Where can I value my art?

In the art world, valuations and appraisals are cornerstones of professionalism that safeguard accuracy, integrity, and ethical standards. Selecting a qualified art appraiser is essential to ensuring that your collection is appropriately valued for insurance, investing, and estate planning purposes. Within the art appraisal industry, The Appraisal Foundation is the only congressionally authorized organization to be the source of appraisal standards and appraiser qualifications. Partnering with The Appraisal Foundation, at the nucleus of this framework for promoting public trust, stand three eminent organizations: The International Society of Appraisers (ISA), The Appraisers Association of America (AAA), and The American Society of Appraisers (ASA). In this article, we delve into the significance of these organizations, their profound contributions to the field, and why they are indispensable pillars of the appraisal industry.

Upholding Ethical Standards

At the core of professional appraisal organizations lies a commitment to establishing and upholding ethical standards within the industry. Each organization boasts its own code of ethics, a set of principles that members must adhere to. These codes ensure integrity, honesty, and transparency in all facets of appraisal work. By unwaveringly adhering to these standards, art appraisers not only demonstrate their dedication to professionalism but also instill confidence in clients and stakeholders, fostering a sense of trust and reliability.

Promoting Education and Accreditation

Education serves as the bedrock of the appraisal profession, equipping appraisers with the requisite knowledge and skills to accurately assess the value of diverse assets. Professional organizations play a pivotal role in advocating ongoing education and professional development through an array of avenues such as seminars, workshops, conferences, and certification programs. By facilitating access to pertinent resources and nurturing a culture of continuous learning, these organizations elevate the expertise of their members, thereby augmenting the quality of appraisals conducted on a global scale.

Setting Industry Standards

Standardization serves as a cornerstone in the appraisal industry, ensuring uniformity and dependability in valuation practices. Professional organizations collaborate closely with industry experts to formulate and uphold comprehensive standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP), and guidelines for appraisals across various sectors. These standards encompass methodologies, terminologies, reporting requirements, and ethical considerations, providing a robust framework that bolsters the credibility and trustworthiness of appraisal reports.

Facilitating Networking and Collaboration

Networking emerges as a pivotal facet of professional growth and development, affording appraisers the opportunity to connect with peers, exchange insights, and explore avenues for collaboration. Professional organizations offer dedicated platforms for appraisers to network through conferences, forums, and online communities. These avenues foster a supportive environment where members can glean knowledge from one another, share best practices, and stay abreast of industry trends and advancements. The significance of networking becomes particularly pronounced in the appraisal domain, given the vast and diverse array of assets that appraisers encounter.

Advocating for the Profession

Professional appraisal organizations serve as staunch advocates for the appraisal profession, championing the interests of their members and raising awareness about the value they bring to society. These organizations engage with policymakers, regulators, and other stakeholders to underscore the expertise of appraisers and emphasize the importance of accurate valuations across various contexts including estate planning, insurance, taxation, and litigation. Through their advocacy efforts, these organizations elevate the stature of the profession, ensuring that appraisers are duly recognized and esteemed for their contributions.

Providing Resources and Support

In addition to educational initiatives and networking opportunities, professional organizations offer a gamut of resources and support services to their members. These may encompass access to research publications, online databases, valuation tools, and professional liability insurance. By furnishing appraisers with the requisite resources and support, these organizations empower them to deliver high-quality services and navigate the intricacies of the appraisal industry with adeptness.

A Brief History of The Appraisal Foundation

Established in 1987, The Appraisal Foundation emerged as the nation's foremost authority on the valuation profession. In response to the savings and loan crisis of the 1980s, nine leading professional appraisal organizations in the United States and Canada formed an Ad Hoc Committee on the Uniform Standards of Professional Appraisal Practice (USPAP). In 1989, the U.S. Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), authorizing The Appraisal Foundation as the source of appraisal standards and qualifications. The Foundation sets the Congressionally authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals.

A Brief History of ISA, AAA, and ASA

Founded in 1979, the International Society of Appraisers (ISA) emerged as the leading professional personal property appraisal association, representing the most highly trained and rigorously tested independent appraisers in the United States and Canada. ISA maintains a global presence of appraisers who specialize in fine art as well as antique furnishings and decorative arts. The Appraisers Association of America (AAA), established in 1949, stands as an exceptional association of personal property appraisers who focus on fine and decorative arts. The American Society of Appraisers (ASA), founded in 1952, is a multi-discipline, non-profit, international organization of professional appraisers representing all appraisal disciplines, including real property appraisers.

In conclusion, The International Society of Appraisers, The Appraisers Association of America, The American Society of Appraisers, and The Appraisal Foundation collectively serve as veritable bastions of professionalism, integrity, and expertise in the appraisal landscape. Through their steadfast commitment to upholding ethical standards, promoting education and accreditation, setting industry benchmarks, facilitating networking and collaboration, advocating for the profession, and providing robust resources and support, these organizations play an instrumental role in propelling the appraisal profession forward and engendering trust and confidence among clients and stakeholders worldwide. As indispensable stalwarts of the industry, they continue to shape the trajectory of appraisal practice and uphold the loftiest standards of excellence.