Personal property appraisals require the personal property appraiser to meet certain federal and state requirements in performing his assignment and the subsequently written appraiser report. Currently no state licensing is required for a personal property appraiser. However, competent and professional appraisers will have earned an appraiser designation from a recognized appraiser association. Additionally, all ethical appraisers will maintain a current Uniform Standards of Professional Appraisal Practice (USPAP) accreditation. The appraiser’s designations and USPAP accreditation further demonstrates the professional appraiser’s competency and professionalism. All legitimate appraisers are currently required to become re-accredited in USPAP every two and half years.
Spirits and wine appraisal is in fact Personal Property Valuation. Personal Property Appraisers can appraise anything and everything with the exception of buildings, lands, agricultural items, and or business valuations. People may also require the services other appraisers who specialize in Real Property (i.e. buildings and lands), Agricultural (i.e. vineyards and orchards), and or Business Valuation (i.e. the business value) appraiser valuations.
One of three standard “Approaches of Value” will be utilized by the personal property appraiser in all written reports. The Approaches to Value are: (1) Sales Comparison Approach; (2) Cost Approach; or (3) Income Approach. The “Sales Comparison Approach” is used in the vast majority of personal property concluded value reports as performed by spirits & wine appraisers.
The personal property appraiser must also select a “Type of Value” to be specified in the written appraisal report. The most commonly used Types of Values used by an appraiser in each appraisal report may include Fair Market Value, Market Value, Replacement Value, and Liquidation Value. “Fair Market Value” is utilized most often by the appraiser in the written report.
Once our client explains their appraisal needs to us, the assigned spirits & wine appraiser, winery, distillery or brewery appraiser will determine the type of written report format required. Our professionally qualified spirits & wine appraisers then chooses the correct Approach to Value and also the appropriate Type of Value for the specified spirits & wine appraiser report.
Our firm provides only Personal Property Appraisal services. Occasionally we do perform “Residential Contents” appraisals (also personal property appraisal) for our clients who are involved in divorce cases. We do not provide Real Property (i.e. building or land), Business Value, and or Agricultural (i.e. vineyards and or orchards). Watch our appraisal education video to learn more about Personal Property Appraisals (i.e spirits & wine appraisers).
