FEATURED ARTICLE

Quality Condition Adjusted Mean Methodology: A Comparative Valuation Tool for the Appraiser
This paper explores the process of using a quality/condition adjusted mean methodology (Q-CAMM) to determine value of a subject property. A quality/condition adjusted mean regulates comparable values based upon condition level and quality points, and arrives at a final value conclusion relative to the subject property’s intrinsic features and state of preservation. Q-CAMM continues to rely upon the personal opinion and experience of the appraiser while introducing additional mathematical components to basic statistical averaging. Click the image to read the article by Todd W. Sigety, ISA CAPP.
(First Published in the Journal of Advanced Appraisal Studies - 2008)

FEATURED ARTICLE

Reconceiving Connoisseurship, by Carol Strone
Connoisseurship is a dead language and a dead art. Or so art theorists with disdain for aesthetic judgments would have us believe for some 40 years now. Indeed, connoisseurship has long languished — unfashionable and unpracticed — in academic circles and beyond. But still it matters for many people, and there are signs of a renaissance, even in the most unlikely realms of the art world. The time is ripe for reconceiving connoisseurship as relevant to furthering culture and seeing with maximum powers of observation that which humankind creates. Click the image to read the article by Carol Strone of Carol Strone Art Advisory, NY.
(First Published in the Fine Art Connoisseur, March/April 2010)

Marketing Your Appraisal Services: Facts, Myths, and Archery (yes, archery) Part two:

Wednesday, September 30, 2009 Reporter: Brian Kathenes 2 Comments

Busting The MythsWith all due respect to Discovery Channel celebrities Adam Savage and Jamie Hyneman, of Myth Busters fame, these appraisal myths must be busted before one can identify a strategic approach and establish the tactical elements of effective appraisal services promotion.


Busting -- "My appraisal designation, certification and qualifications will get me business."

Your appraisal designations, appraisal experience, and your appraisal qualifications will not get you more business. Your designations, expertise and qualifications are “features,” not benefits. Nobody cares about features. Nobody buys features. People buy benefits. They buy solutions. They buy answers to their problems, but they do buy features. Every designation, every letter after your name, and every area of specialty and expertise must be turned from a feature into a benefit.

In Successful Selling Strategies: Benefits vs. Features, publicity guru Paul Hartunian and I explain that when it comes to your appraisal qualifications – nobody cares. Prospects and clients will not care about any of your designations, until they understand the benefits of those designations.
(To Read the Rest of the article click the Read More Link below)
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Marketing Your Appraisal Services: Facts, Myths, and Archery (yes, archery) Part one:

Wednesday, September 30, 2009 Reporter: Brian Kathenes 1 Comment

Effectively marketing your personal property appraisal services is the most critical skill of any successful appraisal practice.

It is not “one of the most critical factors” – it is THE most critical factor. Without an effective marketing strategy, and a proven marketing action plan, an appraiser is doomed to a practice that is far less successful than it could be.

Appraisal myths have prevented many very qualified appraisers from properly marketing their services. As a result, these appraisers deny themselves the benefits of a well-run, highly-profitable appraisal practice. Until an appraiser looks objectively at his or her business, there cannot be any positive change in the growth and quality of anyone’s own practice, or in the appraisal profession.

In order to create a profitable, dynamic appraisal practice, appraisers must be aware of the existing myths that surround this most exciting and lucrative business. These appraisal myths must be exposed for what they are -- a fabrication created by appraisers who are looking for an excuse to explain their lack of success. It is always easier to blame an external source for our shortcomings than it is to look internally and examine why we have failed (or not have been as successful as we had hoped).

Exposing the Myths

There are three primary myths that, once exposed, will either galvanize you into action, or cause you to stop reading this article and stick your head in the sand. You get to choose your fate and your future.

Myth number one: "My appraisal designation, certification and qualifications will get me business. This is the number one fallacy of the appraisal world. It is the belief that leads many people to take appraisal courses, continuing education programs, and specialty study classes."

Once completed, the appraiser has an expectation that there will be a “payoff” for all the hard work. I’ve heard it many times. They gripe about spending a ton of money and loads of hours on a course, then expect it to pay off immediately. This is not the case. The knowledge, qualifications, designations and certifications earned are the foundation upon which an appraiser can market their services. These qualifications may provide an appraiser with a competitive edge, but only if they are marketed properly. Successful completion of any appraisal course is not a guarantee of business success.

Myth number two: "My professional appraisal organization is supposed to get me all the business I need." 

