When you need to know what a valuable asset such as an artwork or antique, stamp or coin, sporting memorabilia or trading card, classic vehicle or piece of machinery is worth, you might begin by asking a dealer, consultant or searching online. These sources can provide useful information, but a professional valuation report provides something more, this being an independent, researched and accountable opinion prepared for a defined purpose.

A professional valuation report is a formal document prepared and signed by an AVAA Certified Valuer (CVAu), certified by the Auctioneers and Valuers Association of Australia (AVAA). It is more than a price estimate as the certified valuer identifies the asset, considers relevant evidence, selects an appropriate methodology and explains the basis on which the valuation conclusion was reached.

Professionals with the respected CVAu credential must comply with the AVAA Professional Standards. These establish requirements for competence, ethics, independence, transparency, report preparation and professional accountability. The AVAA Professional Standard 6 – Minimum Valuation Report Requirements sets the minimum information that must appear in a professional valuation report, helping ensure the conclusion can be understood and relied upon.

Australian Valuation Standard —

The national AVAA Professional Standard 6 sets the minimum requirements for professional valuation reports prepared by certified valuers. It requires clear identification of the client, asset, purpose, intended user, valuation dates, basis of value and conclusion. Reports must also disclose assumptions, interests, inspection details, professional assistance and material use of artificial intelligence. These requirements ensure readers can understand how the valuation was prepared, what evidence supports it, and the circumstances in which it may be relied upon.

The report must identify the client, asset, purpose of the valuation, intended user and effective valuation date. It must state whether the asset was personally inspected and disclose relevant assumptions, limitations, interests and professional assistance. It must also present the valuation conclusion clearly and identify the evidence and professional judgement supporting it.

This structure matters because value is rarely a single, universal figure. The appropriate basis of value depends upon why the valuation is required.  As noted in AVAA Professional Standard 17 – Valuation Definitions and Methodology, market value considers the amount an asset could reasonably be expected to achieve in a transaction between properly informed and willing parties under normal market conditions. Insurance replacement value considers the cost of replacing an asset with one providing substantially equivalent quality, function and utility. It may include expenses such as transport, installation or restoration.  The two figures can differ considerably. Using market value for an insurance schedule could leave an asset inadequately insured, while treating insurance replacement value as an expected selling price could create unrealistic expectations. A professional with the respected CVAu credential selects the basis of value appropriate to the purpose and clearly defines it within the report.

An experienced art dealer, antique specialist, bookseller, coin expert, machinery dealer or motor vehicle professional may possess considerable knowledge and provide a well-informed opinion. That advice can be important when considering a purchase or sale, but it doesn’t make them a valuer. A professional valuation is prepared to a higher and more clearly defined standard. The certified valuer must act independently, consider appropriate evidence, disclose any interest in the asset and accept professional responsibility for the conclusion.

The Expertise Of Certified Valuers —

An AVAA Certified Valuer (CVAu) is an experienced valuation professional whose competence and conduct have been independently recognised by AVAA. A professional with the respected CVAu credential must meet professional requirements, follow the AVAA Professional Standards, maintain continuing professional development and maintain professional indemnity insurance at all times. The credential gives consumers confidence that the valuer is accountable to a recognised national professional body and committed to competent, ethical and transparent valuation practice.

Consumers should also exercise caution when using generic artificial intelligence tools to determine value. AI may produce convincing answers based on incomplete, outdated or inaccurate information. It cannot reliably inspect condition, establish authenticity, assess provenance or determine whether an online asking price represents an actual market transaction, something covered in AVAA Professional Standard 8 – Artificial Intelligence In Valuation Reports.

Under the AVAA Professional Standards, any material use of AI must be disclosed. The certified valuer remains responsible for checking the information, protecting client confidentiality and ensuring the final conclusion is professionally supportable.

Consumers should check whether the valuation is provided by somebody with professional indemnity insurance as this provides another important layer of consumer protection. It supports accountability if a client suffers loss because of professional negligence, error or omission.

When a valuation will influence insurance, taxation, a deceased estate, family law proceedings or a significant financial decision, a report prepared by a certified valuer provides a properly defined, evidence-based and professionally accountable conclusion of value.  That’s the difference between an opinion provided by a dealer or a consultant and the professional report prepared by a certified valuer.
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So, looking to engage an auctioneer?

It’s best to protect yourself by using an AVAA Certified Valuer (CVAu).  AVAA members will be able to provide you with written terms of engagement, a clear explanation of deposit handling and professional indemnity insurance. In a polite but practical sense, choosing an auctioneer who cannot demonstrate these safeguards may increase risk.