Before anything in an auction room can be sold, someone has to say what it is worth — and sign the saying. That signature is the least visible and most load-bearing object in the entire art and assets economy. It sits under the catalogue estimate, the insurance schedule, the estate filing, the bank loan and the board's fairness opinion. This guide maps the signatories: the firms that appraise, the divisions that value, and the professional bodies whose initials after a name are the reason the number is believed.

The list covers 28 entries in four sections: art and collectibles; real estate; automotive, equipment and industrial assets; and the generalist, cross-asset practices. Four entries are not firms at all, and say so in their names and in every field — the Appraisers Association of America, the International Society of Appraisers, the American Society of Appraisers and RICS are professional bodies: they credential, educate and discipline appraisers, and appraise nothing themselves. Fifteen entries are divisions or practices of a parent, and are framed as divisions, never as independent firms. One entry, Hagerty, is a listed insurance and membership company included for its valuation tools — the collector-car market's reference prices — and framed honestly as that, not as an appraisal firm. Where a practice publishes no head, no volume and no address, the entry reads "not published." A gap printed plainly is worth more than a name invented confidently: that is, in miniature, the entire ethic of the profession this guide covers.

THE YEARS THE APPRAISERS CHANGED HANDS

Valuation is supposed to be the still centre of the market. Lately it has been one of its busiest trading floors. In 2025 Winston Art Group, the largest independent American art appraisal firm, merged with the data company Artory to form Winston Artory Group — the appraiser's eye, checked against fifty million auction records — and within months its president was describing a $15 billion year of valuations in a falling market, including a $1 million print revalued to $300,000 at an insurer's request. Pall Mall Art Advisors, which appraised some $12 billion a year, no longer exists as a standalone firm: London's Fine Art Group acquired it in 2021 and trades under its own name, a fact this guide states in the entry's title rather than discovering in a footnote. The lender-appointed platforms consolidated too: ORIX USA took a majority of Hilco Global in 2025; Oaktree took a majority of the old Great American appraisal business, now GA Group, which appointed co-presidents of its Advisory & Valuation business on 20 October 2026, two days before this guide closed; Coalesce Capital took a majority of Marshall & Stevens in December 2025 and a new chief executive followed in 2026; and Newmark simply bought its way across Europe, acquiring valuation firms in Paris and Germany in eight months. Even the divisions changed drivers: JLL appointed a new chief executive of Value & Risk Advisory in October 2025 with a mandate to rebuild valuation around AI, and CBRE placed its global valuations business under its Advisory chief operating officer from January 2026.

Underneath the trading sits the older architecture, and it is worth naming because every credentials column in this guide refers back to it. In the United States, appraisals run to USPAP, the Uniform Standards of Professional Appraisal Practice, and the designations of three bodies founded across a century — the Appraisers Association (1949) for art, the International Society of Appraisers (1979) for personal property, and the American Society of Appraisers (1936) for everything, machinery and jewellery included. Internationally the reference texts are the IVS of the International Valuation Standards Council and the RICS Red Book, the global standards of the Royal Institution of Chartered Surveyors, founded in 1868 and still writing the rules from Parliament Square. A valuation is trusted, in the end, because a named person with a revocable credential signed it under one of those regimes. The firms below compete; the regimes are what they compete inside.

HOW TO READ THE GUIDE

Three cautions, printed once and applied everywhere. First, form matters: a division of a listed brokerage, an independent partnership of appraisers and a professional body are three different animals, and each entry's category says which animal it is. Second, scale figures are published, dated and scoped — Pall Mall's $12 billion a year (2021, its own practice) and its parent's $20 billion (today, the whole group) both appear, precisely so they are not confused, and where no figure is published the entry says so. Third, the entry route is the reader's real question, so every entry answers it: whom an insurer, an executor, a lender or a collector actually calls, and how the engagement begins.

ART & COLLECTIBLES

1. WINSTON ART GROUP — NOW WINSTON ARTORY GROUP — NEW YORK, UNITED STATES

Founded 2010 (Winston Art Group); 2016 (Artory); merged as Winston Artory Group in 2025 · Art & Collectibles — Independent firm (merged 2025) · United States and worldwide

Ownership / parent: Independent merged company, Winston Artory Group (2025), backed by Strobe Ventures with CMT Digital, Galaxy Digital and the family office of Eijk van Otterloo among investors — verified October 2026

Leadership: Elizabeth von Habsburg, Co-Executive Chairman, and Nanne Dekking, Co-Executive Chairman (both titles in 2025 merger coverage and interviews); Peter Loukas, President of Winston Artory Group

What it does: Independent appraisals, art advisory and collection management, now layered with Artory's data platform of tens of millions of auction records and its digital registry: the appraiser's eye, checked against the database. Engagements are fee-based opinions of value — the firm does not sell the objects it values

Specialties: Fine art (Old Master to contemporary); decorative arts; jewellery; wine and collectibles; whole-collection and single-object appraisals; collection management and advisory

Credentials regime: Appraisals prepared to USPAP (Uniform Standards of Professional Appraisal Practice); von Habsburg is a certified member of the Appraisers Association of America and a qualified expert witness in fine and decorative art in New York, Florida, Pennsylvania and Texas courts (firm and offering materials)

Who appoints them: Insurers and their brokers, banks and art lenders (about $3.5bn of the firm's 2025 valuation volume was bank art-financing work, per its president), estates and executors, family offices, collectors and museums — as published in 2025 interviews

Scale: About $15bn of valuations expected in 2025, of which about $5bn for art and collectibles insurance (President Peter Loukas, Financial Advisor magazine interview, 2025); about 46,000 objects appraised in 2024, rising to more than 50,000 expected in 2025 (same interview); more than $100bn appraised since 2010 (fund materials)

Access: Engage through the firm's enquiry route with the collection or object, the purpose (insurance, estate, lending, donation, division) and the deadline; appraisals are scoped and fee-quoted per engagement

Website: winstonartory.com · Contact: Enquiry route via the Winston Artory Group site; New York headquarters office · Phone: Not published in sources checked, October 2026 — see contact route · Headquarters: Midtown, New York, NY, United States (headquarters, per 2025 interviews; street address not published in sources checked)

Founded in New York in 2010 by Elizabeth von Habsburg as an independent art appraisal and advisory firm — no dealing, no auction house, independence as the product. In 2025 Winston merged with Artory, the art-data and tokenisation company founded by Nanne Dekking, a former Sotheby's vice chairman, to form Winston Artory Group, backed by an investment led by Strobe Ventures. The merger is the story: the largest independent American art appraisal practice joined to a market-data platform, at the moment when falling prices made last decade's appraisals contestable — its 2025 revaluation of a $1m print to $300,000, at an insurer's request, was reported as a parable of the new market. Notes: Filed under its founding name with the current trading name stated, as the house style of this series requires. Pre-merger Winston Art Group office lists and the $100bn cumulative figure are printed with their vintage

2. GURR JOHNS — LONDON, UNITED KINGDOM

Founded 1914 · Art & Collectibles — Independent firm · United Kingdom, United States, Europe, Asia

Ownership / parent: Private independent firm, led by its Executive Chairman Harry Smith, who acquired it in the mid-1980s; no outside owner published — verified October 2026

Leadership: Harry Smith, Executive Chairman (London); Charlie Horne, President (New York); Rachel Atkinson Marrin, Managing Director (New York); Christopher Gaillard, Deputy Chairman (New York); Anika Guntrum, Managing Director, Europe (Paris) — all titles from the firm's current people pages, October 2026

What it does: Independent valuations, art advisory (buying and selling advice and brokerage), collection management and art finance advice, delivered by a college of specialists who do not run sales of their own — advice and valuation are the whole business

Specialties: Impressionist and Modern art; Old Masters; contemporary art; decorative arts; jewellery; whole estates and single works; valuations and fiduciary services; expert-witness work in art-market litigation

Credentials regime: Senior valuers are certified in USPAP (the Executive Chairman's certification is stated in his firm biography); valuations for United Kingdom purposes follow RICS-consistent practice as published by the firm

Who appoints them: Collectors, executors and trustees, insurers, museums and institutions (including the United Nations engagement), courts as expert witness, and family offices — as published in firm biographies

Scale: Not published — the firm publishes no annual valuation volume or appraiser headcount

Access: Contact the London, New York or Paris office through the firm's people pages — valuations are quoted by scope, purpose and timetable after an initial specialist conversation

Website: gurrjohns.com · Contact: ukadvisory@gurrjohns.com (London advisory); valuations@gurrjohns.com (Valuations & Fiduciary Services, Europe); named specialists publish direct emails on gurrjohns.com · Phone: Not published on the firm pages checked, October 2026 — see contact route · Headquarters: London, United Kingdom (headquarters city as published; street address not published on the pages checked)

Established in 1914 and described by the firm as the United Kingdom's oldest independent fine art consultancy and the largest specialist valuation company in Europe; acquired in the mid-1980s by Harry Smith, formerly of Christie's, who still leads it. It has valued for the United Nations (losses from the Iraqi invasion of Kuwait) and for the Sara Lee Millennium Gift. A century of independence: founded before the modern auction duopoly took shape, still owned by the man who bought it forty years ago, and appointed precisely because it neither sells nor lends against the art it values. Notes: The 'largest specialist valuation company in Europe' phrasing is the firm's own, carried in trade coverage of its Tyler & Co acquisition, and is printed as a firm claim

3. PALL MALL ART ADVISORS — NOW PART OF THE FINE ART GROUP — PHILADELPHIA (FIRM OF ORIGIN) / LONDON (PARENT), UNITED STATES / UNITED KINGDOM

Founded 2010 (Pall Mall Art Advisors); 2001 (The Fine Art Group, parent) · Art & Collectibles — Independent firm acquired 2021; now a division of The Fine Art Group · United States (firm of origin); worldwide (parent)