(To Read the Rest of the article click the Read More Link below)
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Establishing Your Appraisal Library: The Truth About Price Guides

Monday, September 28, 2009 Reporter: Jerry Sampson 2 Comments

The Truth About Prices Guides


Time to hit on a touchy subject. In regards to the serious appraiser and scholar in the use of general price guides, there is one simple thing to remember:


Budget your money accordingly.


A little clarification is needed first. Price guides can be broken down into two separate, but very distinct, categories.


1. General Price Guides (such as Schroeder's, Warman's, Antique Week, Antique Trader, Lyle and, of course, Kovels).


2. Vanity Price Guides (they are typically written by one or two authors who have an undying passion for a subject and usually only one subject or period will be featured in a book at a time. These are sometimes seen with the wording "with value guide" attached to the title).


Let’s explore Vanity Price Guides (VPG) first. Take for instance, the reference books on cut glass by noted author Bill Boggess. He is certainly a scholar and active in the market. His books are well researched with excellent photos, and have a listing of prices in the back for the featured pieces. As an appraiser or scholar you should know that you should not rely on any prices in any books. We'll explore the reasoning behind this mantra later. But VPG's are very, very useful and valuable to the researcher. Often they are loaded with tons of good if not great information and photos on subjects not always commonly found. These authors are consumed with their subjects. They are serious about prices, values and worth. This is just a natural part of that passion. They want to share what they know or perceive. You shouldn’t only rely on the "handy" value listings.


(To Read the Rest of the article click the Read More Link below)
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SOCIAL NETWORKING TERMS

Monday, September 28, 2009 Reporter: Jane at Appraisers Workshops 5 Comments

I received this email in the early morning from The W Q Magazine Forum. I thought it might be helpful.

Social networking on the internet has spawned an entire jargon of terms and catch-phrases that are multiplying at a rapid rate. Here's a simple list of terms to keep you up-to-date and in the loop.

Social Networking Terms

blog — (n.) content written, uploaded and updated daily, weekly, monthly or occasionally by an individual author on a variety of topics, both personal and professional; (v.) blog: to write a blog; (n.) blogger: someone who blogs; (n.) blogosphere: a compendium of blogs throughout the internet; (n.) guest blogger: someone who blogs on someone else's blog.

bulletin board — (n.) a web page where visitors can post announcements and news. Bulletin boards are typically incorporated in on-line forums; (n.) BBS (Bulletin Board System)

embed — (v.) to copy html code onto a web page so that visual and textual content will be duplicated directly on the web page without the visitor having to navigate to the url where the content was first posted. By embedding content in emails, messages and other web pages, users can easily share and spread articles, videos and photographs across the internet.

Facebook — (n.) a social networking website where members can post and exchange personal and public notices, comments and content, including written material, photos, videos and music. Members can become friends of other members, allowing messaging among groups of friends. Members can join groups and promotional fan pages. Content is handily exchanged among friends through a "news feeds" which allows friends to see all the updates that other friends make.

(To Read the Rest of the article click the Read More Link below)

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Asian Art Websites II: Jades and other hardstones

Friday, September 25, 2009 Reporter: Daphne Rosenzweig 2 Comments
Jades and other hardstones.

Such a difficult field! So many websites, so much confusing information! Buyer beware, appraiser be warned! That's the field of Chinese jades.

Is the hardstone work you are appraising in fact fashioned from "jade" and what does that term mean in the West, as opposed to how it might be used in Chinese dealer showrooms, and in your client's mind? What is its age, and is any apparent aging naturally acquired or artificially induced? How much do color, provenance and condition affect the value? These and so many other factors have to be considered in valuing a Chinese jade or hardstone carving.

The list below is intended to help appraisers find website sources for "comps" for works they have been asked to value, whether the works appear to be important or routine (and of course that is up to the appraiser to determine, not the website!). Unfortunately, most of the sites do not give prices and the appraiser must contact the company to discover the selling price of what appears to be a good comparable. The sites also vary in terms of the quality of their offerings and accuracy of their descriptions. An infinite number of sites offer jade carvings and jewelry, and this list is not inclusive. It is simply intended to provide suggestions for various levels of "comps" to aid in due diligence when appraising a Chinese jade or hardstone.

www.keverne.co.uk an outstanding site for archaic and later jades and other hardstones, with excellent descriptions; well-known London-based dealer

www.knaptonandrasti.com a wide selection of Song through 18th century jades, with fine photos including reverse views when important

(To Read the Rest of the article click the Read More Link below)
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Web Resources for Object Research

Friday, September 25, 2009 Reporter: Collectorpro Software 5 Comments
Hi Appraisers,

In this article, I will discuss using web resources to assist in object identification and object valuation. The intent of this article is to provide a framework for what is available to assist when identifying and appraising objects.

