Pamela Hiller is an accredited member of the International Society of Appraisers. In addition to being a specialist in oriental rugs, she was required to pass rigorous tests in appraisal theory, appraisal research, ethics, and report writing. The ISA is a recognized professional organization in the field of personal property appraisals.
Accurately determining the value of an oriental rug requires in-depth knowledge of carpets as well as an education in the skills involved in valuation.
The image many people have of an appraiser is that of an expert on a television show informing someone that the painting from their grandmother’s attic is worth thousands of dollars. These verbal approximations of value provide useful information, but are far removed from an official written appraisal report.
A written appraisal by a qualified appraiser consists of researched, documented facts supporting the value conclusion. This research includes taking into account comparable sales, market trends, and forces influencing the market. Also considered are the reasons for the appraisal request. For example, the need to sell a carpet quickly compared with an orderly sale over a longer time period would result in a different valuation. A qualified appraiser understands the context in which the appraisal occurs and researches the appropriate market for each case.
There are many situations that could require written appraisals including:
- • IRS tax obligations: For probate and estate tax, or charitable contributions over $5,000, written appraisals are mandatory.
- • Insurance: To provide coverage or to assist in settlement of a claim.
- • Equitable Distribution: Used in cases of divorce or distributions of estates.
In addition to providing written appraisals, Pamela provides qualitative assistance related to oriental rug selection and purchase.