An “antique” is defined as any object that is 100 years old or more, so that designation is always moving along with history. Not everything that is 100 years old is automatically “valuable,” however, and many things that are not technically antiques may actually be valuable, such as fine art or certain “collectibles.” These are items less than 100 years old but for other reasons have value beyond similar “used” items. For instance, a mid-century modern table may have significant Fair Market Value based on its maker or aesthetics, whereas other tables from the period would just be used furniture, with minimal value. The best way to tell the difference is to consult an antiques researcher or appraiser. Contact Carolyn Law for a free preliminary opinion.
Basically, material culture research is a way to tell the story of your things. Material culture is a term used in anthropology, sociology, and archaeology to refer to the tangible objects created and used by human beings. In the field of history, material culture research is the study of physical things rather than documentary records to learn about how people lived in the past. Carolyn Law applies techniques of material culture research to bring to life the context in which an object was created and used and the meaning it held for people in its own time.
An appraisal is an opinion of value, but an opinion alone is not an appraisal. A certified appraisal is a process that arrives at an opinion of value based on and supported by documented evidence, such as comparable sales, condition, rarity/scarcity, current market trends, and often other factors. A certified appraisal results in a report that is admissible in courts of law and other legal proceedings and is recognized by the IRS, banks, and insurance companies. A certified appraiser is a professional who has completed a course of training in appraisal methods, reporting, and ethical practice.
The IRS, lenders, insurers, bankruptcy and divorce courts, and estate and probate attorneys usually require “certified” appraisals to determine the value of personal property in their various areas of concern. The certified appraisal report is regulated by the Uniform Standards of Professional Appraisal Practice (USPAP) to assure that the appraiser’s finding of value is based on accepted methods of research, documentation, and ethics. Learn more.
Certified personal property appraisers are trained professionals who charge accordingly for their special expertise and subject knowledge, research skills, and business overhead, such as proprietary resources. Credible appraisers, like Carolyn Law, charge by the hour or sometimes a flat fee. Never choose an appraiser who agrees to appraise your property as a percentage of its value or anyone who wants to buy it or makes an offer.
Carolyn Law’s fee structure varies by type of assignment but is always transparent, charged either at an hourly rate or as a flat fee, determined by the unique needs of the assignment. Contact Carolyn Law for an estimate.
The Internal Revenue Service defines Fair Market Value as “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of relevant facts.” Not all appraisals need to seek FMV, however, though it is by far the most common type of valuation. Sometimes another basis of value is more appropriate for the specific needs of the client or the individual circumstances of the assignment, such as liquidation value in bankruptcy situations or replacement value for insurance purposes.
Certainly, eBay is good for some things, but it’s really not a reliable way to determine value of your antiques and collectibles, and online amateur research is not accepted for insurance or tax purposes. A finding of Fair Market Value (FMV) is required in those situations. FMV is based on completed sales, not asking price, which is really the most you can learn from eBay. FMV is determined through market research of verified sales, not retail price or asking price alone. Also, a certified appraisal must be based on an in-person physical inspection, something eBay normally doesn’t accommodate. So use eBay to figure out what you have and perhaps whether it is relatively common or desirable, which does affect value in some cases. Then contact a certified appraiser to determine whether a certified appraisal is appropriate for your property. Carolyn Law can help you decide with a free preliminary opinion.
Carolyn Law does not appraise coins, stamps, furs, firearms, or fine jewelry and precious stones. She will be happy to subcontract or refer you directly to a qualified appraiser for these types of items. Carolyn Law does not appraise any type of real estate.