Perhaps the most generally asked query I hear is; "So, what's it worth?" The query may pertain to a four language ship's paper signed by James Madison and James Monroe, a signed photo of movie star and sex fastener 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 exact item. As a pro appraiser it is difficult to formulate a straightforward one-word answer.
Each item has many dissimilar values. The Madison / Monroe document, for example, will be shown to have at least four dissimilar values -- and each one will be correct. How can that be? It depends upon the market.
Santana
You are probably well-known with the term "market." A shop is any place or principles for exchanging property between 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 dissimilar in each market. The term "Fair shop Value" is a legal definition used in a collection 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 dissimilar than retail value. In situations when person is interested in insuring an item, a retail transfer cost may be most appropriate. It all seems quite confusing, but once you identify the suspect 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 acceptable shop can be researched.
Markets range from high-end, high-quality, retail autograph galleries to flea markets and stable sales. assorted potential and all types of material can be found within any market. An example is the multi-million dollar Dunlap copy of the declaration of independence reported to have been found behind and old photo at a stable 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 guarnatee coverage, the estimation will identify the estimated transfer cost. The shop to explore is the gallery where the item was purchased.
If the report's function is to liquidate a bankrupt business, the estimation will identify the liquidation value. The shop is the court steps.
If the report's function is to design a inherent tax deduction for a charitable contribution, the estimation will identify 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 guarnatee business need to know what it will cost to replace the item with a similar piece, an appraiser might explore its customary source, the gallery where it was purchased. The Estimated transfer 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 estimation "use."
Finally, if the gallery owner was robbed his guarnatee business would compensate him at his or her cost. This value could be ,750.00. perhaps an precise value for this
situation.
As you can see, the same item has four dissimilar values. Each may be precise and acceptable 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 suspect for request the question; "So, what's it worth?"
Autograph Values - Identifying the Value of an Autograph - So, What's It Worth?
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