This is the actual document in which the opinion of value is stated. Appraisal reports can be written, which is always preferable, or oral. Both, according to USPAP, are subject to specific development and reporting requirements.
The Appraisal Foundation
An independent organization established in 1987 by the US government with members from various appraisal organizations. The Foundation now receives federal funds and is empowered by Congress to establish standards for all aspects of the appraisal profession.
The procedures and rules for executing properly prepared appraisal reports.
Art Advisory Panel
The IRS Art Advisory Panel is comprised of IRS staff appraisers, art dealers and museum directors. Generally objects above 20,000 USD in value are reviewed by panel.
Uniform Standards of Professional Appraisal Practice (USPAP)
The Uniform Standards of Professional Appraisal Practice are the standards and ethics Qualified Appraisers must abide by and are considered quality control standards.
This is the dollar amount dependent upon the type of appraisal report being written: insurance, IRS, equitable distribution for divorce proceedings or liquidation. The appraiser must state which value is being used and give a clear, concise definition of that value and cite the source for the definition.
Credits: Uniform Standards of Professional Appraisal Practice and Advisory Opinions Washington, D.C., 2020-2021 Edition
Appraisers Association of America. Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts. New York, Appraisers Association of America, Inc., 2013.