THE APPRAISAL PROCESS APRIL 2014 KANSAS CITY
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1 THE APPRAISAL PROCESS APRIL 2014 KANSAS CITY
2 INTRODUCTION MEMBERSHIP OR EDUCATION QUESTIONS: CALL
3 OUR AUDIENCE Professionals who rely on appraisals and accurate value information Community Residents who purchase appraisals to solve problems, i.e. insurance coverage, estate planning, charitable giving Collectors, Librarians, Curators, Registrars who must wisely manage assets, investments, archives and heirlooms Students and Teachers who research objects in social and historical contexts and design new curriculum
4 PROFESSIONALS Better serve your clients by Understand what makes an appraisal compliant Know what you are asking your clients to provide Be able to qualify the documents for review In many cases lawyers and estate planners do not understand the appraisal process Reduce the risk of making decisions based on faulty value conclusions or hiring an unqualified appraiser Expand your professional practice with additional value added services such a personal property valuation, art advisory contacts, collection management, etc
5 PROFESSIONALS Financial Planners and Advisors Need to Look Beyond Real Estate and Securities and Assist Clients with Other Assets from the Balance Sheet Personal Property Values & Passion Investments Art/Antique Collection Automobiles Luxury Goods Wine Jewelry/Watches Coins/Stamps
6 COMMUNITY RESIDENTS Solve immediate problems such as insuring art and antiques determine estate tax liability making charitable donations processing damage claims distributing assets equitably settling divorce or bankruptcy litigation
7 COMMUNITY RESIDENTS Become a savvy consumer by knowing what should be included in the appraisal report Understand the appraiser s credentials so you can hire the right appraiser for the job Understand the various levels of value for your intended use
8 COLLECTORS, CURATORS & LIBRARIANS Understand the true value of your collection or the holding for which you are the steward Learn to increase or downsize collections intelligently by being an informed trader, buyer and/or seller Expand your network of resources to become a sophisticated champion for your collection
9 STUDENTS AND TEACHERS Discover new topics for scholarly research Expand the curriculum by designing new courses and enhancing existing classes Be part of the emerging and interdisciplinary academic field of the study of material culture
10 DO YOU KNOW YOUR COLLECTION? MEMBERSHIP OR EDUCATION QUESTIONS: CALL
11 KNOW YOUR COLLECTION Documenting a collection will not only enhance the value of individual objects in the collection but add context and interest to your collection. Where was it purchased, when and for how much? Is the original invoice on file? Who owned it previously? Was it inherited? How did the original owner come by it? What is known about the maker or artist?
12 KNOW YOUR COLLECTION Has it been appraised? When, by whom and at what valuation (insurance, market, replacement)? Has the object been published? Where, and by whom? Has it been included in any exhibitions? When, where, curated by whom? Where is it now? When was it sold, for how much? Does it have any unique identifying numbers from previous owners? (museums call these accession numbers)
13 EVALUATING YOUR COLLECTION MEMBERSHIP OR EDUCATION QUESTIONS: CALL
14 14 POINTS OF CONNOISSEURSHIP FOR THE DECORATIVE ARTS Developed at Winterthur and published as a book called Evaluating Your Collection by Dwight P. Lanmon from the Winterthur Decorative Arts Series.
