What You Receive With An Appraisal: An in-depth document of valuation for insurance, donation, tax, and other legal purposes
THE APPRAISAL PROCESS:
The methodology we use is based on the Uniform Standards of Official Appraisal Practice, or USPAP for short. USPAP is the generally recognized ethical and performance standard for the appraisal profession in the United States.
- Examination: The physical item(s) are examined for important value characteristics, such as the collection’s overall quality level (condition, pressing edition, cultural or historical touchpoints, desirability, etc.) This examination can be done in person or from afar with a detailed list.
- Research: We conduct research to understand the current market value of the item or collection, based on recent sales figures, professional consensus, trend analysis, catalogs and guides, and other sources.
- Comparables: Items are found that are the same or similar to what is being appraised.
- Personal Expertise: With over 20 years of experience, we certainly have an opinion. However we do not solely rely on our opinion when conducting an appraisal. It is the entire detailed document itself that provides the justification for the value estimate of an item or collection in the current marketplace.
With the recognized value of rare records and music memorabilia reaching to the tens of thousands of dollars and more, it is critical that individual items and collections be evaluated and formally appraised.
Example: You are donating records to a university or museum and need a document to claim a charitable deduction on your taxes.
EVALUATION: An Evaluation can tell you the approximate value of your items. It uses the same research methodology as an appraisal. This is not a legal document, has no legal weight, and cannot be used for insurance coverage or claiming a donation credit. It is most useful in estimating what a sale to a dealer might bring.
Note: If you only have a few items, it’s easiest to check with Ebay or Discogs.com. Make sure, however, that you look for actual paid prices, not just what items are being listed for.