Insurance coverage of particular artwork is based on "agreed values, " which generally are determined by appraisers.
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It says that outside appraisers advised it to do this and declines further comment.
Fine-art insurers such as AIG, Chubb and Fireman's Fund keep a list of appraisers they have vetted.
WSJ: Hurricane Sandy May Lead More Art Collectors to Seek Additional Insurance Coverage
"Know what's coming, " says Sellers, who suggests homeowners and their realtors help appraisers identify potential comparable sales.
The appraisers and auctioneers will stay, but the business will all now be done globally on DoveBid.com.
But there are not enough good appraisers around to set realistic prices and get the market moving.
The company employs about 250 auction specialists, curators and appraisers to guarantee authenticity of items up for bid.
Appraisers say unique and luxurious properties can be extremely difficult to value accurately.
Individuals would hire crooked appraisers to under-appraise a home, obtain a mortgage, then sell it at a much-higher price.
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Cheaper but less experienced appraisers are more prevalent, as are methods of valuation that don't require appraisers at all.
"Theoretically, there may be brokers out there who could give you a better number than some appraisers, " says Sellers.
"I wanted to write the catalog, " insists Guthman, who is also one of the appraisers on PBS' Antiques Roadshow.
Lagow's job was to hire and train new staff appraisers in multiple states.
Why don't banks offer mortgages that automatically refinance, without forcing you to pay ransom money to title insurers and appraisers?
That in turn will not only increase appraisals but produce momentum that will lead to less undershooting by nervous appraisers.
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And everybody from mortgage brokers and appraisers to investment bankers bundling toxic debt were perfectly entitled to their systematic avarice.
Expect tougher penalties for bad appraisals and bad appraisers, and accreditation standards for those charities authorized to accept and hold easements.
Mr. BITNER: There was a tremendous amount of influence that was coming down on the appraisers to hit over inflated values.
Appraisers are supposed to offer independent analyses of home values to help a bank determine whether it makes sense to lend.
She puts appraisers together with ordinary folks who bring their "Picassos" and Tiffany teapots to the show to be auctioned off live.
The builder would only work with select appraisers, who were inflating home values to make sure sales went through, according to his suit.
But appraisers worry that that kind of diligence will be sacrificed as lenders, banks and other companies that hire appraisers run short on resources.
So Rheingold says many brokers pressured home appraisers to inflate home values in order to get more loans approved and make more in commissions.
Prospective policyholders aren't required to use appraisers on the company lists, but the insurance carrier will determine if it accepts the work of someone else.
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LandSafe executives routinely pressed staff appraisers and independent appraisers to boost home values to ensure sales went through, according to a suit he filed in 2009.
Cowden, an unlicensed appraiser, would prepare rogue appraisals for licensed appraisers who were in cahoots with Berger, her husband Randy, and numerous other mortgage brokers across the country.
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Mortgages, for example, made it easy for consumers to shop for ever-cheaper deals, pressing appraisers who increasingly relied on Internet tools to evaluate properties and loan prospects, instantly.
Some appraisers may not adjust for the discrepancy, he says.
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