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Appraisal Report

JY&A Appraisal Report is a legal document based on a sophisticated research and investigation process. It is based only on the readily apparent identity of the items appraised. It doesn't serve as an indication or certificate of title ownership, and no other opinions or guarantee of authenticity, genuineness, attribution, or authorship is made. It does not constitute a certificate of authenticity.

Each JY&A Appraisal Report is prepared differently for specific purposes. Following the IRS guidelines and the USPAP standards
(Uniform Standards of Professional Appraisal Practice) in the United States, it usually includes the following elements:

  • Name and Address of Client;

  • Name, Contact information and Qualifications of the Appraiser; Signed Certification;

  • Scope of Work;

  • Purpose of the Appraisal;

  • Type of Report;

  • Approach to Value Used & Defined;

  • Type of Valuation Used & Defined;

  • Marketplace in which Valuation is Applied;

  • Relevant Dates;

  • Description of Appraised Objects;

  • Support for Valuation Conclusions;

  • Statement, Indemnifications & Disclaimers;

  • Appraisals Relating to IRS Usage Estate (E) or Donation (D).


Certification and Qualifications

Each appraisal report includes an Appraiser Certification Page where the following information is registered: the appraiser's name, area of expertise, the appraised artwork(s), the objective of the appraisal report, the ethics and professional standards that the appraiser stand for, number of the appraised work(s), important dates, appraiser's fee calculation method, the appraiser's signature. If a discount, barter, or kickback ("referral fee") is given, it must be stated in the Certification.

The Appraiser's Qualifications refer to IRS guidelines for the definition of a qualified appraiser of personal property, presents the appraiser's experience (in particular, their qualifications for appraising the subject property), specializations, education (including their most recent USPAP course date), and professional affiliations.

Scope of Work

The appraiser should explain in this section the report's purpose, the type of property to appraise, the client and the context in which the report is prepared, and the user(s) of the report. It should also contain the following information: category of items examined; client's name and identity; owner's name and identity; effective valuation date of appraisal; Intended Use of the appraisal report; intended user of the report; assignment conditions; assumptions; method of examination of the appraised property; conditions that limit the examination, research and/or writing of the report, uncertain information used in the analysis that might alter the appraiser's opinions or conclusions, conditions of the items to appraise, research methodology applied by the appraiser, the sales comparison approach and market examined, type of value used, definition of value, source for definition of value, approach to value, and an explanation about the USPAP Compliance.

Purpose of the Appraisal

An appraisal report may serve the following purposes:


  • Insurance

  • Donation

  • Asset valuation

  • Estate with a surviving spouse

  • Estate with no surviving spouse

  • Tax loss

  • Equitable distribution

  • Estate planning

  • Inventory

  • Damage

  • Loss

  • Collateral

  • Liquidation

  • Net worth

  • Gift

  • Others (to be specified)

An appraisal report aims to research and analyze the market value of the appraised artwork. As defined by USPAP, the generally recognized ethical and performance standards for the appraisal profession in the United States, the Market Value of art is a type of value stated as an opinion that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.

The Valuation Approaches most often used by fine art appraisers are
Income Approach, Cost Approach, and Sales Comparison Approach. However, the real appraisal cases are much more sophisticated and complex than these. 

Approach to Value Used & Defined 

Type of Valuation Used & Defined

Market Analysis usually include the following sections:

Global Market Review

Market review and analysis of the period where the appraised work is related

Market review and analysis of the artist(s) whose work is being appraised

In this section, we base our analysis and conclusion on abundant reading, in-depth research, investigation with colleagues, and connections in primary and secondary markets through interviews, conversations, and visits to artists' studios, galleries, auction houses, and private dealers. We explore different online search engines, databases, museum sites, and art research sources (catalog raisonnés, online libraries, provenance, authenticity, condition assessment, etc.) to develop our analysis, writing, and reach our conclusions.

Market Analysis

The description of each appraised property serves as the object's ID in the appraisal report. Each appraised item must be presented and described in detail and explicitly. The information includes:

  • Artist/Artisan: Nationality / Country of origin / Artist's dates

  • Title and Dates

  • Marks / Signatures / Inscriptions

  • Edition [for prints, photographs and sculpture]

  • Medium / Material

  • Measurements

  • Physical description [from the top to the bottom for each object]


Each appraisal report indicates faithfully the condition of the appraised property. The condition is a major component of the value of any object. It's depicted in a subheading following the description, indicating both current condition issues and evidence of prior conservation / restoration.  Date of sale, auction house, city, lot number, estimate and realized price (with buyer's premium), provenance, literature, exhibition history, and comparables (value supporting system) are provided in this section for both the appraised object and the comparables.

In the Comparable Analysis section, the appraisal of each work provides the basis or reasoning as to how the appraiser arrived at the individual appraised value. Individual comparable sales are analyzed in terms of quality, and how they relate to the subject property is discussed. The item discussed includes commentary regarding any special conditions or circumstances about the property and a discussion of the quality or importance of the property about other artworks by the same Artist and of the state-of-the-art market at the time of valuation. Statements are supported with factual evidence. A professional-quality photograph of the subject property should accompany the information provided. 

Special Note: 

Such discussion and comparables' images are only required when they have substantial value.

The IRS has specific requirements about the photographs used in each appraisal report. Acceptable photographic formats must have each object entirely shown in separate images depicting essential details, such as the Artist's signature, date, labels, or other distinguishing features (including damage and repairs). Multiple views are helpful for 3-dimensional works of art.

Professional photos are not required on items under $50,000 unless the object is unusual to the general market.

Description of

the Appraised Property &

Comparables Analysis

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