Ownership / parent: The Fine Art Group (acquired 2021; terms not disclosed). The parent, founded by Philip Hoffman in 2001, is private — verified October 2026

Leadership: At acquisition: Anita Heriot, President of Pall Mall Art Advisors, and Todd Ruppert, its Chairman, both joined The Fine Art Group's board (Artnet, 2021). Parent today: Philip Hoffman, Chief Executive Officer and Founder, and Chairman and Founder (both titles on fineartgroup.com). No separate current head of a 'Pall Mall' practice is published, because the brand was retired into the parent — named gap, stated plainly

What it does: Then and now, the model is independent appraisal plus advisory: valuations for insurance, taxation and probate, trusts and estates, family division and divorce, open-market sale and art-as-collateral purposes; collection management alongside. The parent adds art investment, art finance and sales agency — services Pall Mall alone did not offer, and the distinction is kept in this entry

Specialties: Fine art; furniture; jewellery and other valuables; antiques and collectibles across genres (firm materials)

Credentials regime: USPAP-compliant appraisal practice as published in firm materials; the parent's appraisal work is led by career valuers recruited from the auction and appraisal professions

Who appoints them: Major insurers and brokers, law firms, banks, accountants, wealth managers and institutions, and collectors directly (firm materials, restated at acquisition)

Scale: Pall Mall appraised on average about $12bn of art and collectibles annually at acquisition (Artnet, 2021). The parent states it values and advises on more than $20bn annually (fineartgroup.com, checked October 2026) — the two figures measure different scopes and dates and are not interchangeable

Access: A client seeking the Pall Mall practice today engages The Fine Art Group through its site, stating the purpose of the valuation; appraisal and advisory are quoted per engagement

Website: fineartgroup.com (parent; pallmallartadvisors.com was the firm's own site) · Contact: Enquiry route via fineartgroup.com; the appraisal capability sits inside the parent's advisory practice · Phone: Not published in sources checked, October 2026 — see contact route · Headquarters: London, United Kingdom (parent headquarters, off Berkeley Square in the founder's account); Philadelphia was Pall Mall's founding base

Co-founded in 2010 by valuation expert Anita Heriot, formerly of Freeman's in Philadelphia, Pall Mall built a United States appraisal and advisory practice outside New York — insurance, tax and probate, trusts and estates, family division and collateral valuations. In 2021 London's Fine Art Group acquired it; the combined business operates under The Fine Art Group name, and Pall Mall's 17 full-time staff joined it. The entry is filed under the name readers will know, with its current form stated. The guide's clearest case study in consolidation: a respected independent American appraisal name that no longer exists as a standalone firm — its people and its $12bn-a-year practice now trade inside a London advisory group. Notes: Context entry, as commissioned: Pall Mall must not be cited as a currently independent firm. Any source still listing it as standalone predates the 2021 acquisition

4. APPRAISERS ASSOCIATION OF AMERICA — NEW YORK, UNITED STATES

Founded 1949 (incorporated 1950) · Art & Collectibles — Professional body (not a firm) · United States

Ownership / parent: Non-profit member association (501(c)(6)); governed by a board of eighteen Certified Members and four past presidents (association's own structure statement)

Leadership: Linda Selvin, Executive Director (in post in 2026 programming and association materials). A current board president's name is not published on the association pages checked in October 2026 — named gap; the Executive Director is the association's named public head

What it does: Not a service firm: membership, credentialing (Certified and Accredited Member grades), USPAP education, the CASP training programme, conferences (the Of Value national conference and Art Law Day), publications including 'Appraising: The Definitive Guide to Valuing Fine Art, Decorative Arts & Collectibles', and a public find-an-appraiser route

Specialties: Personal property appraisal in fine art, decorative arts and collectibles — the association's remit; member specialties run from Old Masters to jewellery, wine and memorabilia

Credentials regime: The credentialing body itself for its field: members are required to be USPAP-compliant, admission and ethics are overseen by standing committees, and its Executive Director chairs The Appraisal Foundation Advisory Council (TAFAC)

Who appoints them: No one appoints it to value: insurers, courts, the IRS-facing estate process and collectors use its credential and its member directory as the trust signal when appointing individual appraisers

Scale: Membership count: not published as a single current figure on the pages checked, October 2026; a staff of four runs the association (association structure statement)

Access: Collectors engage its members, not the association: use the online member search by specialty and geography. Appraisers join by application, reviewed on a rolling basis

Website: appraisersassociation.org · Contact: appraisers@appraisersassociation.org (as published on the association site) and the site's member directory · Phone: +1 212 889 5404 (New York, as published) · Headquarters: 212 West 35th Street, 11th Floor South, New York, NY 10001, United States

Founded in 1949 and incorporated in New York State in 1950 as a non-profit 501(c)(6) trade association — the oldest premier professional association for personal-property appraisers of fine and decorative arts in the United States. It established its educational foundation, the Appraisal Institute of America, in 1983, and its Comprehensive Appraisal Studies Program (CASP) in 2016. It does not itself appraise: it credentials, educates and disciplines the appraisers who do. In a field with no licensing for fine-art appraisers in the United States, this association's credential is the safeguard the market built for itself in 1949 — the reason its name appears in the credentials column of half the art entries in this guide. Notes: Framed throughout as a professional body. It must never be described as an appraisal firm or quoted as offering valuations

5. INTERNATIONAL SOCIETY OF APPRAISERS (ISA) — SCHAUMBURG, ILLINOIS, UNITED STATES

Founded 1979 · Art & Collectibles / Personal Property — Professional body (not a firm) · United States and Canada

Ownership / parent: Not-for-profit member association, governed by its elected Board of Directors

Leadership: Len de Rohan, President of the Board of Directors (ISA publications, October 2025). A chief executive / executive director name is not published on the pages checked in October 2026 — named gap

What it does: Not a service firm: credentialing and designation review, the ISA Core Course in Appraisal Studies and specialty courses, USPAP update courses for personal property, an annual conference, and a public find-an-appraiser directory

Specialties: Personal property across the board: antiques, furnishings and decorative arts; fine arts; gems and jewellery; machinery and equipment; and general collectibles (association committee structure)

Credentials regime: The credentialing body: ISA designations require appraisal-methodology training, specialty education, examination and USPAP compliance, under its code of ethics and professional conduct

Who appoints them: No one appoints it to value: estates, insurers, attorneys and collectors use the ISA credential and directory when appointing individual appraisers

Scale: Membership count: not published as a single current figure on the pages checked, October 2026

Access: Engage its members through the online find-an-appraiser search by specialty and location; appraisers join and credential through its published course and review ladder

Website: isa-appraisers.org · Contact: Find-an-appraiser directory and course enquiries via isa-appraisers.org; courses@isa-appraisers.org for education (as published) · Phone: +1 312 981 6778 (as published in ISA manuals) · Headquarters: 1933 N. Meacham Road, Suite 450, Schaumburg, IL 60173, United States (ISA committee manual, 2024)

Formed in 1979 as a not-for-profit, member-driven association for personal property appraisers, in the years when the independent personal-property appraiser was becoming a profession in the United States. ISA built its ladder — Member, Accredited Member, and the CAPP (Certified Appraiser of Personal Property) designation at its top — around USPAP training, specialty education and a code of ethics. It does not itself appraise. The broad-church personal-property body: where the Appraisers Association is art-first, ISA credentials the appraiser of the whole house — the painting, the jewellery, the furniture and the machinery in the barn. Notes: Framed throughout as a professional body, never as a firm. Headquarters address and phone are printed from the association's 2024 committee manual and flagged with that vintage

REAL ESTATE VALUATION

6. CBRE VALUATION & ADVISORY SERVICES — DALLAS, TEXAS (PARENT), UNITED STATES

Founded 1906 (CBRE parent, San Francisco); valuation practice built within it · Real Estate — Division of CBRE Group, Inc. · Worldwide

Ownership / parent: Division of CBRE Group, Inc. (NYSE: CBRE), a public company — not an independent firm. Parent Chair and Chief Executive Officer: Bob Sulentic

Leadership: Adam Saphier, Global Chief Operating Officer, Advisory Services, responsible for the global Valuations business from 1 January 2026 (CBRE promotion release, December 2025), reporting to Vikram Kohli, Chief Executive Officer of Advisory Services; Sung Lee, MAI, CRE, FRICS, President, Americas, Institutional Valuation & Advisory Services (CBRE institutional VAS brochure, 2026). A single worldwide 'head of valuation' title is not published — the structure above is printed as the firm publishes it

What it does: Fee-for-service appraisal and valuation advisory delivered through local licensed appraisers on a global platform: single-asset and portfolio valuations, fund and institutional valuations with client dashboards, appraisal management, assessment and consulting, property tax and right-of-way services

Specialties: Office, industrial and logistics, retail, multifamily, hotels, healthcare, seniors housing, data centres, land and special-purpose assets; portfolio and fund valuations; litigation and eminent-domain support

Credentials regime: United States appraisals to USPAP by state-certified appraisers, many holding the Appraisal Institute's MAI designation; international valuations to IVS and, where applicable, the RICS Red Book; the practice operates a published Quality & Risk Management framework

Who appoints them: Banks and life-company lenders, pension funds and fund managers, REITs, corporations, government agencies and attorneys — the institutional client base published in its service materials

Scale: 1,000-plus local appraisal and market experts nationally in the United States institutional practice alone (CBRE Institutional VAS brochure, 2026); a global practice total: not published as a single figure

Access: Engage through a local CBRE office or the VAS service pages, by asset, portfolio or fund mandate; institutional clients contract through master service agreements with dashboard reporting

Website: cbre.com · Contact: Valuation & Advisory Services pages and local office contacts via cbre.com; institutional enquiries via cbre.com/institutionalvaluations · Phone: Not published as a single VAS line — local office numbers via cbre.com · Headquarters: McKinney Avenue, Dallas, TX, United States (CBRE corporate headquarters; VAS is delivered from local offices)

The valuation arm of the world's largest commercial real estate services firm by revenue. CBRE's Valuation & Advisory Services (VAS) grew from local appraisal shops into a single global practice with its own quality-and-risk-management framework, and from 1 January 2026 the global valuations business sits under the Advisory Services segment's global chief operating officer — a sign of how central valuation has become to the parent's model. Scale with a risk framework: the only valuation practice in this guide that had to build a dedicated Quality & Risk Management organisation — the subject of its own senior appointments in 2026 — because lenders and funds buy its consistency as much as its opinions. Notes: Division, not a firm: cite as 'CBRE Valuation & Advisory Services, a division of CBRE Group, Inc.'

