that a dedicated research team was also an integral part of the appraisal process. A group of researchers and appraisers working together, combining their knowledge and expertise, and double-checking each other's work would ensure the best possible results for the client. Appraisers tend to also run their appraisal business as a side job, while a fully staffed appraisal company could remain dedicated to the client throughout the entire process.
Mr. Radfar put his ideas into action—researching and learning about the appraisal process by working with others in the industry, and incorporated MIR Appraisal Services in 1994 and received his certification from the International Society of Appraisers in 1996. Twenty-five years later, he has moved his appraisal business forward by stepping away from the traditional idea of appraisers as antique dealers, and successfully convincing clients like insurance companies, museums, and attorneys about the importance of research.