15 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Overall Appearance Does it work Ornamentation complement the form Pleasing form Graceful Unity of parts to the whole Form Shape Mass Proportions
16 Ornament Color 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Figure of wood Texture, Turnings Carvings Engraving Enameling Printed design
17 Materials Woods 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Surface coatings Adhesives Hardware Know what was used and during each decorative arts period Finish Original Color Layers
18 Color 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Color Changes Exposure to air Pollutants Sunlight Craft Techniques Quality of craftsmanship Techniques and practices of the period Congruency of parts (single maker, mixed parts)
19 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Trade Practices How items are marked or labeled Excise and Tariff laws Craft Organizations Function Reason for existence Why was the object made Intent of the artist Style Features define style Features may link object to a period (i.e. Baroque, Rococo, Neo Classical)
20 Attribution 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Signatures Labels Stylistic Take caution as labels can be applied and signatures can be fraudulent History of Ownership Sales Receipts Sales Catalogs Exhibitions Family history
21 Condition 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Natural aging such as softening of edges Wear (logical pattern and location) Patina Repairs/Restoration Sympathetic/Unsympathetic Level of acceptance of wear and damage Evaluation Aesthetic value Intrinsic value Is it culturally important Rarity Worthy of Purchase
22 14 POINTS OF CONNOISSEURSHIP DEVELOPED AT WINTERTHUR Conclusion and Determination based upon the 14 points
23 APPRAISERS & APPRAISAL ORGANIZATIONS MEMBERSHIP OR EDUCATION QUESTIONS: CALL
24 APPRAISER DEFINITION An appraiser is a professional who specializes in providing opinions of value (appraisals) and valuation services in an independent, impartial and objective manner Professional appraisers have taken courses and have been trained in appraisal theory and methodology as well as specific product and specialty knowledge ISA appraisers must take classes, pass exams, and subject their reports to peer review as well as meet USPAP and minimum experience requirements
25 WHY HIRE AN APPRAISER Purchase Insurance Coverage Property Damage or Loss Claim Donations and Gifts Selling an Item/Purchasing an Item Estate Planning Equitable Distribution for an Estate Estate Taxation Collateral for a Loan Desire to know
26 WHY HIRE A DESIGNATED APPRAISER Education Training Experience Legitimacy Code of Ethics Current and up to date in Appraisal Standards Market Trends
27 FOUR RECOGNIZED APPRAISAL ORGANIZATIONS International Society of Appraisers (ISA) Appraisers Association of America (AAA) American Society of Appraisers (ASA) Royal Institute of Chartered Surveyors (RICS) We recommend to only hire a designated appraiser from one of these four recognized appraiser organizations.
28 INTERNATIONAL SOCIETY OF APPRAISERS Largest personal property appraisal organization Best appraisal principles, theory and methodology in the profession Appraisal Foundation Sponsor Code of ethics Only personal property Training/Annual Conference Requalification requirements Professional development
29 INTERNATIONAL SOCIETY OF APPRAISERS National Network of Qualified Appraisers Industry recognition for the best appraisal theory and methodology program Antiques and Residential Content Programs Fine Art Programs Specialty Studies Pathway USPAP Trained and Tested Website specifically designed to search for appraisers The best annual conference
30 OTHER APPRAISAL ORGANIZATIONS Typically smaller organizations Lower standards Diploma mills Lack of training Lack of professional development Many are dealer-centric (conflict of interest)
31 NON-AFFILIATED APPRAISERS Very Often Lack Training in: Appraisal Theory Methodology Principles Markets Many Times Dealer Associated No/Limited Professional Development Limited Contact with other Appraisal Experts and peers
32 AUCTION HOUSES AND APPRAISALS Auction Houses Used to giving auction estimates and not other levels/standards of value May lack appraisal theory and methodology understanding and experience Conflict of interest (looking for consignments)
33 CODE OF ETHICS Members of recognized professional personal property appraisal organizations, such as ISA, all adhere to a strict societal and USPAP code of ethics and conduct
34 THE APPRAISAL FOUNDATION Establishes, improves and promotes the Uniform Standards of Professional Appraisal Practice (USPAP) Disseminates information on USPAP and appraiser qualification criteria To the profession State and federal agencies Users of appraisal services Related industries Sponsors activities relating to standards and qualifications International Society of Appraisers is a sponsor of the Appraisal Foundation
35 USPAP Uniform Standards of Professional Appraisal Practice Comprehensive set of standards for appraisers Ethics Competency Record Keeping Scope of Work Jurisdictional Exceptions Development Standards Reporting Standards
36 USPAP CODE OF ETHICS Must not perform an assignment with bias; Must not advocate the cause or interest of any party or issue; Must not accept an assignment that includes the reporting of predetermined opinions and conclusions; Must not misrepresent his or her role when providing valuation services that are outside of appraisal practice; Must not communicate assignment results with the intent to mislead or to defraud; Must not use or communicate a report that is known by the appraiser to be misleading or fraudulent;
37 USPAP CODE OF ETHICS Must not knowingly permit an employee or other person to communicate a misleading or fraudulent report; Must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value;
38 USPAP CODE OF ETHICS Must not engage in criminal conduct; Must not willfully or knowingly violate the requirements of the RECORD KEEPING RULE; and Must not perform an assignment in a grossly negligent manner.