7. JLL VALUE & RISK ADVISORY — CHICAGO, ILLINOIS (PARENT), UNITED STATES

Founded 1783 (parent roots, London, as Jones Lang Wootton); JLL formed 1999; Value & Risk Advisory in its present form from the 2010s · Real Estate — Division of Jones Lang LaSalle Incorporated (JLL) · Worldwide

Ownership / parent: Division of Jones Lang LaSalle Incorporated (NYSE: JLL), a public company — not an independent firm

Leadership: Alexandra Bryant, Chief Executive Officer of Value & Risk Advisory (appointed 22 October 2025, JLL news release), after two decades at JLL across EMEA, APAC and the Americas; Mark Wynne-Smith was appointed Global Lead, Asset Advisory and Services alongside

What it does: Valuations and valuation-linked risk advisory for single assets and global portfolios, increasingly delivered as a standardised, technology-enabled service: point-in-time opinions, portfolio marks, and advisory across the investment lifecycle

Specialties: All principal commercial sectors — office, industrial, retail, living, hotels — and specialist operational real estate; portfolio valuations; loan-security and financial-reporting valuations

Credentials regime: Valuers work to IVS and the RICS Red Book internationally and to USPAP with state licensure in the United States; JLL publishes that all valuers are bound by its governance and their governing bodies' requirements

Who appoints them: Institutional investors, lenders, funds and corporations across more than 35 countries (practice description in appointment coverage)

Scale: More than 2,500 valuation experts (practice figure carried in CoStar's reporting of JLL appointments); a valuations-volume total: not published

Access: Engage through JLL's valuation service pages or a country office, from a single loan-security valuation to a multi-country portfolio mandate

Website: jll.com · Contact: Value & Risk Advisory service pages and country contacts via jll.com · Phone: Not published as a single practice line — local office numbers via jll.com · Headquarters: Chicago, IL, United States (JLL global headquarters; the practice's chief executive was announced from London)

JLL's valuation business was re-badged Value & Risk Advisory to mark the shift from point-in-time appraisals to continuous, data-led valuation and risk advice. In October 2025 JLL appointed a new chief executive for the practice with an explicit mandate: rebuild valuation as an AI-enhanced platform that keeps the valuer's judgement and adds real-time data. The AI pivot, stated by its own new chief executive: of the big divisions in this guide, JLL is the one that has publicly framed the valuer's future as human judgement amplified by models, not replaced by them. Notes: Division, not a firm. The practice name is 'Value & Risk Advisory' (JLL's own styling, '&' not 'and')

8. COLLIERS VALUATION & ADVISORY SERVICES — TORONTO (PARENT), CANADA

Founded 1898 (parent roots, Vancouver, as Macaulay Nicolls); Colliers name from the 1976 Australian merger; United States appraisal platform enlarged by the 2006 PGP Valuation combination · Real Estate — Division of Colliers International Group Inc. · Worldwide

Ownership / parent: Division of Colliers International Group Inc. (NASDAQ/TSX: CIGI), a public company — not an independent firm. Parent Chairman and Chief Executive Officer: Jay Hennick

Leadership: No single global president of valuation is published on Colliers' corporate pages checked in October 2026 — named gap. Published practice leadership includes Sara Duncan, head of UK Valuation & Advisory Services (succession release, 2020) and Jeff Shouse, Executive Vice President, Western United States, Valuation & Advisory Services; regional and national heads lead elsewhere. The gap is printed rather than a plausible global name being promoted into the role

What it does: Appraisals and valuation advisory delivered by local Colliers offices under one brand and one set of standards: loan-security, financial-reporting and transaction valuations, plus valuation technology for portfolio clients

Specialties: Office, industrial, retail, multifamily, hospitality, healthcare and special-purpose property; portfolio valuations; hotel and leisure valuation through its specialist teams

Credentials regime: United States work to USPAP by state-licensed appraisers, many MAI-designated; international work to IVS and the RICS Red Book through chartered valuers (FRICS/MRICS leadership is published across the practice)

Who appoints them: Major investors and lenders in the United Kingdom and globally (succession release wording), and institutional, corporate and lender clients in the United States and other markets

Scale: Not published for the valuation practice as a single figure

Access: Engage through a local Colliers office's valuation team; portfolio clients contract nationally or globally through the corporate practice

Website: colliers.com · Contact: Valuation & Advisory Services pages and office contacts via colliers.com / corporate.colliers.com · Phone: +1 416 960 9500 (Toronto headquarters, as published in corporate releases) · Headquarters: Toronto, Ontario, Canada (global headquarters; valuation delivered from local offices)

Colliers built its valuation arm the franchising-and-acquisition way: local appraisal firms brought onto one brand, from PGP Valuation in the United States (2006) to the United Kingdom department whose leadership succession was planned in 2019–20, when Sara Duncan succeeded Russell Francis — the founder of Colliers' Global Valuation Group — as head of UK Valuation & Advisory Services. The federation model: a valuation practice assembled from respected local firms, which is why its leadership is regional by design — and why this guide names the gap at global level instead of inventing a president. Notes: Division, not a firm. UK leadership sourcing is the 2020 succession release; a 2026 re-confirmation was not found and is flagged

9. KNIGHT FRANK VALUATION & ADVISORY — LONDON, UNITED KINGDOM

Founded 1896 (Knight Frank, London) · Real Estate — Division (practice) of Knight Frank LLP · Worldwide

Ownership / parent: Practice of Knight Frank LLP, an independent limited liability partnership — not a separate firm, and not publicly owned

Leadership: Caroline Bathgate, Partner, Global Head of Valuation & Advisory (the practice's published global contact on knightfrank.com, checked October 2026); Emily Miller, Partner, Head of Funds — Valuation & Advisory

What it does: Partner-led valuations and advisory: market valuation for investment, lending and acquisition; portfolio and multi-market valuations; development and residual valuations; financial-reporting valuations; loan-security valuations; highest-and-best-use and restructuring advice

Specialties: Commercial offices; industrial and logistics; retail; residential and build-to-rent; hotels (the UK hotels team values some £20bn of assets annually, per the firm); healthcare; education; data centres; automotive and roadside; student property; seniors housing; specialist leisure; plant and machinery (MENA materials)

Credentials regime: RICS Red Book valuations by RICS Registered Valuers (MRICS/FRICS partners); IVS-aligned reporting for cross-border mandates

Who appoints them: Funds and REITs, banks and lenders, investors, developers and institutions — the fund-valuation client base is evidenced by published client testimony (Invesco, Legal & General among them)

Scale: Not published for the global practice as a single figure; UK hotels valuation volume of some £20bn a year is published for that team alone

Access: Engage through the global practice contact or a local Knight Frank office; cross-border portfolios are co-ordinated through the London team with local valuers in each market

Website: knightfrank.com · Contact: Global Valuation & Advisory contact (Caroline Bathgate) via knightfrank.com; +44 20 7861 1287 (as published for the practice contact) · Phone: +44 20 7861 1200 (London headquarters, as published in firm materials) · Headquarters: 55 Baker Street, London W1U 8AN, United Kingdom (global headquarters)

Knight Frank, founded in London in 1896 and still an independent partnership, runs valuation as one of its founding crafts: a global Valuation & Advisory practice co-ordinated from London, with named partners heading regions — the partnership model meaning the valuers who sign are owners of the firm they sign for. The partnership signature: in a guide of divisions of listed companies, Knight Frank's valuers are partners in an independent LLP — the person who values your building may own a share of the firm. Notes: Division/practice of the partnership, framed as such. Regional heads (for example MENA and Australia) are named on the firm's regional pages and are not repeated here

10. SAVILLS VALUATION — LONDON, UNITED KINGDOM

Founded 1855 (Savills, London) · Real Estate — Division of Savills plc · Worldwide

Ownership / parent: Division of Savills plc (LSE: SVS), a public company — not an independent firm. Group Chief Executive: Simon Shaw (from 1 January 2026); Chair: Stacey Cartwright

Leadership: Nick Harris, Head of UK and Cross Border Valuation (Savills UK management pages, checked October 2026; a UK board director who joined in 2007 to build the cross-border service line); Craig Timney, Head of UK Valuation Operations; Patrick Hill, Group Head of Valuation Best Practice. A single worldwide valuation president title is not published — named gap

What it does: Valuation as part of a full professional-services offer: single-asset and portfolio valuations for funds, lenders and owners, cross-border valuation co-ordination, and valuation operations and best-practice governance run as disciplines in their own right

Specialties: Commercial and residential property across sectors; portfolio valuation; loan-security valuation; public-sector valuation; development valuation through the development teams

Credentials regime: RICS Red Book valuations by RICS Registered Valuers — the division appoints a Head of UK Best Practice for valuation and a Group Head of Valuation Best Practice, posts whose existence is itself the credential posture, in the firm's words

Who appoints them: Funds, private equity and lenders (portfolio mandates), public and private sector clients for single-asset and portfolio work (firm appointment notices)

Scale: Not published for the valuation division as a single figure (group revenue is published by the plc and is not a valuation figure)

