Personal property appraisals requires the appraiser to meet certain federal and state requirements, but 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 area of personal property appraisal.
Spirits and wine appraisal is in fact Personal Property Appraisal. Property Appraisers 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)
The three standard Approaches of Value the appraiser may use in either one of the two appraisals mentioned above 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.
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 used in the vast majority of appraisal reports.
Once our client explains their appraisal needs to us, the assigned liquor appraiser, spirits appraiser, and or wine appraiser will determine the type of appraisal report format required. Our professionally qualified appraiser then chooses the correct Approach to Value and also the appropriate Type of Value for the specified appraisal report.
Our firm provides only Personal Property Appraisal services. 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).