Appraisal Clinic's at Bonhams & Butterfields

Fellow appraiser Jo Desmond sent me this link from the LA Times on appraisal days held at Bonhams & Butterfields. The popularity of the "appraisal clinic", or opinion has grown as the economy has suffered. The article mentions many people come with items, but many do not meet the minimum value of $500.00 for Bonhams & Butterfields monthly Sunset estate auction program.

We as appraisers know these auction house appraisal clinics or appraisal days are not truly appraisals in the formal sense of the word. It is something we as appraisers have to deal with and educate the public on what a true appraisal is. These types of programs are a double edged sword as they bring awareness to the potential value of household property which is a positive, but also do harm in leaving the impression that an appraisal is often only a quick, off the cuff opinion with limited research.

The article states The prevailing sentiment is the same: In a struggling economy, people just want to be informed about what they own.

"We've held on to these long enough," Baird says. "We want to get a feeling for what these items are worth."

Carolyn Mani, Bonhams' director of the monthly Sunset Estate sale where some of these items may be sold, offers a more sober reason why the auction house has seen a surge in traffic at the free appraisal clinics held on the last Wednesday of every month.

"People are downsizing or moving because they have lost their jobs," Mani says. "We have definitely seen an increase in people trying to find the best way to sell their items."

In some instances, Mani says, calls come from people whose houses had been on the market for a year, and now they need to empty the place to close escrow.

The majority of people who lined up at Bonhams on Wednesday didn't have items worth at least $500, the auction house's minimum to qualify for the Sunset Estate sales. Bonhams considers consignments in 26 categories, including cars and wine, and some, such as paintings, remain level. Decorative arts and furnishings, however, have seen a spike in the number of would-be sellers hoping their garage or attic has yielded something of high value.

To read the full LA Times article, click HERE.