Access: Engage through the UK valuation team's office pages or a local Savills office; portfolio mandates are run with the cross-border team from London

Website: savills.com · Contact: Valuation team contacts and office pages via savills.co.uk / savills.com · Phone: Not published for the valuation division in sources checked, October 2026 — team contacts via savills.co.uk · Headquarters: Margaret Street, London, United Kingdom (group headquarters street as published; street number not captured from a Savills source in this pass)

Savills, founded in 1855, values from the same Margaret Street headquarters as the rest of its professional-services division. The group's own leadership turned over as this guide closed: Group Chief Executive Mark Ridley retired on 31 December 2025 and Simon Shaw, the long-serving group finance chief, succeeded him on 1 January 2026 — while the valuation division's published head remained its UK and cross-border chief. Best practice as a job title: Savills is the entry in this guide that publishes named heads of valuation best practice at UK and group level — the trust layer made into an org chart. Notes: Division, not a firm. Phone and street number are the plc's long-published head-office details; the valuation-specific line is via the team pages. Group succession (Ridley to Shaw, 1 January 2026) is from Savills' announcement carried by CoStar and The Negotiator

11. CUSHMAN & WAKEFIELD VALUATION & ADVISORY — CHICAGO, ILLINOIS (PARENT), UNITED STATES

Founded 1917 (Cushman & Wakefield, New York) · Real Estate — Division of Cushman & Wakefield plc · Worldwide

Ownership / parent: Division of Cushman & Wakefield plc (NYSE: CWK), a public company — not an independent firm

Leadership: Richard Cenkus, President, Valuation & Advisory, Americas (the practice's published key contact on cushmanwakefield.com, checked October 2026); Charles Smith, Chairman of Valuation & Advisory, UK and Cross Border (London); Andrew Chan, Managing Director, Head of Valuation & Advisory Services, Greater China; Michele Kauffman, MAI, Chief Operating Officer, Americas, Valuation & Advisory (firm release)

What it does: Appraisals and valuation advisory on a global service line: single-asset and portfolio appraisal, appraisal review and management, and advisory that runs from value opinion to repositioning advice, in the firm's published framing

Specialties: All principal commercial property types including retail (a specialist retail valuation bench is published), hospitality, industrial, multifamily and land; portfolio valuation and appraisal management

Credentials regime: United States appraisals to USPAP by state-certified appraisers (MAI-designated leadership is published, including its Americas COO); international work to IVS and the RICS Red Book

Who appoints them: Major bank and life-insurance lenders, corporations, regional and local lenders, mortgage bankers and owners (client types published in firm releases for its teams)

Scale: Approximately 530 employees including some 400 appraisers in 58 offices in the Americas (president's biography, 2020 — dated and printed as such); a current global practice total: not published

Access: Engage through the V&A service pages or a local office; institutional clients contract through national accounts with appraisal-management delivery

Website: cushmanwakefield.com · Contact: Valuation & Advisory service pages and key contacts via cushmanwakefield.com · Phone: Not published as a single practice line — local office numbers via cushmanwakefield.com · Headquarters: Chicago, IL, United States (global headquarters; valuation delivered from local offices)

The valuation and advisory arm of Cushman & Wakefield, founded in New York in 1917. Its Americas practice alone counted some 400 appraisers in 58 offices in its president's published 2020 biography — the division sells institutional depth: a national bench a lender can staff a whole portfolio from. The chairman across the Atlantic: alone among the American divisions here, its published key contacts pair an Americas president with a London chairman for UK and cross-border work — a transatlantic practice, not a domestic one with offices abroad. Notes: Division, not a firm. The 2020 staffing figures are labelled with their year, following this series' rule against carrying figures across years

12. NEWMARK VALUATION & ADVISORY — NEW YORK, UNITED STATES

Founded 1929 (Newmark parent roots, New York); the Valuation & Advisory practice in its present expansion from the late 2010s · Real Estate — Division of Newmark Group, Inc. · United States and EMEA

Ownership / parent: Division of Newmark Group, Inc. (Nasdaq: NMRK), a public company — not an independent firm

Leadership: John D. Busi, MAI, FRICS, President, Valuation & Advisory (title carried in Newmark releases of November 2025 and July 2026)

What it does: Institutional valuation and advisory bought and built at pace: appraisal, portfolio valuation and value-management technology for fund and lender clients, delivered nationally in the United States and, since 2024–26, across EMEA

Specialties: Office, retail, industrial, residential, clinics and nursing homes, hospitality and leisure (the Paris firm's published asset range, now the division's in France); all principal United States asset classes; portfolio value management

Credentials regime: United States appraisals to USPAP by state-licensed, MAI-led teams (its president carries MAI and FRICS); European work to IVS and national regimes (the Paris firm under French practice; einwert for German fund clients)

Who appoints them: Institutional investors, lenders and occupiers (company releases); the Paris firm alone advised more than 180 clients and evaluated nearly 3,200 properties in 2024

Scale: Valuation & Advisory revenue rose 26.3% year-to-date to 30 September 2025 (company release) — a growth rate, printed as such; a practice valuations-volume total: not published globally (the acquired Paris firm's €40bn valued in 2024 is its own dated figure)

Access: Engage through the division's pages or a local office; fund and portfolio clients contract through the president's practice with technology-enabled reporting (the einwert model)

Website: nmrk.com · Contact: Valuation & Advisory pages and office contacts via nmrk.com · Phone: Not published as a single practice line — local office numbers via nmrk.com · Headquarters: New York, NY, United States (Newmark Group headquarters; valuation delivered from local offices)

The fastest-moving division in this guide in 2025–26: Newmark bought Catella Valuation Advisory in Paris (November 2025) — a firm that had valued some €40bn of property in 2024 — added Altus Group's Canadian appraisals business, and in July 2026 brought in einwert, a German valuation-and-technology company of nearly 30 professionals, explicitly to scale valuation across Europe. The acquirer: where its rivals grew valuation desks organically over decades, Newmark bought three national valuation platforms in twenty months and said so — valuation is one of its stated pillars of development across EMEA and globally. Notes: Division, not a firm. Acquisition facts and figures are from Newmark's own PR Newswire releases of 24 November 2025 and 2 July 2026

13. VALBRIDGE PROPERTY ADVISORS — NAPLES, FLORIDA, UNITED STATES

Founded 2013 (42 appraisal firms combined) · Real Estate — Independent firm · United States and Canada

Ownership / parent: Shareholder-owned by its member firms' principals, with a board of directors and officers (formation release) — independent, no brokerage parent

Leadership: Richard L. (Rick) Armalavage, MAI, President and Chief Executive Officer (formation release, 2013; still styled CEO and President of the national firm in its Kansas City leadership release, 2021). A 2026 re-confirmation was not found — vintage flagged

What it does: Commercial appraisal and advisory only: independent valuations delivered by local MAI-led offices on national standards, reporting and technology — one firm, one product, no leasing or sales business to conflict it

Specialties: Office, industrial, retail, multifamily (a national multifamily specialty practice is published), hospitality, recreation and special-purpose property

Credentials regime: Every office's practice leader must hold the MAI designation (formation condition); work to USPAP and Appraisal Institute standards

Who appoints them: Lenders, investors, corporations, attorneys and government clients of its local offices nationally (firm positioning)

Scale: 700 staff at the firm's fifth anniversary, grown from 58 to 70 offices in its first five years (2018 coverage) — dated figures, printed as such; a current total: not published in sources checked

Access: Engage any local office directly — the model is a named local MAI-led team under a national standard — or route a multi-market assignment through the national firm

Website: valbridge.com · Contact: Office directory and enquiry route via valbridge.com · Phone: Not published as a single national line in sources checked — local office numbers via valbridge.com · Headquarters: Naples, FL, United States (headquarters city as published; street address not published in sources checked)

Formed on 18 March 2013 when 42 independent United States appraisal firms combined under one name — each office still run by its local practice leader, who must hold the Appraisal Institute's MAI designation, under a shareholder-owned national company headquartered in Naples, Florida. The deliberate counter-model to the brokerage divisions in this section: a national appraisal firm that does nothing but appraisal. The largest independent national commercial appraisal firm in the United States in its own description — and the only entry in this section whose owners are appraisers rather than a brokerage's shareholders. Notes: Leadership vintage (2013/2021) is flagged in the leadership field and in the gaps; the firm publishes no newer national leadership release in sources checked

AUTOMOTIVE, EQUIPMENT & INDUSTRIAL ASSETS

14. HAGERTY — HAGERTY VALUATION TOOLS / HAGERTY VALUATIONS — TRAVERSE CITY, MICHIGAN, UNITED STATES

Founded 1984 · Automotive — Listed insurance and lifestyle company (valuation tools and data, not an appraisal firm) · United States, Canada, United Kingdom, Germany

Ownership / parent: Hagerty, Inc. (NYSE: HGTY), a public company and subsidiary of Hagerty Holding Corp.; Chief Executive Officer McKeel Hagerty

Leadership: McKeel Hagerty, Chief Executive Officer (since 2000). No separate president of a valuation practice is published — valuation is a product line (Hagerty Valuation Tools) inside the company, and is framed that way here

What it does: Agreed-value collector insurance priced off its own data, and the valuation layer itself: Hagerty Valuation Tools with more than 15 years of pricing on some 40,000 enthusiast cars, trucks, vans and motorcycles, the Hagerty Price Guide, and market indices — used by owners, insurers, lenders and dealers to value collector vehicles

Specialties: Collector and enthusiast vehicles: classic cars, trucks, motorcycles and modern collectibles; insured-value setting; market trend data

Credentials regime: Not a credentialed appraisal practice: its authority is empirical — a proprietary transaction and pricing dataset built since the first Price Guide of 2008 — and this entry claims no USPAP or designation posture for it