An interesting aspect of the internet is that there is no requirement for the accuracy of information and verifying claims made. It reminds me of the wild west, where anyone can post and say anything they want with little or no validation of the accuracy of the information.

What does this mean? It means that there is a lot of information to be obtained and it is up to the appraiser to review and determine the validity of the information and how useful it may be to identifying and assigning valuations to objects.

Search Engines
The standard search engines, like Google, Yahoo, and Bing are useful to help with object identification. While there are many print resources available, search engines can provide additional insight into a maker, a particular artist, and even images of same or similar objects.

Searching the web may be a supplement to using trusted sources like auction results databases. For example, a search for a little known artist may reveal additional information that is available since the latest print information about that artist.

With the explosion of blogs that are updated frequently, there is a good possibility that additional information is available all the time about artists, makers, and objects.

(To Read the Rest of the article click the Read More Link below)

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20 TIPS ON WRITING

Thursday, September 24, 2009 Reporter: Jane at Appraisers Workshops 2 Comments

I receive WQ magazine online each day and thought these tips written by Allison Whitehead were great reminders to make sure my writing stays on track. Hopefully these tips will be useful for those that write articles.

1 – Always study new and existing magazines for market information and ideas.

2 – Listen to other people – they can give you excellent ideas for articles.

3 – Read everything you can, as often as you can, and write regularly. Both will help you improve.

4 – Make sure all work is professionally laid out.

5 – Always spell check your work and double check you haven’t made any simple mistakes.

6 – Once you have written an article, put it away for a few days before sending it off. Re-read it first – any errors will stand out.

7 – Keep a notebook handy at all times, to jot ideas down in.

8 – Research everything you write thoroughly. Double check all your facts.

9 – Don’t emulate the styles of others. As you practice, your own unique style will develop all on its own. It is far more satisfying than copying someone else's style!

10 – Put as much effort into query letters as you do into your articles. These are the shop windows for what’s inside (i.e. the articles themselves).

(To Read the Rest of the article click the Read More Link below)


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Fellow Appraiser Seeks Assistance

Wednesday, September 23, 2009 Reporter: Todd W. Sigety, ISA CAPP 1 Comment
A fellow personal property appraiser and AW/Appraisers Post Blog reader has an interesting assignment and is seeking some advice from the personal property appraisal community.  If you have any suggestions or comments regarding his assignment please post a comment on the site (click on comments at the top of the post), or if you prefer, you can send to me personally by clicking HERE..

Names are changed or omitted in order to remain confidential.  Thanks for your assistance and advice.

I was approached about an appraisal assignment about a week ago. The executor contacted me about doing some estate settlement work. Simple enough. He and his wife were appointed many years ago to this position. The estate owner, we'll call "Mr. Greene", was their close friend, and had moved into a nursing home about six years ago with the last two years battling alzheimer's. "Mr. Greene" died two weeks ago at age 82.

"Mr. Greene" was quite well known in the auction and antique world. He was a serious collector in the fields of books, art and silver but surrounded himself with the best of everything. He was famous for his library which numbered in the low thousands and for his art work in which it is a known fact that he paid in excess of half a million dollars for one example. Very high end personal property.

"Mr. Greene" was survived only by an estranged cousin. Both his mother and father were the last lines of very wealthy families. He never married and had no children. The bulk of his size able estate was slated to go to charity with many pieces of personal property being willed to friends and to various dioceses' and offices, of his chosen faith, to be used as they wished.

About a week ago the executors entered his former home. To their shock they discovered that the entire home was covered with a thick layer of mold. To the degree that it permeated into drawers and cupboards. It was remarked that his clothing in the closets were so mold covered that it was hard to determine what color they were. No one had entered the home for at least six years. It is not known if this was caused from a ruptured pipe, the lack of ventilation or some chemical backlash, o if it is powdery or wet mold. So what do I do now?

Obviously this estate will have to be settled. An estate that will pass by far the $500,000.00 limits. The insurance which continued to be paid was with a high end company. They will have to be contacted quickly. Can things be cleaned and/or restored enough to be given to those in which it was willed to? How will the restoration effect the objects and the wishes of "Mr. Greene?" A important but sentimental piece to a friend valued at $300.00 with a possible $900.00 restoration tag hanging on it will have a lot of bearing on it. Even then will it be safe? Is this estate a total loss? Will the executors, who had keys all along, be asked to explain the negligence? To what level should I expose myself and my staff? Many facets to this problem. The executors just stepped back outside locked the door and alerted me. Please help!



