Is a verbal appraisal good enough or do I need a written report?

A verbal opinion can be useful when you just want a rough idea of whether something is worth pursuing, such as deciding whether to consign a piece to auction or donate it. Many auctioneers and dealers will give a quick verbal estimate as a courtesy.

For anything formal, such as insurance scheduling, estate settlement, divorce, a tax deduction or a legal dispute, you will almost always need a written report. A proper report identifies the item, explains the purpose and value type, gives an effective date and describes how the conclusion was reached.

Keep in mind that a casual estimate is not the same as a professional appraisal, and it will not hold up if an insurer, court or tax agency questions the number. When in doubt, get it in writing.