What are the most common types of appraisals?
What kind of appraisal are you seeking? Do you know the difference? Are you aware that most appraisals do not state resale value? You must ask for a resale appraisal if you want to know the resale value of your quilt. Among the many purposes requiring appraisals for quilts and other objects are insurance, charitable donation for which a tax deduction can be claimed, estate tax, gift tax, equitable distribution in divorce, or liquidation. Each of these purposes may require a different type of value such as replacement value, fair market value, marketable cash value, or liquidation value. Legal requirements vary about what each type of appraisal should contain. Every object in the world has a large array of different values for different purposes. The three most common types of appraisals for personal property and household contents are: 1. Insurance/Replacement Value: According to Terry King, Chairman of the International Personal Property Committee of the American Society of Appraisers
