What to Expect
With this page, we hope to provide our clients with a clearer understanding about what to expect when having their personal property appraised by MIR Appraisal Services.
With our fully staffed office, someone will be able to take your call and answer questions Monday through Friday, 8:30 am - 5:00 pm. During the initial phone call, we can walk you through first steps, talk about your appraisal needs, and set you up with either a digital, in-office, or on-site inspection and verbal consultation.
During that first, initial discussion with our staff members, we will ask a couple of questions about the artwork or property you want to have appraised. For example, some questions you might hear from us are as follows:
How did you come into ownership of the artwork?
Do you have any paperwork or receipts that accompany the item?
Have you ever had it appraised before?
Where is the item currently located?
What is your goal/purpose for the inspection or appraisal?
Every inspection and appraisal is unique, and we ask these questions to build context and learn more about the situation so we can advise on what the best next step would be for you.
Independent Appraiser vs. Gallery or Auction House
MIR Appraisal Services is an independent appraisal company. As independent appraisers, we do not have a vested interest in your item. We do not buy items that we appraise either. The benefit of an independent appraiser is that you know you will receive accurate and up-to-date information.
One Item, Two Values
One reason why we ask our clients about their goals for having their items appraised or inspected is that an item can have several values depending on the situation and type of appraisal required. For example, if a client wants their property appraised for insurance purposes, we would assign a Retail Replacement Value for that item. The Retail Replacement Value represents the amount of money required to replace an item with either an identical piece or a suitable equivalent. If a client wanted to liquidate their estate, this appraisal would require a Fair Market Value. The Fair Market Value represents the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell. Both values need to be updated every three to five years to account for changes in value in the art market.
We Do Charge for Our Services
Like any other business, we do ask to be paid for our time, services, and expertise. Each appraisal or advisory service is unique and tailored for every client, and we charge on an hourly basis for our research. For on-site inspections, we take into account the time and travel needed for our appraisers to reach the inspection location, but once they've arrived, they can inspect any number of items for a flat fee. If a full appraisal report is deemed necessary, the cost of the inspection and consultation advisory service acts as a down payment for the cost of the appraisal report.
Still have questions? Give us a call and we'd be more than happy to assist you!