If you are thinking about becoming an appraiser, you’ve come to the right place. Call us biased, but we believe that there isn’t a job as exciting and as rewarding as personal property appraising. But what is it exactly that makes the career of an appraiser so fascinating? In this blog post, we’ll go through all the benefits and particularities of the job. And if you stick with us till the end, you’ll find out all about how to start and develop your appraiser career in a few easy steps.
- Perks of the Job
Let’ start by naming some of the many perks that accompany the career of an appraiser.
- Flexible Schedule
Independent personal property appraisers have a very flexible schedule and can arrange meetings with clients whenever they want. Since being an independent appraiser is often a one-person job, starting your own appraiser business won’t require a lot of money. With many appraisals taking place in the client’s home or online, you don’t even need an office for the job. Some education, a computer, smartphone, and a sharp suit are all you need to start your own appraisal business.
- Meet interesting People and Objects
Many objects come with a story. It can be a story about a family member, an important historical event, or about the thrill of finding an unexpected treasure at a garage sale. Emotional, mesmerizing, and bizarre, tales about appraised objects, and the people who deliver them, often represent the most exciting part of the job. Not to mention that appraising allows you to inspect antiques and art masterpieces of outstanding beauty, multimillion-dollar value, and immeasurable cultural importance. You can get up close with items other people can only see in books or through glass in a museum.
- Strong Hourly Rate
Appraising business is now more lucrative than ever. Millennials are more likely to hire an appraiser to evaluate their items and property they inherited than any generation before them. Also, insuring valuables or changing insurance (due to the competitive rates) also demands appraisal services every time an insurance company is changed. Additionally, since a whole generation of appraisers is soon to retire, the demand for appraisers is expected to grow. Those who establish themselves now will be poised to capitalize on this generational shift.
- Education Requirements
Most appraisers have a bachelor’s degree, in either art history or fine arts, or a related field. Art studies will equip you with the necessary knowledge needed to successfully and professionally appraise art pieces of any style, or period in art history. Degrees in economics and business are another option, as they will help develop an understanding of how prices are formed on the market. Business studies will also teach you all you need to know about IRS guidelines for appraising art, sales and inheritance taxes, and tax refunds on donated art. A degree (or additional courses) in marketing can also be helpful. Though important, an academic degree is not a necessary requirement. An appraiser can get all the knowledge he or she needs through informal training and experience. Keep in mind, however, that art appraisers with art history degrees, masters and PhDs, will have an advantage in the job market.
- Paths into the Industry and Building Relevant Experience
Having a degree without experience doesn’t mean much, which is why we advise you to get an internship in a relevant institution while still in college, or immediately upon graduation.
- Work for an Experienced Appraiser
Working alongside a certified art appraiser will provide you with the necessary knowledge and skills for the job. An experienced appraiser can show you all elements of the job, from donation and tax appraisals to estate appraisals and sales. However, getting an internship at an appraiser’s office can be difficult, since many of them work as independent consultants or employ a very small staff.
- Intern at a Museum
Another way to get some much-needed experience is by working in a museum. There, you’ll be surrounded by some of the world’s most renowned curators, who can teach you a lot about the value of different art pieces. However, since museums rarely offer art appraising services, and are swamped with internship requests, you are going to need a lot of luck to find a place at such reputable institutions.
- Get an Internship in an Auction House
Auction houses, on the other hand, are more willing to take on interns. Many auction houses offer free estimates of value to people looking to auction off their art pieces. They even organize free appraisal days, when anybody can take their items to an auction house and get them appraised. Since all these appraisals are made free of charge, they are usually conducted by young, inexperienced art appraisers, which gives college students and recent graduates an opportunity to kickstart their careers.
- Antique Dealers and Antique Shops
Similar to auction houses, antique dealers and antique shops offer free appraisals to people who want to sell antiques. Working in an antique shop will give you the opportunity to appraise many interesting items, and gain broad experience. As long as you are willing to cover every aspect of the job (e.g. administrative tasks, customer service), getting a job in an antique shop or with a dealer should be relatively easy.
- Get a Job at an Art Gallery
If you want to specialize in appraising high art, you should definitely consider getting a job in an art gallery. Keep in mind, however, that not all galleries are the same. Galleries that represent up-and-coming artists are doing an important job, but if you want to improve your art appraising skills, you should really focus on those art galleries that sell works by (mostly deceased) artists with a proven auction track record. Exploring previous auction and sales records is a crucial part of an appraisal process, as the value of art is determined in comparison with similar pieces previously sold on the market.
- Work at a Store that Sells Estate Jewelry
If, on the other hand, you want to specialize in appraising jewelry, try to get a job at a jewelry store that specializes in selling estate jewelry. Here you’ll get a chance to investigate jewelry of all types and all periods. By working with people who specialize in jewelry alone, you will be able to get more narrow expertise than from antique shops and auction houses, which typically cover a broad range of items.
- Work for an Estate Sale Company
Companies in charge of estate sales need to determine the fair market value of art, antiques, jewelry, and all other objects before they organize a sale. Many estate sale companies have inhouse personal property appraisers who evaluate the estate items, for sale, tax, and equitable distribution purposes. Since estates sales feature everything from antique vases to diamond tiaras, an inexperienced appraiser can get a very vast range of knowledge. Also, since the estate sale business is on the rise, this might be a great long term career option for an art appraiser newbie.
