Appraise this: The art of evaluating personal property

Most of us will never become an "American Idol," marry "Joe Millionaire" or be the last "Survivor" on the island, but there is one reality show whose riches are within our grasp: "Antiques Roadshow."

After all, you don't need a terrific singing voice, great looks or an iron constitution to strike Roadshow gold. A spare Andrew Wyeth painting that mama unwittingly bought at a flea market will do nicely.

Could there be cash stashed in your attic? Only a trained appraiser knows for sure.

But don't rush to the Yellow Pages just yet. Wise hiring depends on a little knowledge of the obscure world of personal property appraising. The correct choice could determine if that cobweb-covered heirloom will send the kids to college or dinner at Denny's.

Inside the appraiser's world
Sara Conklin, owner of Antique Appraisals in Cromberg, Calif., specializes in nautical items, including figureheads, bowsprits, scrimshaw, ships models and wreck salvage, as well as "weird stuff" such as dinosaurs and horse-drawn hearses.

Conklin appreciates the increased business from the popular PBS trash-to-treasure series, but admits it has left its viewers with a misconception about appraisers.

"They think that we walk in the room, slap the top of our head and scream out, '$500!'" she chuckles. "They don't realize that we have to do the current market research first."

Edward Okil, a fine art appraiser in Palm Springs, Calif., and executive director of the National Institute of Appraisers, heartily agrees.

"Everybody makes the mistake that (a) it's free and (b) you have all these figures and facts on the top of your head. If you go to the Roadshow, they have 20 people running to their research books to make it look very extemporaneous."

In reality, only a fraction of an appraiser's business comes from idly curious Roadshow followers. Appraisers are most often hired to determine current market value of items:

• in an estate, for tax and inheritance purposes;
• for division in a divorce;
• for insurance purposes (insuring the piece, filing a claim or contesting a claim); or
• to meet Internal Revenue Service appraisal requirements of some charitable donations.

The art and science of appraising
The appraiser's job is a mix of art and science. The best appraisers have one foot in the history of the items they appraise, while the other is planted firmly in the current market for those items. Market research data comes most often from international auction houses, online databases, catalogs and personal networks of galleries, museums and private collectors.

Because the vast majority of appraisers are not licensed (the exception is real estate appraisers), there is a good deal of disparity between their skills, experience and even intent.

Many appraisers also are dealers in their specialties (typical signage: "Auctions, sales, appraisals"), a marketplace reality and a hotly debated ethical issue.

"One of the things that is not considered acceptable is getting an appraisal from someone who is involved in the buying or selling," Okil says. "That is considered a conflict of interest."

Maybe so, but the three main certifying organizations -- the American Society of Appraisers, the Appraisers Association of America and the International Society of Appraisers -- all allow dealers to be appraisers. Only Okil's National Institute of Appraisers prohibits its members from trading in items they appraise.