39 WARNING SIGNS MEMBERSHIP OR EDUCATION QUESTIONS: CALL
40 DO NOT HIRE AN APPRAISER IF The appraiser claims to be associated with an appraisal organization and they do not come up on the site s appraiser search The appraiser belongs to a lesser recognized organization or does not hold a designation from a recognized organization The appraiser does not belong to an appraisal organization
41 DO NOT HIRE AN APPRAISER IF The appraiser claims to be USPAP Certified (USPAP does not certify appraisers) The appraiser has no appraisal theory or methodology training The appraiser is not USPAP tested and requalified every two years Is banned from practicing before the IRS If the fee is based upon a percentage of the valuation The appraiser values and offers to buy
42 THE APPRAISAL MEMBERSHIP OR EDUCATION QUESTIONS: CALL
43 APPRAISAL DEFINITION An appraisal is the act or process of determining value, estimating cost, or calculating the present worth of forecasted earnings An appraisal report is a written documentation of the same An opinion of value which can be express as a specific amount, a range of numbers, or a relationship to a previous value opinion or set amount Appraisals are opinions based on an informed judgment which are supported by facts, analysis and processing of relevant factors
44 INTENDED USE Insurance - Collection Insurance Damage/Loss Claim Donation Estate Equitable Distribution Estate Planning Liquidation Acquisition Loan Collateral Pre Move Inspections
45 ELEMENTS OF A QUALIFIED APPRAISAL Name and Address of the Client Intended use Intended Users Name, Contact Info and Qualifications of the Appraiser Signed Certification Scope of Work narrative Effective date of the report and value Appropriate Market Objective Value Being Sought and Definition
46 IRS QUALIFIED APPRAISAL (DONATION) Detailed Description of the Property Physical Condition of the Property The Expected Date of Contribution Terms of Agreement Relevant to the Property Name, Address, Tax ID # of Appraiser & Fee Arrangements Appraiser Qualifications Statement Appraisal was prepared for Income Tax Purposes Date of Which Property Was Valued Appraised for Fair Market Value, Basis for Value, Comps Method of Valuation used to Determine FMV
47 IRS QUALIFIED APPRAISER Appraisal Designation from a Recognized Professional Appraiser Organization or Has otherwise met minimum education and experience Regularly Performs Appraisals for Pay Meets other requirements as prescribed by IRS Regulations Is not been prohibited from practicing before the IRS at anytime over the three year period ending on the appraisal date
48 THE APPRAISAL PROCESS Initial Consultation Scope of Work and Intended Use Inspection & Inventory Critical Assumptions & Limiting Conditions Research Comparable Data Value Adjustments and Value Conclusions Report Writing Compliance and Ethics Reviews
49 OTHER SERVICES Consultant Brokerage (Acquisition or Disposition) Advisor Collection Management Downsize Assistance Oversight Services (conservation, framing, shipping storage) Condition Reports and Annual Inspections
50 OTHER SERVICES Litigation Services Support appraisal report Appraisal review Technical analysis Assist client in a legal matters (integrity and objectivity must be maintained) Expert Witness Serve as arbitrators or mediators in disputes
51 MARKETS AND VALUE MEMBERSHIP OR EDUCATION QUESTIONS: CALL
52 PRICE, COST & VALUE Value the monetary worth of something: the amount of goods, services or money that something will command in exchange within a certain market Value must be justified Price the amount someone is asking for an object Price is not necessarily justified Cost the amount someone paid for an item Cost, like price is not necessarily justified
53 APPROACHES TO VALUE Market Data/Sales Comparison Cost Income
54 MARKETS Retail Wholesale Orderly Liquidation Distress Liquidation (values can be different in each market place)
55 AUCTIONS Depending on timing can conflate multiple markets Traditional Online Condition Selling Buying Appraisals
56 MARKET TRENDS Changes in Values due to Economics Changes in Taste Geography
57 STANDARDS OF VALUE Fair Market Value Marketable Cash Value Liquidation Value Market Value Actual Cash Value Salvage Value Liquidation Value
58 INSURANCE COSTS Estimating the cost to replace an item of personal property with an exact duplicate, suitable substitute or manufacture with exact duplicate or suitable substitute Replacement Cost New Used (Comparable) Reproduction Cost Repair or Restorations Cost
59 AFFECTS ON VALUE Condition Provenance Markets Individual Item vs Collection Singular or Group (i.e. single chair or set) Value In Place / In use Appreciation Depreciation Authentication
60 EXPERTISE AND COMPETENCY MEMBERSHIP OR EDUCATION QUESTIONS: CALL
61 GENERALIST APPRAISERS A generalist is an appraiser who appraises a broad range of properties Generalists are critical to the appraisal profession, often appraising large estates and other complex assignments that encompass many areas of knowledge When necessary, a competent generalist consults with and acknowledges specialists and experts in creating a thorough appraisal report.
