Personal property appraisals requires the appraiser to meet certain federal and state requirements. Currently no state licensing is required. Competent and professional appraisers will have earned an appraiser designation from a recognized appraisal association. Additionally, all ethical appraisers will have a current Uniform Standards of Professional Appraisal Practice (USPAP) accreditation which further demonstrates professional appraiser competency in the appraisal profession. 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 Appraisal. 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 Appraisal (i.e. buildings and lands), Agricultural Appraisal (i.e. vineyards and orchards), and or Business Valuation Appraisal (i.e. the business value)
One of three standard “Approaches of Value” will be utilized by the appraiser when performing your appraisal. 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 appraisal reports as performed by spirits & wine appraisers.
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 appraisal 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 appraisal 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 appraisal report.
Our firm provides only Personal Property Appraisal services. Occasionally we do perform “Residential Contents” appraisals for our clients who are involved in divorce cases. We do not provide Real Property Appraisals (i.e. building or land), Business Value Appraisals, and or Agricultural Appraisals (i.e. vineyards and or orchards). Watch our appraisal education video to learn more about Personal Property Appraisals (i.e spirits & wine appraisals).