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A Disconnect

Wednesday, September 23, 2009 Reporter: Todd W. Sigety, ISA CAPP 2 Comments
By Todd W. Sigety, ISA CAPP

I debated on where to post this topic and related article.  I thought perhaps first the Appraiser Workshops blog, but quickly decided I wanted to include more commentary rather than a brief review and link to the article.  Because of that, the more appropriate forum was the Appraisers Post.


Last week the Washington Post ran a very good article on an area builder who dismantled a 1797 home (see image at left), moved it 150 miles and completely restored it as a second home.  In doing so the owner spent over $700,000.00 on moving and restoring the 3,400 square foot home. The article discusses the owners connection to preserving old homes, and how old building techniques were used along with other methods to preserve the integrity of the home.

My issue is not necessarily with the article or the content in it, but with the images of the interior and what they reveal.

(To Read the Rest of the article click the Read More Link below)
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Saturday, September 19, 2009 Reporter: Dave Maloney 0 Comments
Appraisal Report Structure by David J. Maloney, Jr., AOA CM

There is no single approved format for all personal property appraisal reports, nor is there a required method of presenting information within the appraisal document. USPAP's STANDARD 8 states that USPAP does not "dictate the form, format or style of personal property appraisal reports, which are functions of the needs of the intended users and appraisers. The substantive content of a report determines its compliance [with USPAP]."

Appraisal reports typically contain a logical presentation of the required elements of information. Appraisers usually choose to prepare either a narrative letter-style appraisal report or a form-style appraisal report.

In a narrative letter-style report the appraisal has the look and feel of a formal letter on company letterhead complete with salutation, content, the USPAP certification statement, signature and enclosures.

In a form-style report the report is prepared in sections according to a pre-designed format, with each section appropriately titled and addressing the relevant elements of information it is designed to contain.

Regardless of which appraisal report form is used, in general terms, the appraisal report must contain three categories of information:

  • Appraisal-specific information
  • Item-specific information
  • Supporting documentation 
(Take the Poll in the Right Column on the Type of Report You Prepare)

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More on Social Networking

Saturday, September 05, 2009 Reporter: Todd W. Sigety, ISA CAPP 0 Comments
By Todd W. Sigety, ISA CAPP

The National Association of Realtors recently released results from its 2009 technology survey. Many aspects of the survey don’t specifically transfer to professional personal property appraisers, but the one aspect that caught my eye was social networking. Brian Hiatt of Collector Pro software has posted on the Appraisers Post in the past on technology issues in general and on specific areas such as social networking. I would like to pass along some results from the Realtors survey on social networking. I do believe social networking can be useful and the Realtor survey results can also apply to professional personal property appraisers. (Click on the graphs for an expanded view, and on the back button to return to the post.)

The Realtor survey shows that many realtors network through social network sites such as Facebook and LinkedIn. The survey states that 47% of the respondents are either extremely comfortable or comfortable with social networking, while 27% are somewhat comfortable, 10% uncomfortable or extremely uncomfortable. The report revealed only 16% did not use or experiment with social networking programs. That means nearly 84% of the survey respondents have tried social networking. Also very telling, in the 2008 Realtor Technology survey 67% responded they did not use social media. In one years time, usage of social networking sites went from 33% surveyed to 84% having used or tried social networking. That is an amazing increase in usage growth over a single year. It is no cliche, today technology does move quickly. (To Read the Rest of the article click the Read More Link below)
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Ten Deadly Marketing Mistakes Appraisers Make, and How To Avoid Them.

Friday, September 04, 2009 Reporter: Brian Kathenes 0 Comments



There is nothing more important than a headline.


How about the one you just read? Did it stop you? It may be an advertising headline, an article headline, a news headline, or a website landing page. The headline will either capture the attention of your readers, or it will cause them to skip to the next story, article, webpage or brochure.

Here is a classic "formula headline:"

“Ten Deadly ________ Mistakes ______ Make, and How To Avoid Them”

You fill in the blanks with your target market and address their biggest concern.

For example:
-- Ten Deadly Wedding Ring Buying Mistakes Men Make, and How To Avoid Them.
-- Ten Deadly Antique Selling Mistakes Collectors Make, and How To Avoid Them.
-- Ten Deadly Insurance Mistakes Homeowners Make, and How To Avoid Them.

