Definition
An appraisal is a documented, written opinion of an item's monetary value, produced by a credentialed appraiser (ASA, ISA, AAA), typically for insurance, estate, donation, divorce, or IRS reporting. It is distinct from authentication (which verifies identity) and grading (which scores condition).
Why it matters
Appraisals are sometimes legally required (estate tax, charitable donation) and protect against insurance disputes after a loss.
Example
An estate executor commissions an ASA-credentialed appraiser to issue a written appraisal of a signed Babe Ruth ball for insurance scheduling.
Related terms
- AuthenticationA third party verifying that an item is what the seller claims it is.
- Certificate of AuthenticityA document asserting that an item is authentic — credibility depends entirely on the issuer.
- Letter of AuthenticityA long-form authentication document, typically from a recognized third-party authenticator.