Autograph Values - Identifying the Value of an Autograph - So, What's It Worth?

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Perhaps the most commonly asked quiz, I hear is; "So, what's it worth?" The quiz, may pertain to a four language ship's paper signed by James Madison and James Monroe, a signed picture of movie star and sex sticker Marilyn Monroe, or a hand-written letter by Union general (posthumously promoted) Samuel K. Zook. frequently it is an innocent invite for a "ball park figure" on a definite item. As a pro appraiser it is difficult to formulate a uncomplicated one-word answer.

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Each item has many different values. The Madison / Monroe document, for example, will be shown to have at least four different values -- and each one will be correct. How can that be? It depends upon the market.

You are probably familiar with the term "market." A shop is any place or ideas for exchanging property in the middle of buyers and sellers. A shop can be a retail gallery or a flea market. It can be a bankruptcy liquidation sale or a mail order catalog. The internet and other on-line services are markets for the buying and selling merchandise. The "value" at which the item is sold may be different in each market. The term "Fair shop Value" is a legal definition used in a variety of instances. Charitable contribution, dissolution of marriage, or estate tax liability, may be circumstances when fair shop value is required. "Fair Market" does not mean "reasonable." The term "fair" comes from old English law, meaning open and free market, as in a "market" or "fair" where goods are bought and sold.

This value may be very different than retail value. In situations when man is curious in insuring an item, a retail exchange cost may be most appropriate. It all seems quite confusing, but once you recognize the hypothesize you want to know "what its worth" then a value can be provided. The "reason one needs to know" is referred to in appraising as the "function" of the appraisal. It is also called the "intended use" or the "assigned use." With a known "use," the thorough shop can be researched.

Markets range from high-end, high-quality, retail autograph galleries to flea markets and garage sales. assorted quality and all types of material can be found within any market. An example is the multi-million dollar Dunlap copy of the announcement of independence reported to have been found behind and old picture at a garage sale.

Here are some examples of situations where the value is dependent upon "use" or "need." The shop researched is based on the use and value required.

If the report's function is to secure assurance coverage, the estimate will recognize the estimated exchange cost. The shop to investigate is the gallery where the item was purchased.

If the report's function is to liquidate a bankrupt business, the estimate will recognize the liquidation value. The shop is the court steps.

If the report's function is to build a potential tax deduction for a charitable contribution, the estimate will recognize the Fair shop Value. The shop is most likely a well advertised auction.

As an example, we'll use Madison/Monroe four language ship's paper. If an owner and the assurance firm need to know what it will cost to replace the item with a similar piece, an appraiser might investigate its original source, the gallery where it was purchased. The Estimated exchange cost in a mid-to-high-end shop is ,500.00. This may be the valid value for this need.

If that same owner filed for bankruptcy and the U.S. Bankruptcy Court Judge ordered the sale of the item, it may bring ,200.00. This may be a valid value for this situation.

If the owner decided to donate it to the National Archives, it might have a value of ,350.00. This may be a valid value for that estimate "use."

Finally, if the gallery owner was robbed his assurance firm would compensate him at his or her cost. This value could be ,750.00. perhaps an strict value for this
situation.

As you can see, the same item has four different values. Each may be strict and thorough for the "intended use" and "purpose" of the valuation. There is more to determining value than picking a price. anyone providing values must understand the autograph, manuscript, and historical document shop as well as the hypothesize for request the question; "So, what's it worth?"

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