Who appoints them: No one appoints Hagerty as an appraiser: insurers (itself and carrier partners), owners, lenders and the trade use its tools and guide as the market reference

Scale: Valuation Tools covering 40,000-plus enthusiast vehicles with 15-plus years of pricing (company release, 2022); company-wide staff of about 1,891 (company profile, 2026)

Access: Anyone can use the online Valuation Tools (membership unlocks the full dataset); insurance is quoted online or through agents. There is no bespoke appraisal engagement to buy — that absence is the point of the framing

Website: hagerty.com · Contact: Valuation Tools and Price Guide via hagerty.com; insurance and membership enquiries via the site · Phone: +1 800 922 4050 (as published in company profiles) · Headquarters: Traverse City, MI 49684, United States (headquarters; street address as published in company profiles)

Launched in Traverse City in 1984 by Frank and Louise Hagerty, who could not find proper insurance for their wooden boats; classic-car cover followed in 1991, and their son McKeel has been chief executive since 2000. Hagerty published its first Price Guide in 2008 and built the collector market's standard valuation dataset — the honest framing, kept throughout this entry, is that Hagerty is an insurer and membership company whose valuation tools the whole market uses, not a firm that appraises your car for a fee. The reference price of a whole asset class: when a collector car changes hands or is insured almost anywhere in North America, the number both sides start from is very often Hagerty's. Notes: Included, as commissioned, for its valuation tools and insurance context, framed honestly as a data and insurance company — never describe Hagerty as an appraisal firm

15. HILCO VALUATION SERVICES — NORTHBROOK, ILLINOIS, UNITED STATES

Founded 1987 (Hilco Global parent) · Automotive & Equipment / Industrial and Retail Assets — Division of Hilco Global · Worldwide

Ownership / parent: Business unit of Hilco Global, majority-owned since 2025 by ORIX Corporation USA (subsidiary of Japan's ORIX Corporation); Hilco Global Chairman and Chief Executive Officer: Jeff Hecktman, its founder

Leadership: Thomas Greco, Chief Executive Officer, Valuation and Industrial Services, Hilco Global (Hilco leadership listings); Bryan Courcier, Senior Vice President, Hilco Valuation Services, serves as a chief operating officer within the group (Hilco release, 2026). Parent leadership above

What it does: Appraisals of inventory, machinery and equipment, receivables and intellectual property for asset-based lending and transactions, on a monitoring rhythm lenders rely on — values delivered for borrowing-base and exit decisions, healthy and distressed alike

Specialties: Retail and consumer-products inventory; industrial machinery and equipment; accounts receivable; intellectual property and brands; fleet and automotive assets (the group acquired fleet manager Sutton Leasing); real estate through Hilco Real Estate

Credentials regime: Appraisals prepared to recognised United States practice (USPAP for real property elements; ASA-aligned machinery and equipment practice) as published across the group's service materials; lender-grade reporting is the practice's stated standard

Who appoints them: Asset-based lenders and banks, private equity sponsors, companies and their professional advisers — the lender-appointed appraisal is the core engagement

Scale: Hilco Global: 600 professionals operating on five continents (group release updated January 2026); a Valuation Services-only headcount: not published

Access: Lenders and sponsors engage the practice directly through Hilco Global; borrowers typically meet Hilco as the lender's appointed appraiser under the credit agreement

Website: hilcoglobal.com · Contact: Valuation Services pages and contact route via hilcoglobal.com · Phone: +1 847 509 1100 (Northbrook headquarters, as published) · Headquarters: 5 Revere Drive, Suite 206, Northbrook, IL 60062, United States

Hilco began in 1987 as an asset valuation, appraisal and disposition firm and grew into Hilco Global, a holding company of more than twenty specialist units. Valuation Services is the appraisal core the rest of the platform trades on — the values it signs are the values its sister lending and disposition businesses act on. In 2025 ORIX Corporation USA acquired a majority stake, and Hilco was restructured into professional-services and capital-solutions divisions. The appraiser inside the machine: Hilco's values are tested by its own capital — its lending and buying arms act on Valuation Services' numbers, which is the strongest discipline an appraisal practice can have. Notes: Division of Hilco Global, framed as such. The ORIX majority acquisition and 2025 restructuring are the current ownership facts; older 'privately held' descriptions are superseded

16. GORDON BROTHERS — VALUATIONS (ASSET ADVISORY) — BOSTON, MASSACHUSETTS, UNITED STATES

Founded 1903 · Automotive & Equipment / Industrial, Retail and Brands — Valuation and advisory arm of Gordon Brothers · Worldwide

Ownership / parent: Private global firm, Gordon Brothers (no outside controlling owner published); Chief Executive Officer: Norma Kuntz (since 2023); Chairman: Ken Frieze

Leadership: Norma Kuntz, Chief Executive Officer (since 2023; named EY Entrepreneur of the Year 2026 New England, firm release); Ken Frieze, Chairman. A separate named president of the valuations arm alone is not published on the pages checked — named gap; valuations sit within the firm's asset advisory leadership

What it does: Asset valuations as the front door of an integrated platform: appraisals across brands, industrial, retail and real estate, delivered standalone or with dispositions, lending and financing, and trading — the firm conducts appraisals and dispositions on a scale few pure appraisers can evidence

Specialties: Retail inventory; industrial machinery and equipment; brands and intellectual property; real estate; consumer products; energy and marine and automotive assets through its sector teams

Credentials regime: Lender-standard appraisal practice conducted under recognised valuation standards for secured lending (the firm's published basis of work for banks and asset-based lenders); specific designation posture per asset class is stated in its engagement materials rather than a single public claim

Who appoints them: Lenders, management teams, advisers and investors (the firm's own client framing), across growth, transformation and distress

Scale: More than $100bn worth of dispositions and appraisals annually (firm boilerplate carried in its leadership releases — printed as a combined firm claim, not a valuations-only total)

Access: Engage through the firm's asset advisory route — valuations are commissioned by lenders, boards and investors directly, standalone or as part of a financing or disposition mandate

Website: gordonbrothers.com · Contact: Asset advisory / valuations contact route via gordonbrothers.com · Phone: Not published in sources checked, October 2026 — see contact route · Headquarters: Boston, MA, United States (headquarters city as published; street address not published in sources checked)

Founded in Boston in 1903 as a single jewellery store, Gordon Brothers spent a century becoming the asset firm lenders call when value has to be realised, not theorised: valuations first, then dispositions, financing and trading on the same numbers. The valuation arm now sits inside its asset advisory services, under a chief executive who arrived in 2023 and a chairman from the firm's own ranks. A century of being paid on its own opinions: Gordon Brothers lends against, buys and sells the same classes of assets it values, so its appraisals carry a market test most valuation-only firms never face. Notes: The valuation arm is framed as part of the integrated firm, not as an independent appraisal company; the $100bn figure is a combined dispositions-and-appraisals claim and is labelled as such

17. TIGER VALUATION SERVICES — NEW YORK, UNITED STATES

Founded 2001 (Tiger Capital Group) · Automotive & Equipment / Inventory and Industrial Assets — Division (practice) of Tiger Capital Group · United States and Australia

Ownership / parent: Practice of Tiger Capital Group, a private company co-founded by Daniel Kane, its Principal and Managing Member — not an independent firm

Leadership: Ryan Davis, Executive Managing Director, Tiger Valuation Services, leading the appraisal group of associates, analysts and writers (Tiger Group, 2025); parent: Daniel Kane, Principal and Managing Member and co-founder; Michael McGrail, Chief Operating Officer

What it does: Appraisals and valuations for asset-based lending, loan syndication, capital raises, buyouts and restructurings, with a data operation that tracks inventory performance sector by sector — valuation written for lenders who will monitor the same assets monthly

Specialties: Retail and wholesale consumer-products inventory; industrial machinery and equipment; intellectual property (trademarks, patents, copyrights, customer lists and databases); accounts receivable; brands

Credentials regime: Lender-standard appraisal practice; Tiger publishes its appraisals as independent and unbiased, prepared for secured-lending use — designation-level detail is given in engagement materials, not in a single public posture statement

Who appoints them: Banks and other secured lenders, private equity firms, investment banks, hedge funds, bankruptcy trustees, Fortune 500 companies and estates (published client types across Tiger's releases)

Scale: Not published — Tiger publishes neither an appraisal volume nor a practice headcount

Access: Lenders and sponsors engage the valuation practice directly; companies usually encounter Tiger as the lender-appointed appraiser, or alongside a Tiger Finance facility

Website: tigergroup.com · Contact: Valuation services pages and contact route via tigergroup.com · Phone: +1 888 558 4437 (as published on Tiger Group pages) · Headquarters: 99 Park Avenue, 19th Floor, New York, NY 10016, United States

Tiger Capital Group was co-founded in 2001 by Daniel Kane and built its name on data-driven appraisal of the assets asset-based lenders actually lend against — retail and wholesale inventory first, then industrial plant, machinery, intellectual property and receivables. Its valuation services practice is led by its own executive managing director and feeds Tiger's finance and disposition arms. Granularity as the brand: Tiger's published promise is asset-level data — its inventory appraisals rest on decades of disposition results in the same categories, the appraiser's version of marking to its own market. Notes: Practice of Tiger Capital Group, framed as such. Leadership sourcing is the group's own 2024–25 profile of Ryan Davis

18. GA GROUP — ADVISORY & VALUATION SERVICES (GREAT AMERICAN GROUP) — WESTLAKE VILLAGE, CALIFORNIA, UNITED STATES

Founded 1973 (as Great American Group; see Notes) · Automotive & Equipment / Inventory, Field Exam and Advisory — Business of GA Group (Great American Holdings) · United States

Ownership / parent: GA Group (Great American Holdings, LLC), majority-owned by funds managed by Oaktree Capital Management, L.P., with B. Riley retaining a minority interest from the sale — verified October 2026

