1. Inspection = careful, up-close, hands-on
2. Identification = what is it, when was it made
3. Valuation = depends on type of value & current market
4. Documentation = USPAP conformant report

What's NOT an Appraisal?

1. online "appraisals" = lack good inspection; hard to tell genuine from fake or reproduction
2. roadshow type "appraisal fairs" = lack time for research and USPAP report; what you get is officially called a "verbal opinion of value"

Type of Value:

• Replacement Value = used for insurance; you need to buy a replacement that closely matches the damaged/lost item
• Fair Market Value = used for estates; what a reasonable buyer would pay to a reasonable seller under no pressure to sell quickly
• Forced Liquidation Value = used for quick cash; what a seller under pressure to sell as soon as possible is likely to get