- Insurance Claims Adjuster
Finally, you can try to gain some experience by getting a job as an insurance claims adjuster. When art, jewelry, and other objects are damaged or stolen, the insurance company typically assigns the claim to an insurance claims adjuster specialized in those items. Insurance claim adjusters are fine art, jewelry, or antique experts, whose job is to investigate the insurance claim and inspect damaged items, to access the extent of a loss.
- Join one of the Big Three Appraisal Organizations
In order to get yourself a certification, it’s advisable to join one of three renowned appraisal organizations – The International Society of Appraisers (ISA), The Appraiser Association of America (AAA), and the American Society of Appraisers (ASA). These organizations will provide you with plenty of educational, networking, and job opportunities. All three organizations offer classes and training for their members such as a proposal writing class, antique jewelry appraiser course, and photography courses (for proper picture-taking of appraised items).
Only after passing rigorous tests, (which consists of submitting appraiser reports for peer reviews and passing ethics exams, academic course exams, and the USPAP exams), do these organizations certify and re-certify their members. Belonging to a professional organization is important as the IRS regulations and other government agencies demand that appraisers list their qualifications, as well as membership in relevant organizations, in their appraiser reports.
- Get USPAP Certification
You will often hear that insurance companies, government agencies, and the IRS are looking for USPAP-compliant appraisal reports. But what is USPAP? The Uniform Standards of Professional Appraisal Practice (USPAP) contains professional and ethical standards, for all types of appraisals. USPAP standards are there to ensure that the appraiser in question, delivers unbiased and thoughtful opinions of value.
In order to get a USPAP certification, an appraiser has to take a 15 hour long National USPAP Course or its equivalent. Once you have taken the course and passed the test, you may get listed by the appraisal organizations as a USPAP-certified appraiser. Since the USPAP standards are regularly updated, every two years an appraiser has to take the 7-Hour National USPAP Update Course (or equivalent) focused on the USPAP modifications. USPAP-certified appraisers can write USPAP-compliant reports required for all federal transactions, by the IRS, insurance companies, and by many other federal, state, and local agencies, and professional organizations.
- Market Yourself and your New Business
Regardless of how experienced and how knowledgeable you are, you won’t get very far without good marketing. In the beginning, you’ll have to invest a lot of time into making yourself known.
- Work to Become an Authority in the Field
You’ll have better chances of attracting clients if you are perceived by the public as an authority on a certain topic. To achieve the authority status, get yourself out there by frequently commenting on various relevant developments in your field of expertise. For starters, get on social media and regularly share tips and thoughts on certain objects, to let everyone know how knowledgeable you are. Pitch yourself to other relevant media, such as podcasts and blogs, and try to get the status of a contributor. Of course, getting some space in relevant media outlets and journals is not an easy task, but if you provide valuable insight and create a bond with the audience, editors will be more than happy to give you a chance to showcase your competence.
- Reach out to Estate Lawyers and Attorneys
There are several reasons why estate lawyers and attorneys need an evaluation from an independent appraiser. If the value of estate passes a certain threshold, the heirs have to pay estate tax on inherited assets. In that case, a USPAP-compliant estate appraisal will be required by the IRS. Also, proper evaluation and cataloging of the estate valuables will enable the equitable division of personal property, between family members. Last but not least, after inheritors select the items they want to keep, appraisers can organize the sale of the remaining estate items through a consignment. All these are just some of the reasons why joining forces with estate lawyers and attorneys could potentially bring a lot of work your way.
- Join your local Rotary and Chamber of Commerce
Joining the local Rotary and Chamber of Commerce can also help you grow your clientele, and build relationships. Rotary clubs gather leaders and successful people from all business branches and all walks of life. Here you can learn a lot about developing a business and introduce yourself to some of the local business people who might become your clients later on. You do have to think whether you have the time for a Rotary club, however, since members have to attend at least half of the meetings held in six months.
The Chamber of Commerce is a network that helps protect and promote all types of local businesses. They organize workshops, networking events, and other activities that can connect local business owners. Not only will membership in the local chamber of commerce link you to other business people and potential clients, but it will also improve your reputation, as surveys have shown that consumers think more favorably of a business that belongs to the local Chamber of Commerce.
- Introduce yourself to Local Museums and Museum Groups
Museums often need independent art consultants to assess the value of objects they receive as donations. Also, sometimes museums are looking to sell less valuable items from their collections, which requires independent appraisals of their value. Introducing yourself to the local museums and offering your services can help you become a “go-to appraiser” for some of these jobs.
Another way to introduce yourself to museum staff is by joining a local museum group. Local museum groups gather museum professionals and enthusiasts, with the aim of organizing various training, developing museum programs, and promoting the museum collection. Joining a local museum group gives you an opportunity to expand your knowledge of certain items through classes held by trusted volunteers or museum professionals, and to build relationships with curators and participants in the group.
- Apply to be on the ANTIQUES ROADSHOW (IF you have enough experience)
Once you have gathered some experience, you can apply to be an appraiser on the ANTIQUES ROADSHOW, a famous PBS television show, where a group of traveling appraisers evaluates valuables in front of TV cameras. The show hires appraisers of all specialties from Old Masters paintings, to pop culture. ANTIQUES ROADSHOW appraisers are not paid for their services but participate in the show to grow their audience. Due to its grand popularity, the show can give you instant, national exposure and help you attract clients from all parts of the U.S.