Leadership: Bill Soncini and Marc Musitano, Co-Presidents, Advisory & Valuation Services (appointed 20 October 2026, GA Group release; Soncini also Chief Revenue Officer of the segment); Dan Shribman, Chief Executive Officer, GA Group

What it does: Appraisal, field examination and advisory services for credit underwriting and corporate transactions: inventory, machinery and equipment and enterprise appraisals, lender diligence and field exams, and advisory work, inside a group that also offers disposition, investment banking and lending

Specialties: Retail and wholesale inventory; machinery and equipment; field examination and collateral diligence; business and enterprise valuation; asset advisory for lenders and corporates

Credentials regime: Lender-standard appraisal practice for asset-based lending (the segment's published purpose); engagements are performed for credit underwriting under the group's published diligence model

Who appoints them: Asset-based lenders and banks (field exam and appraisal), corporate borrowers and transaction parties, and referral sources across the secured-finance market (group release)

Scale: The 2024–25 sale valued the whole Great American business at approximately $386m (B. Riley/Oaktree transaction reporting) — an enterprise value, printed as such, not a valuation-practice volume; practice volume: not published

Access: Lenders engage the appraisal and field-exam teams directly; corporates engage advisory through the group — first contact via gagroup.com

Website: gagroup.com · Contact: Advisory & Valuation Services contact route via gagroup.com · Phone: Not published in sources checked, October 2026 — see contact route · Headquarters: Westlake Village, CA, United States (headquarters city as published in the October 2026 release)

The business built as Great American Group — asset appraisal and disposition work that joined B. Riley Financial in 2014 as its appraisal and valuation engine, trading for a decade inside B. Riley Advisory Services — was sold by B. Riley to funds managed by Oaktree Capital Management, which took a majority stake (a $203m payment for 53%, in a deal valuing the business at about $386m). It now trades as GA Group, and on 20 October 2026 — two days before this guide closed — it appointed two long-tenured leaders as co-presidents of its Advisory & Valuation business. The freshest ownership story in this guide: an appraisal institution that has been independent, a public company's division, and now an Oaktree-majority platform inside three decades — with its co-presidents appointed the same week this guide was compiled. Notes: Founding year: the business traces to Great American Group, founded in 1973; the year is printed with that lineage rather than as GA Group's own (the GA Group name dates from the Oaktree transaction). B. Riley-era titles (co-CEO of B. Riley Advisory Services) are superseded

GENERALIST & CROSS-ASSET VALUATION

19. KROLL — NEW YORK, UNITED STATES

Founded 1932 (as Duff & Phelps) · Generalist / Cross-Asset — Independent firm (successor to Duff & Phelps) · Worldwide

Ownership / parent: Private firm owned by its private equity sponsors and management (Stone Point Capital and Further Global among its backers in company reporting); Executive Chairman Noah Gottdiener; President Shai Waisman

Leadership: Jacob Silverman, Chief Executive Officer (in post since 1 January 2021, firm release); Noah Gottdiener, Executive Chairman; Shai Waisman, President. Valuation is a core service line led within the firm's valuation advisory practice; a single global 'head of valuation' name is not carried on the pages checked — the firm-wide officers above are the published leadership

What it does: The broadest valuation menu in this guide: business and portfolio valuation, fairness and solvency opinions, purchase-price allocation and impairment testing, transfer pricing, real estate and machinery valuations, and valuation for disputes — sold as independent opinions to boards, funds, auditors and courts, alongside the firm's risk, investigations and restructuring businesses

Specialties: Business enterprise and securities; portfolio valuation for alternative asset managers; intangible assets and intellectual property; real estate; machinery and equipment (the American Appraisal lineage); complex financial instruments; cost-of-capital data (the Kroll Cost of Capital Navigator, successor to the Duff & Phelps Risk Premium Report)

Credentials regime: Valuations prepared to IVS and jurisdictional standards, with United States appraisal work to USPAP where applicable; the firm's professionals hold ASA, CFA, CPA/ABV and RICS credentials across its practices, as published in its expert biographies

Who appoints them: Boards of directors and special committees (fairness opinions), private equity and hedge funds, Fortune 100 companies (the firm states it serves 61% of them), auditors, tax authorities and litigants

Scale: About 6,500 professionals firm-wide (company profile, 2026); nearly 5,000 in 30 countries at the 2021 rebrand — valuation-only headcount and volume: not published

Access: Engage through the valuation service pages or any office; boards commission fairness opinions directly, funds contract portfolio-valuation programmes, and litigants retain its experts through counsel

Website: kroll.com · Contact: Valuation services pages and office contacts via kroll.com; media and enquiries via the site · Phone: +1 212 593 1000 (New York headquarters, as published) · Headquarters: One World Trade Center, 285 Fulton Street, 31st Floor, New York, NY 10007, United States

Founded in Chicago in 1932 as Duff & Phelps, an investment research and valuation house; bought American Appraisal in 2015 to become, in its own announcement, the largest independent provider of valuation services in the world; acquired the investigations firm Kroll in 2018; and in 2021–22 rebranded the whole firm as Kroll. The valuation lineage is the point: the modern Kroll is Duff & Phelps wearing the name of the firm it bought. Lineage as authority: no other living firm can put a 1932 valuation pedigree, the American Appraisal machinery practice and the Kroll investigations name on one letterhead — and its cost-of-capital data is cited inside other firms' valuations. Notes: Successor framing is explicit throughout: Duff & Phelps (1932) acquired Kroll (founded 1972) in 2018 and adopted its name in 2021–22. Sources naming 'Duff & Phelps, a Kroll business' are transitional

20. AMERICAN SOCIETY OF APPRAISERS (ASA) — HERNDON, VIRGINIA, UNITED STATES

Founded 1936 · Generalist / Cross-Asset — Professional body (not a firm) · Worldwide

Ownership / parent: Non-profit professional society, governed by an elected Board of Governors; headquarters in Herndon, Virginia

Leadership: Guillermo Ortiz de Zárate, Chief Executive Officer and Executive Vice President (effective 1 February 2025, ASA announcement of 2 December 2024, succeeding Lana Vukovljak, who had taken the role in July 2024 after Johnnie White's departure). The International President is the society's senior elected officer (G. Adrian Gonzalez, Jr. held the presidency at the CEO appointment)

What it does: Not a service firm: accreditation (AM, ASA and FASA grades across six disciplines), education and examinations, USPAP coursework, chapters and conferences, a code of ethics with enforcement, and a public find-an-appraiser referral system

Specialties: All six disciplines: appraisal review and management; business valuation; gems and jewellery; machinery and technical specialties; personal property; real property

Credentials regime: The credentialing body: its designation requires more than 100 hours of instruction, four half-day examinations, USPAP coursework, a valuation report reviewed by a Board of Examiners and 10,000 hours of full-time valuation experience (ASA's published criteria)

Who appoints them: No one appoints it to value: courts, lenders, the IRS-facing professions and the public use the ASA designation and its referral system when choosing an appraiser in any discipline

Scale: Nearly 5,000 members worldwide (ASA CEO announcements, 2024); about 1,500 credentialed business valuators in ASA's discipline counts carried in trade analysis — discipline figures are estimates and printed as such

Access: Hire through its find-an-appraiser referral system by discipline and location; appraisers join as candidates and advance through the published accreditation ladder

Website: appraisers.org · Contact: asainfo@appraisers.org; find-an-appraiser referral system via appraisers.org · Phone: +1 800 272 8258 (800-ASA-VALU, as published) · Headquarters: 2121 Cooperative Way, Suite 210, Herndon, VA 20171, United States

The multi-discipline appraisal society: founded in 1936 and the only major appraisal organisation representing all appraisal specialties under one designation system — its six disciplines run from business valuation to gems and jewellery to machinery and technical specialties. ASA does not appraise; it accredits the appraisers (the ASA and FASA designations), sets their ethics, and runs the profession's education ladder. One designation, every asset class: ASA is the credential a machinery appraiser, a jewellery appraiser and a business valuator can all carry into the same courtroom — the cross-asset spine of the American profession. Notes: Framed throughout as a professional body, never as a firm. CEO succession ran White (to Feb 2024) → Vukovljak (Jul 2024) → Ortiz de Zárate (Feb 2025); sources naming White are out of date

21. RICS — ROYAL INSTITUTION OF CHARTERED SURVEYORS — LONDON, UNITED KINGDOM

Founded 1868 (Royal Charter 1881) · Generalist / Cross-Asset (Built Environment) — Professional body (not a firm) · Worldwide

Ownership / parent: Chartered professional body, governed by its Governing Council; membership-owned, not a company

Leadership: Nicholas (Nick) Maclean, President (from January 2026, after serving as acting president from March 2025); Justin Young, Chief Executive Officer (since July 2023, formerly chief operating officer of Knight Frank) — both confirmed in the institution's 2026 AGM minutes and annual report

What it does: Not a service firm: qualifications (AssocRICS, MRICS, FRICS), the Red Book and other standards, regulation of members and firms, education and CPD, and market data and indices for the built environment

Specialties: Valuation of land, real estate and infrastructure across all sectors; quantity surveying and construction; building surveying; facilities and property management — valuation is its largest public-facing discipline

Credentials regime: The standard-setter itself: the RICS Red Book incorporates IVS; its Registered Valuer scheme is the qualification lenders across the United Kingdom and much of the Commonwealth require of the valuers in this guide's real estate section

Who appoints them: No one appoints it to value: governments, lenders, courts and clients rely on its standards and its members' designations when appointing valuers

Scale: 113,000 members (2025 figure); staff of about 900 (institution profiles, 2025)

Access: Engage its members — use the RICS find-a-chartered-surveyor directory; valuers qualify through its published assessment routes

Website: rics.org · Contact: Member and standards enquiries via rics.org · Phone: Not published as a single line in sources checked — see contact route · Headquarters: 12 Great George Street, Parliament Square, London SW1P 3AD, United Kingdom

