Qualified Appraisals
Madison is an Accredited Member of the Appraisers Association of America (AAA) and compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) through January 2027. Known for the highest standards of ethics, conduct and professionalism, the Appraisers Association of America is “an international organization based in New York City with members in cities across the country as well as in Canada, Europe and Asia.” As a qualified professional appraiser of personal property, Madison prepares qualified appraisals for the purposes of insurance scheduling, estate planning, charitable donation, equitable distribution, and liquidation of Japanese woodblock print collections.
USPAP compliant through January 2027
What is an Appraiser? Demystifying the Term
An Appraiser is a credentialed professional who performs valuation services for personal property competently, with expertise, and in a manner that is independent, impartial, and objective. Unlike a real estate appraisal, there is no licence for personal property appraisal. Instead, the field self-regulates through The Appraisal Foundation and professional organizations such as the Appraisers Association of America (AAA).
A qualified Appraiser must renew their compliance with the Uniform Standards in Professional Appraisal Practice (USPAP) every 2 years. These standards protect and promote a high level of public trust in appraisal practice, set minimum requirements for appraisers to develop and communicate their analyses, opinions, and conclusions to intended users in a manner that is meaningful and not misleading.
Who Needs a Formal Appraisal?
A formal appraisal is needed in two main contexts: Insurance scheduling/claims and tax purposes.
Insurance
Adding items to insurance coverage
Insurance claims
Tax Purposes*
Charitable donation
Estate Planning
Equitable Distribution
liquidation
*Note that the IRS has recently defined a “qualified appraiser.” Madison meets this definition as a member of the Appraisers Association of America.
Not all Appraisals are Created Equal
Many Japanese woodblock print dealers and galleries advertise “free appraisals.” These “appraisals” are informal (typically oral) assessments of value from area specialists and cannot be submitted for insurance scheduling or tax purposes. Do note that advertisement of this service is a means of discovering print collections and businesses have a vested interest in acquiring artwork at a lower cost. Interested in selling or consigning your collection? Madison offers online and in-person print identification services to empower you to get the best terms and prices for your collection. Learn more about Print Identification Services here.
Hiroshige Utagawa (1797-1858). Full Moon at Kanazawa, Province of Musashi. 1857. Color woodblock print. Metropolitan Museum of Art, New York.
