appraisal Vs notion of Value

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On my last Alaska cruise as an art auctioneer, my friend Tamara, the ships' Port Shopping Ambassador, connected the following story: a passenger purchased an item of jewelry from a store in Skagway for around ,000. The following day, the passenger got a serious case of buyers remorse, and sought to return the jewelry on the basis that the item was misrepresented and overpriced. To prove the item was overpriced, she took the item to a second jewelry shop to ask the shopkeeper to appraise the item. The appraisal offered was nowhere near what she paid for the item. In fact, the second shopkeeper told her that she had overpaid, and that she should return the item and then come back, because he could offer her a higher quality item at a lower price.
 
I'm sure that this situation is as transparent to you as it was to me: the second shopkeeper was trying to make a sale at the charge of the first shopkeeper. That this sales tactic could work is rooted in the passengers ignorance of the incompatibility in the middle of an appraisal and an thought of value. The ignorance of this incompatibility has cost clients of mine thousands of dollars in lost assurance claims and missed opportunities. Knowing the incompatibility in the middle of an appraisal and an thought of value will be to your advantage.
 
An thought of value is an thought offered on the basis of taste and expertise. Such opinions may or may not be valid, depending on the qualifications and ethics of the person gift the opinion. The persons gift such opinions are not required to be independent, impartial or objective. They can, and often do, have conflicts of interest and hidden agendas. An thought of value has no requirements for documentation or evidence. Those gift an thought of value are not held to the same legal and ethical requirements as a certified appraiser. Let's say that you took a Picasso etching to an art dealer who gave you his thought of its value, called the thought an appraisal, and then offered to buy the painting for the appraised price. The dealer would have offered you no evidence to back up his claim of value, and clearly had a disagreement of interest. His thought of value is worthless.
 
The value offered in an appraisal, on the other hand, has been researched and evidence is offered to withhold the value claimed. Most often, evidence is offered in the form of comparable sales; that is, what items like yours have genuinely sold for recently in your market. In addition, a permissible appraisal follows the format of the Uniform Standards of expert appraisal convention (Uspap) which has been authorized by Congress as the source of appraisal standards and appraiser qualifications. Uspap is commonly recognized by the courts and by the Irs. A Uspap-compliant appraisal clearly establishes the details of the appraisal, the appraiser, the intent of the report, assumptions, limiting conditions, and all evidence supporting the conclusion. When done, the appraiser must sign and certify the report. Such a description will stand up to legal and Irs scrutiny and the value offered can be trusted.
 
Now that I've established what an appraisal is and isn't, let me throw a wrench in the works. If you called five appraisers to appraise the same item, you may get five distinct appraised values for the item. How can that be? An appraiser must make sure assumptions and adjustments in arriving at the value of your item. Unless sales evidence can be found for an item exactly like yours, adjustments will have to be made to compensate for differences in age and condition. Manufacture adjustments is more art than science, and ultimately depends on the skill and taste of the appraiser. Also, the intent of an appraisal will have a bearing on the value. Appraisals for assurance replacement, estate liquidation, fair market value and cash value will all yield distinct numbers. If the value of your tangible personal asset is prominent for estate, tax, divorce, or other legal consideration, please don't rely on an thought of value to make your claim. Call a certified personal asset appraiser.

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