An appraisal review is an independent assessment of another appraiser's work. It evaluates whether the original appraisal is credible, compliant with applicable standards, and supported by adequate analysis and data. Appraisal reviews do not produce a new value opinion — they assess the quality and reliability of an existing one.

Review assignments arise when attorneys, fiduciaries, or other parties need to evaluate the adequacy of an appraisal before relying on it in legal, tax, or financial matters. A review may also be engaged when opposing parties in litigation have submitted conflicting appraisals and counsel needs an independent assessment of methodology and credibility. As fine art and collectibles are increasingly recognized as financial assets, appraisal review has become the industry's most valuable quality assurance tool — helping attorneys, accountants, auditors, underwriters, and family offices exercise due diligence and better manage risk.

We conduct appraisal reviews in accordance with USPAP Standards Rule 3, which governs the development and reporting of appraisal review opinions. Tobias Czudej and Susan McDonough co-authored the chapter on appraisal review in Appraising: The Definitive Guide, for which Susan also served as Managing Editor. Our review reports evaluate the completeness of the original appraisal, the appropriateness of the methodology employed, the adequacy of the data and analysis, and whether the conclusions are supported by the evidence presented.
Appraisal reviews are most frequently engaged in connection with estate administration, where executors or trustees need to assess whether a submitted appraisal is adequate for tax filing purposes before relying on it. They are also common in litigation, where one party's expert report is being challenged, and in institutional contexts where governance standards require independent verification of valuation opinions. We also work with auditors reviewing art fund quarterly valuations, where independent assessment of NAV calculations is required, and with collectors or their advisors seeking a second opinion on insurance scheduling appraisals.

Common issues identified in appraisal reviews include poorly defined or unclear scope of work, misidentification of the subject property, inappropriate or irrelevant sales comparables, failure to comply with USPAP standards, and improper methodology — including valuation conclusions that fall outside the bracket established by the comparable data presented.

We provide both written review reports and consulting services where attorneys need an informal assessment of an appraisal's strengths and vulnerabilities before proceeding with formal challenges. In either case, our analysis focuses on the methodology, data sufficiency, USPAP compliance, and logical consistency of the work under review..