An antique appraisal is a professional assessment of an object's identity, authenticity, condition and value, usually carried out by a specialist dealer, auction house expert or independent valuer. In British usage the word valuation is more common, but appraisal is widely understood and is the standard term in the United States.
An appraisal begins with identifying what the object is, when and where it was made, and by whom, drawing on construction, materials, style, marks and any documentation. The appraiser then considers condition, originality, alterations and restoration, and compares the piece with recent sales of similar items. The purpose of the appraisal matters, as values differ according to whether they are needed for insurance, probate, sale at auction, division of an estate or charitable donation. Insurance values generally reflect the cost of replacing an item from a retail source, whereas probate and auction values reflect what it might realistically achieve on the open market. A reputable appraiser should explain the basis of the valuation in writing and declare any interest in buying the item. Because markets change, appraisals for insurance purposes should be reviewed every few years, especially for collections containing silver, jewellery or works by recognised makers.