62 SPECIALIST APPRAISERS A specialist is an appraiser who primarily concentrates on a specific property and regularly performs appraisals of that property type A specialist often has additional education in a limited and dedicated field A specialist usually has more knowledge and experience than a generalist in a particular property type, but is not as knowledgeable as an expert in the field
63 EXPERT APPRAISERS An expert is an appraiser with comprehensive and authoritative knowledge of or skill in a highly concentrated field as a result of extensive education and experience Expertise is normally gained after many years of formal education, self-study, market experience, scholarly research, presentation and publication, or a combination thereof Only an appraiser working at the highest levels within a field should be considered an expert
64 APPRAISER VS AUTHENTICATOR An appraiser is usually not the authenticator but in certain instances can be Training in the logic and reasoning required to support the opinion Has proper credentials and experience in the appropriate specialty Appraisers identify Many clients and collectors assume the appraiser is also an authenticator
65 PROVENANCE French term meaning history of ownership of a valuable object Previous Ownership Dealers Collectors Auction houses Dates Exhibition History Mention in Books and Magazines Catalog Raisonne Impact on value
66 PROVENANCE A full provenance provides a documented history that can help prove ownership assign the work to a known artist establish the work of art's authenticity
67 AUTHENTICATION Broadly, the act of proving that something is true or genuine Market may determine authenticity Dealers may warrant authenticity Object deemed authentic or Fake Forgery Copy Misattribution
68 AUTHENTICATION VS IDENTIFICATION Qualitative Scholarly Imprecise Opinion Subjective Extrinsic Inexact Subject to change Quantitative Scientific Measurable Factual Objective Intrinsic Exact Fixed
69 WHY AUTHENTICATE When provenance is not clear Valuable work being donated Value would change after authentication When fakes and forgeries are known to exist (Dali prints) Important works being offered Client needs to know Insurance Historical accuracy
70 Signatures NOT ALWAYS RELIABLE SIGNS OF AUTHENTICITY Older Attributions Unvetted Exhibitions Auction Sales Gallery Sales Certificate of Authenticity (COA)
71 CERTIFICATE OF AUTHENTICATION (COA) Beware Not always what they appear Some will have inappropriate values connected to them Some COAs are self-serving and used to deceive
72 FAKES, FRAUDS, COPIES & MIS-ATTRIBUTIONS MEMBERSHIP OR EDUCATION QUESTIONS: CALL
73 FAKE/FRAUD/FORGERY A forgery is normally defined as a work of art presented to a buyer or audience with the intention to deceive Fraudulent intention is necessary for a work to be a forgery this distinguishes forgeries from honest copies and merely mistaken attributions Usually a forger creates in the style of a famous artist and tries to sell it, often in collusion with an unscrupulous dealer Forgers rarely execute an exact copies of existing authentic original object such works are in most cases impossible to sell to informed buyers.
74 FAKE/FRAUD/FORGERY MARTIN JOHNSON HEADE, BY KEN PERENYI
75 FAKE/FRAUD/FORGERY FAKE ON THE LEFT (CHIPSTONE COLLECTION)
76 FAKE/FRAUD/FORGERY FAKE ROLEX ON THE RIGHT
77 COPY Reproduction Revival example In the sytle of Not intended to deceive May be marked as a copy
78 MISATTRIBUTION Incorrectly Identifies an object Authentication not done by an expert Scholarship changes Error or mistake based
79 INSURANCE MEMBERSHIP OR EDUCATION QUESTIONS: CALL
80 INSURANCE POLICIES Homeowners Policy Scheduled All Risk Blanket All Risk Art Title Insurance
81 HOMEOWNERS INSURANCE POLICIES AND APPRAISALS Unscheduled Typically limited to 50% of dwelling coverage A Deluxe Policy may be needed for collection coverage Deductible typically applies Determine value after loss May have sub-limits for collectible classes Policies differ by company
82 SCHEDULED ALL RISK COVERAGE Sometimes called Fine Arts or Valuable Articles Policy Is in addition to homeowners policy Predetermined or agreed amount (losses are pre-qualified) Each item listed individually (an appraisal may be necessary) Typically includes breakage coverage for fragile items Typically automatic coverage for new acquisitions Typically no deductible Markets may change and client may become over/under insured
83 BLANKET ALL RISK Written on total dollar amount Items not individually listed No deductible Breakage coverage for fragile items Burden of proof of value falls on insured (In event of a loss an appraisal may be crucial and/or necessary) Per-item dollar limit (many times set at $2500 unless increased based on client needs, or is combined with a scheduled policy)
84 ART TITLE INSURANCE Art Provenance/Chain of Title Risks Theft - contemporary or historical (e.g., WWII) Illegal import or export Classic Title Risks Security interests Creditor liens Authority to sell Coverage is for the face value of the policy plus the cost to defend against a claim. Appreciation of the value of the art can be addressed via policy endorsement.