Founded in London in 1868 and chartered in 1881, RICS is the global professional body for land, property, construction and infrastructure — and, for this guide, the institution that writes the rulebook most of the world's valuers work to: the Red Book, Valuation — Global Standards, which turns 50 in the period covered by its 2026 reporting. RICS does not value property; it qualifies, standards-sets and regulates those who do. The rulebook as an entry: every Red Book valuation signed by a Savills, Knight Frank, CBRE or Colliers valuer in this guide is, in the end, a promise made to this institution's standards. Notes: Framed throughout as a professional body, never as a firm. Presidential succession (Justin Sullivan stood aside in March 2025; Maclean acted, then took the presidency in January 2026) is from RICS reporting carried by Building magazine

22. HOULIHAN LOKEY — FINANCIAL AND VALUATION ADVISORY — LOS ANGELES, CALIFORNIA (PARENT), UNITED STATES

Founded 1972 (Houlihan Lokey) · Generalist / Cross-Asset — Division (business) of Houlihan Lokey, Inc. · Worldwide

Ownership / parent: Business of Houlihan Lokey, Inc. (NYSE: HLI), a public company — not an independent firm. Parent Chief Executive Officer: Scott J. Adelson (since 2024); Co-Chairman Scott L. Beiser

Leadership: Dimitri Drone and Tomasz Stefanowski, Managing Directors and Co-Heads of Corporate Valuation Advisory Services (the practice's published contacts on hl.com); Jennifer Muller, Managing Director and Co-Head of the Special Committee Advisory and Fairness and Solvency Opinions practices, within Financial and Valuation Advisory. A single president of the whole FVA business is not named on the pages checked — the co-heads above are printed as published

What it does: Valuation advisory delivered with an investment bank's transaction flow behind it: corporate valuation for tax and financial reporting, purchase-price allocation, fairness and solvency opinions for boards and special committees, portfolio valuation and dispute work

Specialties: Corporate and business valuation; fairness and solvency opinions; transaction opinions; portfolio valuation; valuation for financial reporting and tax; estate and gift valuation

Credentials regime: Opinions prepared under the firm's published standards for board and fiduciary use — its fairness-opinion practice is built for SEC-facing and litigated transactions; individual professionals hold CFA, ASA and CPA/ABV credentials as published in their biographies

Who appoints them: Boards of directors, special committees and other fiduciaries (the fairness practice's published client framing — its clients have included Google, Broadcom and NVIDIA's boards' processes), sponsors, and companies preparing transactions

Scale: Not published for the valuation business as a single figure (the parent reports segment revenues in its filings, which are not a valuation volume)

Access: Boards and companies engage the practice through its managing directors (contacts published per service line); fairness and solvency opinions are commissioned by boards and special committees, usually through counsel

Website: hl.com · Contact: Corporate Valuation Advisory Services page and named co-head contacts via hl.com · Phone: +1 310 553 8871 (Los Angeles headquarters, as published on the practice page) · Headquarters: 10250 Constellation Blvd., 5th Floor, Los Angeles, CA 90067, United States

Houlihan Lokey, founded in Los Angeles in 1972 and built first on valuation and restructuring, turned its valuation craft into a listed investment bank's third business: Financial and Valuation Advisory. Its corporate valuation practice is co-headed by two managing directors in New York, and its fairness and solvency opinions practice is the boardroom product the firm's name was made on. Valuation with deal flow: its valuers sit inside the bank that advised on 458 transactions in 2025 (Global Finance reporting) — the opinion is informed by live prices because the firm is setting them down the corridor. Notes: Division of a listed bank, framed as such. FVA-wide single-head title not published — co-heads are printed instead, per this guide's rule

23. MARSHALL & STEVENS — LOS ANGELES, CALIFORNIA, UNITED STATES

Founded 1932 · Generalist / Cross-Asset (incl. Machinery & Equipment) — Independent firm · United States

Ownership / parent: Majority-owned by Coalesce Capital (majority recapitalisation closed December 2025), with management retaining a meaningful stake — succeeding Pine Tree Equity's ownership

Leadership: Nishen Radia, Chief Executive Officer (appointed 2026, firm release via PR Newswire — a co-founder of FocalPoint Partners, later B. Riley's head of M&A); Mark W. Santarsiero, President and Chief Executive Officer through the Coalesce transaction, with the firm for more than 40 years. Anthony Festa, Managing Director and National Practice Leader — Machinery & Equipment

What it does: Independent valuation and advisory as the whole offer: opinions of value for businesses, debt and equity instruments, intangible and tangible assets, fairness and solvency opinions, litigation support and ESOP valuations — the multi-disciplinary single firm

Specialties: Business and financial valuation; machinery and equipment appraisal (a named national practice); real estate; intangible assets and infrastructure; energy and healthcare sector valuation; litigation and forensic work; ESOP and succession transactions

Credentials regime: Valuations prepared to USPAP and professional standards across disciplines; its practitioners include CFA- and ASA-credentialed managing directors (published in its acquisition releases)

Who appoints them: Public and private companies, investors, boards, ESOP trustees, estates and litigants (firm materials)

Scale: Staff in the 51–200 band (company profile listings); a valuations-volume total: not published. Nine acquisitions completed since 2023 (Coalesce release)

Access: Engage through practice leaders by discipline (business, machinery and equipment, real estate, litigation) via the firm's site; ESOP and succession work is a published speciality route in

Website: marshall-stevens.com · Contact: Practice contacts via marshall-stevens.com; Ralph Consola, Principal & Practice Leader, rconsola@marshall-stevens.com, +1 213 612 8000 (as published in firm releases) · Phone: +1 213 612 8000 (Los Angeles, as published) · Headquarters: Los Angeles, CA, United States (headquarters city as published; street address not published in sources checked)

Founded in 1932, in the Depression, and a leader in independent valuation ever since — businesses, real estate, machinery and equipment, intangible assets and infrastructure under one roof, which is what 'machinery and technical specialties' looks like as a firm rather than a discipline. Since 2023 it has absorbed nine smaller valuation firms; in December 2025 Coalesce Capital took a majority stake; and in 2026 it welcomed a new chief executive from investment banking. The 1932 generalist that stayed generalist: where Kroll grew by buying a name, Marshall & Stevens grew by buying its peers — nine firms in three years — and then sold its own majority to a platform investor without giving up the independence it sells. Notes: Leadership transition is dated and dual-printed: Santarsiero led the firm into the Coalesce deal (December 2025); Radia's CEO appointment followed in 2026. Any source naming only one should be read with its date

24. STOUT — CHICAGO, ILLINOIS, UNITED STATES

Founded 1991 (as Stout Risius Ross) · Generalist / Cross-Asset — Independent firm · Worldwide

Ownership / parent: Owned by Integrum Holdings LP (acquired 16 July 2025 from Audax Private Equity); founder-led management continues

Leadership: Craige L. Stout, Chief Executive Officer (founder; firm leadership listings). A separate chairman title is not published — named gap

What it does: Valuation advisory alongside corporate finance, accounting and transaction advisory, and disputes, claims and investigations: business and portfolio valuation, valuation for financial reporting and tax, and expert work, sold to the middle market and its sponsors

Specialties: Business valuation; portfolio valuation; valuation for ESOPs and estates; intangible assets; machinery and equipment elements within transaction work; fairness opinions; dispute valuation

Credentials regime: Valuations prepared to professional standards (USPAP where applicable; AICPA and ASA-aligned practice), with credentialed professionals (CFA, ASA, ABV) across the practice as published in firm biographies

Who appoints them: Middle-market companies, private equity sponsors, boards, ESOP trustees, attorneys and auditors (firm positioning)

Scale: More than 1,000 employees firm-wide (Audax/Integrum release, July 2025); valuation-practice headcount: not published separately

Access: Engage through the Valuation Advisory practice pages or an office; sponsors and boards contract directly, litigants through counsel

Website: stout.com · Contact: Valuation Advisory pages and office contacts via stout.com · Phone: Not published as a single line in sources checked — see contact route · Headquarters: Chicago, IL, United States (headquarters city as published; street address not published in sources checked)

Founded in 1991 by Craige Stout and built from valuation outward — the reverse of the usual advisory biography: valuation advisory is a founding practice, not an add-on. Audax Private Equity invested in 2021, during which the firm doubled and made ten acquisitions, several of them valuation firms; on 16 July 2025 Audax sold Stout to Integrum Holdings. Valuation as the founding trade, still led by the founder whose name is over the door — and, since 2025, owned by its second private equity sponsor in four years, a fact this entry prints rather than smoothing over. Notes: Ownership change dated July 2025 is the current fact; sources describing Audax as owner are superseded

25. VALUATION RESEARCH CORPORATION (VRC) — MILWAUKEE, WISCONSIN, UNITED STATES

Founded 1975 · Generalist / Cross-Asset — Independent firm · United States and worldwide (via VRG)

Ownership / parent: Independent, privately held valuation firm (no parent; no audit or banking affiliates — the independence is the published model)

Leadership: Justin Johnson and PJ Patel, Co-Chief Executive Officers (firm profile, 2026 — Johnson's client base in private equity portfolio valuation; Patel anchoring the East Coast from Princeton)

What it does: Independent valuations only: tangible and intangible assets, business enterprises and fixed assets, portfolio valuation for alternative asset managers, and fairness, solvency and capital-adequacy opinions for transactions and reporting

Specialties: Portfolio valuation of illiquid and hard-to-value assets; purchase-price allocation and goodwill impairment; stock-based compensation valuation; business enterprise valuation; tangible asset and fixed-asset valuation; fairness and solvency opinions

Credentials regime: Opinions prepared to IVS and United States standards as applicable; the firm's professionals are credentialed financial professionals (CFA among the published designations in its team materials)