Here' another: “_______ Leave(s) ________ At Risk” Just fill in the blanks:

-- Hurricane Season Leaves Sailors’ Vessels At Risk
-- Skyrocketing Gold and Silver Prices Leave Homeowners At Risk
-- Lack of Appraisal Knowledge Leaves Senior Citizens At Risk

Focus on your target market and write the headlines that will get your target market, news
editor, or radio host to stop, read, and act.

I’ve just given you two great formula headlines and seven new headlines to start with, so fill in the blanks and stay at it.

Lastly, keeping in touch with your clients and prospects is critically important. You
must maintain regular contact six to twleve times per year in order to maintain your name recognition and ensure repeat business.

If you use e-mail to keep in touch with clients, be certain to use headlines.

Not sure how to keep in touch? There are loads of products out there.
The system we use in our appraisal practice is an amazingly simple and a cost-effective solution to the time-consuming process of developing and sending e-mails to your list.

Take a cheap test run of my favorite on-line contact manager and shopping cart at:
http://www.bestonlinecontact.com/



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Appraisers' Marketing Tips -- web and e-mail

Friday, September 04, 2009 Reporter: Brian Kathenes 2 Comments

Web & e-mail Marketing Tips for Appraisers

OgilvyOne, the direct marketing division of WPP Group conducted extensive research on internet e-mail marketing. One of the most interesting discoveries I noticed in the report was that when graphical icons were included in e-mails, click-through rates jumped 60% over standard links.

The research study also identified that only 35% of an e-mail actually gets read, and the report also noted that the word “free” has less impact than it did in the past.

One last point that should be of interest to appraisers is that messages targeted to small business that addressed “service” and “solutions” had far more impact than other subjects.

What does all this mean to an appraiser?

Icon click-through:
Well, if you use e-mails designed to drive people to your website, the use of an icon, instead of a standard text URL, should provide you with a much greater response. Standard text e-mail will not allow you to use an icon within the e-mail, but html formats will allow for images, illustrations and icons. If you are not sure how to set up an e-mail with an icon, it might be worth the investment in a web designer or internet specialist.

Only 35% of e-mail gets read:
Two thoughts here – if readers only read 35% of an e-mail, then write more (not really)-
Or – make every word of your e-mail message count. The copy in your e-mail must be carefully crafted to ensure that your message is read and the reader takes the action you wish. Use what professional reporters call the “upside down pyramid” technique – that means put the most important information up front to capture the attention of the reader and to keep them reading.
Services and Solutions The “services” and “solutions” concept is not new to appraisal services marketers. By now you know that in order to successfully market your appraisal services you must focus on the “benefits,” not the features.

Finally, the “subject” of every e-mail is critically important. It is, in essence, the headline of your e-mail message. If you are e-mailing your existing clients, then your name may get them to open your message. But a solid subject ‘headline’ is much more important than your name recognition. If you have both name recognition and a great headline, you’ll drastically improve your chances of having your message read.

Looking for more Appraiser-specific marketing ideas and tips?
Go to: http://www.bestappraiserprofits.com/

Brian Kathenes



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Establishing Your Appraisal Library: Hard Back v/s Soft Back

Tuesday, September 01, 2009 Reporter: Jerry Sampson 0 Comments

Which is correct to have in your library? Hard back or soft back books? Which one is right?

Well it really makes no difference. Remember, as appraisers or collectors or dealers, we should not be overly concerned with what backing it has but rather what the CONTENT is! Now some will argue that they have a superior library because its filled with fine, hard back, first editions. Again, you shouldn’t care. You should only care about what is inside between the covers. It’s the content that matters most. Now bear in mind that typically most books when they are published will sometimes (or not) come out first in a hard back edition with following editions being in soft back. This is for one simple reason.... cost. It’s cheaper to have a soft cover than it is a hard cover. Often when books are reprinted the publisher/author will take this opportunity to revise the printing. Sometimes this is done in regards to newly found information or a price guide listing update (these should always be taken at face value, as most are out of date even when newly listed) or any other number of factors. Make sure that you have the correct edition for your needs. You don't want to have old information when there is a newly revised edition with needed information just out on the market. Examine these newly re-printed books and evaluate whether you need this new edition or not.

Warning!!! Often publishers will only change a dust jacket or a book's pictorial covers to freshen it up. Sometimes they will even state REVISED on the front or inside. The only thing that has changed is the cover, the information is often the same. Be careful not to fall for this costly trap. (To Read the Rest of the article click the Read More Link below).
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Journal of Advanced Appraisal Studies

Journal of Advanced Appraisal Studies