I got a query through my website the other day, seeking an appraisal of some real estate. Thanking the sender for his interest, I told him that I am an art appraiser and am not qualified to appraise real property. I directed him to the professional organizations whose members specialize in real estate appraisals.
But what makes someone qualified to be an art appraiser? In matters of real estate, there are state laws requiring this or that certification before someone can set himself up as a real estate appraiser. In matters of personal property appraisals for the IRS, however, qualifications have been much more nebulous. 50 years ago, the only qualification required for doing an appraisal for tax purposes was to not have been disqualified for such appraisals. Over the past 40 years, however, there has been a major push to professionalize the practice of appraising.
Following the savings and loan crisis of the 1980s and 90s, when large numbers of American savings institutions failed due to bad loans that had been made on properties that had been grossly overvalued, Congress authorized the establishment of The Appraisal Foundation. That foundation in turn has developed the Uniform Standards of Professional Appraisal Practice (USPAP) a guide which appraisers must follow.
To be accepted by the Appraisers Association of America, I had to take a two-day class and pass a test in USPAP, among other requirements. That, however, was only the beginning. Ever since my initial qualification, I have had to take a class every two years to update myself on any changes to USPAP in the intervening period. I am also required to earn 14 hours of continuing education credits each year to keep my accreditation. Being a professional appraiser is a continuing process of learning.
Did you know that a Mario Brothers video game from 1985 sold for $660,000 at Heritage Auctions earlier this year? Don’t immediately scoop up all of your kids’ games currently lying in the back of their closets — this particular game was in its original unopened box with the original hangtab and had a 9.6 out of 10 grading from Wata Games, a recognized grading authority. (There’s a newer company, Video Games Authority, which grades on a different scale and is pushing to become recognized as the gold standard in such condition grading.)
I know this because I attended a recent webinar on the market for “antique” video games. While I don’t expect to ever give Wata or VGA any competition as an evaluator of video game condition, it is good for me to know that the market for such games exists and where I need to go to find expertise. This is the same reason that in the past year I have attended webinars in Arte Povera, Jensen silver, oriental rugs, and feminist painters. When I visit your house for an appraisal, it will be an added benefit if I can recognize something outside my field that merits research.
I have taken graduate level courses in European and American art, and I have dealt in both for 40 years, so I am confident in my ability to appraise such works. In everything else, I keep in mind Alexander Pope’s admonition, “A little learning is a dangerous thing,” and I’ll strive to increase my knowledge. I look forward to placing that knowledge at your disposal. Let’s talk soon.