Who appoints them: Fortune 500 and private companies, private equity firms, hedge funds and BDCs, attorneys, not-for-profits, fiduciaries and individuals (firm's published client range)

Scale: A global network of nearly 1,000 valuation professionals (firm's about statement — dated material, printed with that caution); United States firm headcount: not published as a single current figure

Access: Engage any office directly; portfolio-valuation programmes for funds are contracted with the practice, fairness and solvency opinions are commissioned by boards and sponsors

Website: valuationresearch.com · Contact: Office contacts published per office via valuationresearch.com (Princeton +1 609 243 7000; New York +1 212 983 3370; Chicago +1 312 957 7500) · Phone: +1 414 271 8662 (Milwaukee headquarters, as published in firm materials) · Headquarters: 330 East Kilbourn Avenue, Milwaukee, WI, United States (headquarters address per company profiles)

Founded in 1975 on a wager its admirers still quote: that there was a durable business in selling nothing but the opinion — no audit, no deals, no conflicts. Fifty years on, VRC remains valuation-only and independent, run by co-chief executives on two coasts and connected to a global network of nearly 1,000 valuation professionals through Valuation Research Group (VRG). Independence as the entire product: VRC is the purest test in this guide of whether refusing every adjacent business is a limitation or a moat — fifty years, one service, no apologies. Notes: Co-CEO structure is geographic (Johnson/Patel), per the firm's 2026 profile; the nearly-1,000 figure is the VRG network, not VRC employees alone, and is labelled as such

26. ALVAREZ & MARSAL VALUATION SERVICES — NEW YORK (PARENT), UNITED STATES

Founded 1983 (Alvarez & Marsal); valuation practice built within it · Generalist / Cross-Asset — Division (practice) of Alvarez & Marsal · Worldwide

Ownership / parent: Practice of Alvarez & Marsal Holdings, a private partnership firm — not an independent company

Leadership: Mark McMahon, Managing Director and Global Practice Leader of Alvarez & Marsal Valuation Services (firm releases, 2025), based in New York and also leading Alternative Investment Services; John O'Neill, Managing Director and national practice leader in earlier firm releases; Richard Bibby, Managing Director and Valuation Services Leader for EMEA

What it does: Valuation services across all asset classes for alternative asset managers and corporates: portfolio valuation, transaction support, fund analytics and modelling, policy drafting and vetting, and regulatory and litigation support — sold on the firm's 'no audit conflicts' positioning

Specialties: Private equity and private credit portfolio valuation; illiquid securities and complex financial instruments; asset-backed finance valuations; LP and GP interests; infrastructure; enterprise and intangible-asset valuation; equipment and energy-asset valuation (specialist hires published)

Credentials regime: Valuations prepared under IFRS and US GAAP reporting frameworks and IVS-aligned methodology (firm releases); the practice markets the absence of audit conflicts as a credential in itself

Who appoints them: Private equity, hedge funds and BDCs, asset managers, credit funds, insurance companies and banks (firm releases); more than 200 dedicated valuation professionals serve them (firm, 2025)

Scale: More than 200 dedicated valuation professionals (A&M release, November 2025); a practice volume total: not published

Access: Engage through the practice's managing directors (published per region and asset class); fund managers contract portfolio-valuation programmes directly

Website: alvarezandmarsal.com · Contact: Valuation Services practice pages and expert contacts via alvarezandmarsal.com · Phone: Not published as a single practice line — see contact route · Headquarters: New York, NY, United States (A&M's principal office city; the global practice leader is New York-based)

The valuation practice of Alvarez & Marsal, the restructuring-born professional services firm founded in 1983. Its Global Valuation Services practice has been expanding by senior hires — an EMEA alternative-investment leader from the portfolio-valuation world in 2025, a Brazil hub the same year, an asset-backed finance group inside the practice that November — a build-out documented appointment by appointment in the firm's releases. The conflict-free challenger: A&M sells valuation to fund managers precisely because it audits none of them — and its 2025 hiring spree (London, São Paulo, New York) is the paper trail of that pitch working. Notes: Division/practice of A&M, framed as such. 'Global Practice Leader' is McMahon's published title in 2025 releases

27. FTI CONSULTING — VALUATION (CORPORATE FINANCE & ECONOMIC CONSULTING) — WASHINGTON, DC (PARENT), UNITED STATES

Founded 1982 (as Forensic Technologies International) · Generalist / Cross-Asset — Practices of FTI Consulting, Inc. (not a standalone valuation firm) · Worldwide

Ownership / parent: Practices of FTI Consulting, Inc. (NYSE: FCN), a public company — not an independent firm. Parent Chairman and Chief Executive Officer: Steven H. Gunby

Leadership: No single global head of valuation is published — named gap. Published valuation leadership includes Greg Gotthardt, Senior Managing Director and national leader of the Real Estate Valuation Services group, and Tara Singh, Senior Managing Director and leader of the Canadian Valuation & Damages practice (firm expert pages)

What it does: Valuation in contentious and transactional settings: business and intellectual-property valuation, damages quantification, expert testimony, and real estate valuation services, delivered by senior managing directors who sign and defend their own reports

Specialties: Valuation and damages in litigation and arbitration; intellectual property valuation; real estate valuation; transfer pricing elements; valuation in restructuring

Credentials regime: Expert-witness practice standards: its senior valuers hold CPA, CBV, ABV and CFE designations among them (published biographies) and are appointed under court and arbitral rules (ICC, ICSID, LCIA and others in published experience)

Who appoints them: Law firms and their clients, courts and arbitral tribunals (as experts), corporations and government entities

Scale: Not published for valuation as a single figure (parent firm-wide figures are published by the plc and are not a valuation measure)

Access: Engage through counsel for disputes and expert work, or directly through the expert directory for real estate and transaction valuation

Website: fticonsulting.com · Contact: Expert directories and practice pages via fticonsulting.com · Phone: Not published as a single practice line — see contact route · Headquarters: Washington, DC, United States (global headquarters city; valuation delivered from expert offices)

FTI, founded in 1982 as a forensic and litigation consulting firm and now listed in New York, values where value is fought over: its valuation work lives inside its Corporate Finance & Restructuring business and its Economic & Financial Consulting practice — damages, disputes and arbitration first, transaction valuation alongside. It is included as a practice, and framed as one. The courtroom valuer: FTI's entry exists because a large share of the world's contested value — expropriations, shareholder fights, IP wars — is priced by experts who expect to be cross-examined on the number. Notes: Practice-level entry, framed as such throughout; never cite FTI as a valuation firm without the practice framing

28. BDO — VALUATION & CAPITAL MARKETS ANALYTICS — CHICAGO, ILLINOIS (BDO USA), UNITED STATES

Founded 1910 (United States firm roots, as Seidman & Seidman); BDO network 1963 · Generalist / Cross-Asset — Practice of BDO USA (member firm of BDO International) · United States (practice); worldwide (network)

Ownership / parent: Practice of BDO USA, P.C., a member firm of BDO International Limited; BDO USA has operated as an ESOP company since 2023 (firm statements) — not an independent valuation firm

Leadership: No national leader of Valuation & Capital Markets Analytics is named on BDO's public service pages checked in October 2026 — named gap. The practice is led by its Managing Directors, whose published role description includes leading and delivering complex valuation engagements and appraisal reviews nationally

What it does: Business valuation and capital-markets analytics inside a full-service accounting firm: valuation for transactions, financial reporting and tax, intangible-asset valuation, healthcare valuation (a named leader role), and appraisal review

Specialties: Business and intangible-asset valuation; transaction and fairness-support valuation; healthcare valuation; valuation for financial reporting; capital-markets analytics

Credentials regime: Valuations prepared under AICPA valuation standards and USPAP where applicable, within an accounting firm's quality controls (the practice's published job and service descriptions); professionals hold CPA/ABV, ASA and CFA credentials across the practice

Who appoints them: Public and private companies, private equity funds and their portfolio companies, and healthcare systems (firm client positioning)

Scale: Not published for the valuation practice as a single figure

Access: Engage through the practice's service pages or a local BDO office; existing audit and tax clients typically route valuation through their engagement partner — with independence assessed first where BDO is also auditor

Website: bdo.com · Contact: Valuation & Capital Markets Analytics service pages and office contacts via bdo.com · Phone: Not published as a single practice line — see contact route · Headquarters: Chicago, IL, United States (BDO USA headquarters city; valuation delivered from offices nationally)

The valuation practice of the United States member firm of BDO, the world's fifth-largest accounting network: valuation grew inside the audit-and-advisory house and now trades as Valuation & Capital Markets Analytics, leading engagements from proposal to report for the network's middle-market and public-company clients. The network valuer: BDO's valuation bench is the one a mid-market board most often meets already sitting in the room — inside its auditor-adjacent adviser — which is both its reach and the reason its independence is documented engagement by engagement. Notes: Practice-level entry, framed as such. The leadership gap is genuine and named; do not substitute a network or firm-wide officer for the practice head

NAMED GAPS

Four entries in this guide are professional bodies and are never described as firms; fifteen are divisions, practices or acquired arms of a parent and are never described as independent. Pall Mall Art Advisors trades today inside The Fine Art Group, and its entry says so in its title. Colliers, Savills, FTI Consulting and BDO publish no single global head of valuation, and the Appraisers Association's current board president is not published on the pages checked; each entry names the gap rather than promoting a plausible name into it. Valbridge's national leadership is sourced to 2013 and 2021 releases, Colliers' UK valuation head to a 2019–20 succession release, and Cushman & Wakefield's Americas appraiser count to 2020 — vintages flagged where they stand. Where a practice publishes no valuation volume, the entry reads "not published." The full method, counts and gap list are in the README that accompanies the master CSV of this guide.

Original reporting and writing for LIKE^® Magazine. Company figures are the firms' own, labelled and dated in each entry.