How does an estate appraisal work?

An estate appraisal establishes the fair market value of a decedent's personal property as of the date of death, giving the executor a documented basis for probate, estate tax filing, and distribution among heirs.

The process follows a consistent sequence:

• Scope definition: the appraiser confirms what's being valued (art, jewelry, furniture, collectibles, household contents), the effective valuation date, and the intended use of the report.
• Inventory review: photos, prior appraisals, receipts, and any provenance documents are gathered, often with input from the executor, attorney, or CPA handling the estate.
• Inspection: items are examined either through detailed photographs and descriptions or, for larger and more complex estates, an on-site visit. Condition, maker's marks, materials, and identifying features are all recorded.
• Market research: the appraiser compares each item against relevant auction results, dealer sales, and other market evidence to support a defensible fair market value.
• Report preparation: the final document includes item-by-item descriptions, photographs, methodology, and concluded values, prepared in accordance with USPAP.

Most estates benefit from item-level valuations rather than a single lump-sum figure, since art, jewelry, and collectibles depend heavily on condition, rarity, and provenance rather than a flat percentage of the estate. A well-documented report can typically support several needs at once: Surrogate's Court filings, IRS Form 706 estate tax reporting, and equitable distribution among heirs, so the family isn't paying for multiple appraisals down the line. In estate matters, the appraisal fee is typically paid by the executor and reimbursed from estate funds before assets are distributed to heirs.

If you're beginning this process for a New York estate, NYC Personal Property Appraisers can walk through what's in the estate and confirm timing based on the size and complexity of the collection before work begins.