Appraising in a Soft Economy

The Herald On Line has an article by Kristen Valle of the Charlotte Observer on individuals looking to value and possibly sell family heirlooms. I have posted on this on the AW Blog in the past, but this short article points out some interesting aspects for the appraiser. The article states business is booming around the state for the services of personal property appraisers. Valle concludes many of the appraisals are based upon the desire of collectors and owners to discover what the value of the property is, with the thought of selling if personal financial conditions dictate a sale.

The article states that most appraisals cost between $200.00 and $400.00, but it does not state if this is for once piece or a large collection. Last time I posted one of these local interest stories about appraisers and the fee was mentioned, and it was very low, I received a comment saying articles that misrepresent fees do a disservice to the industry. I agree with that comment, but on the other hand I also like to see the personal property appraisal profession get some much need coverage and publicity.

Educating the consumer and end user on appraising, what is involved in the process and the cost associated has been lacking for a long time within the profession. The article also lacks a bit of clarity and understanding on the various levels of value and markets an appraiser may provide, but overall, it does promote the profession and points out how the appraiser can help value and also assist in disposing of property.

Valle states Appraisers around the state say business is booming, thanks to clients who want to know whether they can strike gold with their grandmother's china or the table they picked up at a yard sale years earlier.

Nationally, appraisers, who can specialize in items such as jewelry, antiques or fine arts, are seeing a similar bump in business, according to the American Society of Appraisers, a trade association.

"I feel like I'm an economic barometer," said Jan Robbins Durr, the Matthews appraiser who researched Francis' pieces. "People are calling saying, 'I think I need an appraisal because I want to sell something,' whereas a year ago, it was, 'I need an appraisal because I want to be insured.'"

For some, selling heirlooms is a painful sacrifice; others say it's a profitable way to unclutter the attic. Lucky ones can make quick cash through an estate sale, auction or consignment shop. But appraisers warn that, because of the down economy and ease of finding rare items on the Internet, the resale value is often far less than the insurance-replacement value provided through an appraisal.

To read the full article, click HERE.