For most collection owners and their advisors, hiring an appraiser starts with a referral and ends with a single quote. It works, until it doesn’t. When the valuation is challenged in court, rejected by an insurer, or questioned by a co-beneficiary, the lack of process becomes the problem.

A structured Request for Proposal changes the dynamic entirely.

Why an RFP matters

An appraisal is an opinion of value. Like any professional opinion, it benefits from competitive rigor. An RFP forces you to define scope upfront, compare methodologies, and create a paper trail that demonstrates due diligence.

This matters most in three scenarios:

  • Litigation support. Courts expect defensible process. A single-source appraisal invited without documentation is easier to challenge.
  • Insurance renewals. Underwriters increasingly request evidence that valuations were competitively sourced, especially for collections above $5M.
  • Estate and trust work. Fiduciaries have a duty of care. An RFP demonstrates that duty was exercised.

What belongs in the RFP

A good appraisal RFP is short, typically two to three pages, but specific:

Scope definition. What is being appraised, where is it located, and what is the purpose of the appraisal (insurance, estate, equitable distribution, donation)?

Methodology requirements. Do you need USPAP-compliant fair market value? Replacement value? Both? Specify the standard so you can compare apples to apples.

Deliverable format. Will the report be used in litigation? Submitted to the IRS? Shared with multiple stakeholders? Each use case has formatting implications.

Timeline and access. When does the appraiser need physical access? Are there security protocols or scheduling constraints?

Fee structure. Request a flat fee or a not-to-exceed estimate. Hourly billing without a cap is a red flag for complex engagements.

The three-bid minimum

We recommend soliciting a minimum of three competitive bids for any appraisal engagement. Three bids give you enough data to identify outliers, both in price and methodology, without creating an unmanageable selection process.

When reviewing bids, look beyond the number:

  • Credentials. Is the appraiser accredited by ASA, AAA, or ISA? Do their specializations match your collection?
  • Methodology narrative. How do they describe their approach? Vague descriptions suggest a template-driven process.
  • Conflict check. Has the appraiser previously worked for a counterparty in the same matter?

When to skip the RFP

Not every engagement needs a formal RFP. A single high-value painting that needs a quick insurance update can go directly to a known specialist. But for any engagement involving multiple assets, multiple locations, or a fiduciary context, the RFP is not overhead. It is protection.

How Concierge handles this

Title Concierge manages the entire RFP process: drafting the scope document, sourcing qualified appraisers from our network, collecting and comparing bids, and presenting a recommendation. You approve before any work begins.

The result is a defensible process with less effort than a single phone call to a referral.