Cost Approach Document Scope of Work 
International Society of Appraisers
MARCH 14, 2025
When determining fair market value, we use the sales comparison approach to analyze comparable sales data (i.e., On the other hand, when determining replacement value, we use the cost approach to analyze comparable cost data (i.e., Replacement value also takes into consideration relevant costs associated with replacement.
Fine Art Estates
JANUARY 7, 2022
An insurance appraisal seeks to provide an estimated cost of what a collector would require to make the collector whole again if their art is ever damaged or stolen. In my organization (ISA), in order to become certified, one has to document 200 hours of appraisal-related experience in the last five years after becoming an accredited member.
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