85 ART AS AN INVESTMENT MEMBERSHIP OR EDUCATION QUESTIONS: CALL
86 ART AND ANTIQUES AS AN INVESTMENT Three Schools of Thought Buy Art for the Love of the Art Buy Art as an Investment Buy for Cultural Significance
87 ART AND ANTIQUES AS AN INVESTMENT For Financial Returns Emerging Artists Art From Emerging Countries Portfolio Diversification Alternative Investment Undervalued and un-identified objects Buy and Hold (Long term investment strategy) Buy and Sell (typically contemporary art which is has a more volatile trend, than other segments such as old masters)
88 ART AND ANTIQUES AS AN INVESTMENT Passions Investments More than a traditional financial investment financial return Enjoyment of ownership Potential Tax Benefits (i.e. foundations) Social Benefits More than philanthropy Socially responsible Involvement beyond financial such as decisions, participate in the management, etc. far more than a straight-forward charitable donation in the past
89 ART AND ANTIQUES AS AN INVESTMENT Investing in Art Art is a commodity, with risk and volatility Requires knowledge and $$$ Buyer Beware Research, know value and what the artist is known for Additional cost of ownership/buying/selling such as appraisals storage, insurance, maintenance, and auction or gallery fees Invest in art through an art fund Insurance and possibly art title insurance Estate Planning (trusts and foundations)
90 ART AND ANTIQUES AS AN INVESTMENT If you are a novice or even a seasoned pro Research Train your eye Be an informed and savvy buyer Hire an art consultant Hire a qualified and experienced art appraiser such as a designated member of the International Society for Appraisers
91 ART AND ANTIQUES AS AN INVESTMENT Mei Moses All Art Index repeat sales index
92 ART AND ANTIQUES AS AN INVESTMENT Given the recent prices at the top of the market, there is more interest from collectors, investors, banks, wealth managers, estate planner and the IRS to look at art as an investment Francis Bacon, Three Studies of Lucian Freud, oil on canvas, in 3 parts, painted in 1969, sold in Nov, 2013 at Christie s NY for a record price of $142.4 million
93 WHY HIRE AN ISA APPRAISER MEMBERSHIP OR EDUCATION QUESTIONS: CALL
94 ISA APPRAISERS ISA Appraisers have all of the necessary appraisal skills, including Connoisseurship Experience The professions gold standard of Appraisal Training
95 ISA APPRAISERS ISA has three designation levels, our highest and most demanding level is the ISA Certified Appraiser of Personal Property (CAPP)
96 ISA APPRAISERS The other two ISA Designation Levels are ISA Accredited Member (ISA AM) ISA Member (ISA)
97 ISA AND CONNOISSEURSHIP Product knowledge acquired through hands on experience Not necessarily classroom related Hands on study, examination and comparison of the relevant material over such a sufficient period of time that the appraiser is able to effectively discern the relative quality, condition, craftsmanship, market level and authenticity/authorship, if applicable. Competent to pass critical judgments in an art, particularly one of the fine arts, or in matters of taste
98 ISA AND EXPERIENCE Appraisal Experience Theory Principles Methodology Report Writing Observation of Property Product Experience Practical Contact Comparison of objects Identification
99 ISA AND APPRAISAL TRAINING ISA Appraisal and Educational Programs are considered the best in the profession, including Appraisal Theory Appraisal Methodology Appraisal Principles Testing Peer Review Requalification Classroom Programs On line Learning Management System Opportunities
100 HIRE AN ISA APPRAISER Select from the best trained and widest network of personal property appraisers. ISA Appraisers, the GOLD STANDARD for personal property appraisers
101 YOUR FIRM List Experience & Qualifications
102 THE END MEMBERSHIP OR EDUCATION QUESTIONS: CALL
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