Art and Antique Appraisals

Appraisers Association of America
USPAP

Appraisal Types PDF Print E-mail

There are a number of type of appraisals:

Type Use
Fair Market Value (FMV) is the price the property or similar would sell for on the open market when both buyers and sellers have reasonable knowledge about the object and there is a reasonable amount of time for the transaction to take place. Typical markets would be auctions or private sales. Estate Appraisals, Estate Planning, Equitable Distribution of Assets in Estates or in Divorce, Gift Tax, Charitable Donations
Retail Replacement Value (RRV) is the cost to replace the same or similar item in the current retail market in your area. Insurance Coverage and Damage, Loss Claims
Liquidation Value (LV) is the price that an item would bring without regard to increasing the return. This is usually a result of current need or circumstances. Estate Appraisals, Estate Planning, Equitable Distribution of Assets in Estates or in Divorce, Gift Tax, Charitable Donations