Christian,
With lots of respect for your profession, I would have to disagree with
that last statement. There is every reason for museum professionals to
understand the process of appraising, in addition to the other facets of
the works in our care(history, style, artist, provenance). It is an
important part of what we do, and a dangerous issue of which to be
ignorant. The issue goes far beyond a simple ethical resistance to
valuation on our part, and it is very important for us to be able to advise
donors as well as our institutions on these issues. I think our role is
being underestimated.
Many of the books, catalogs, and resources we use in our daily activities
are the same as any an appraiser would use. As a matter of fact, it is
often part of our responsibility to go through the same appraisal process
in the service of our collections, specifically with reference to insurance
values and internal valuations. Under normal circumstances, fair market
value is not our primary concern. Admittedly, the majority of us are not
licensed to produce "qualified" appraisals for the IRS or any other entity,
but we are also not limited to searching Ebay for FMV information. An
appraiser's resources are probably more extensive, and their qualifications
hopefully more germaine, but that does not mean our understanding of what
appraisers do is inferior to said appraiser's understanding.
I think there is a very positive relationship between the two, but there
needs to be a clear division of territories for the sake of our non-profit
statuses.
Mark Janzen
Registrar/Collections Manager
Edwin A. Ulrich Museum of Art
Martin H. Bush Outdoor Sculpture Collection
Wichita State University
(316)978-5850
Christian Trabue
<[log in to unmask]>
Sent by: Museum To
discussion list [log in to unmask]
<[log in to unmask] cc
SE.LSOFT.COM>
Subject
appraisals - more than just the
02/18/2005 02:25 Antiques Roadshow
PM
Please respond to
Museum discussion
list
<[log in to unmask]
SE.LSOFT.COM>
Recently, I have received a few off-list appraisal
questions. Because of the question posed two days ago
I thought I would share some useful info with the
list. According to "Art Law" by Ralph E. Lerner and
Judith Bresler, "If the taxpayer is careful in
selecting the appraiser and if the appraisal includes
the elements set forth in the regulations as to a
qualified appraisal - that is, if, among other
requirements, there are comparable sales and the
valuation methods of the appraiser are set forth -
valuation cases could be settled with the IRS." p. 356
Ethically, there are some problems with museum
professionals appraising objects but perhaps a more
relevant issue is the appraisal itself. Appraisals
are composed of more than just monetary values.
Elements of a correctly prepared appraisal report
include the purpose, terms and marketplace context in
which the value is determined, the data and sources
examined, and the analysis which was applied, a full
description of the object, (appropriate to its value,
importance, and the purpose, applying the evaluative
experience of the appraiser), and the value
conclusion.
Appraisers own books, subscribe to catalogs and
databases and maintain contacts in both the museum and
gallery world. Although artist, style, and subject
are important components to the appraisal the
appraiser is interested in what an someone else would
pay in a given marketplace. For donation purposes,
the appropriate marketplace is the fair market. The
definition of Fair Market Value (FMV) is, "the price
that property would sell of on the open market between
a willing buyer and a willing seller, with neither
being required to act, and both having reasonable
knowledge of the relevant facts." It must also be
noted that if a restiction is put on the use of
property to be donated, the FMV must reflect that
restriction. The FMV has ben specified and modified
by various court decisions.
Appraising is a ever-changing field. Although most
museum professionals have an understanding of the
objects, the history, and perhaps even the monetary
value, there is usually little reason for them to
understand the process of appraising.
Thanks
Christian Trabue, Appraiser
Louisville, KY
__________________________________
Do you Yahoo!?
The all-new My Yahoo! - Get yours free!
http://my.yahoo.com
=========================================================
Important Subscriber Information:
The Museum-L FAQ file is located at
http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed
information about the listserv commands by sending a one line e-mail
message to [log in to unmask] . The body of the message should
read "help" (without the quotes).
If you decide to leave Museum-L, please send a one line e-mail message to
[log in to unmask] . The body of the message should read "Signoff
Museum-L" (without the quotes).
=========================================================
Important Subscriber Information:
The Museum-L FAQ file is located at http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed information about the listserv commands by sending a one line e-mail message to [log in to unmask] . The body of the message should read "help" (without the quotes).
If you decide to leave Museum-L, please send a one line e-mail message to [log in to unmask] . The body of the message should read "Signoff Museum-L" (without the quotes).
|
