Diane Brenner, your response is just what I was looking for. I agree
completely with your concept of stock photo value for negatives. It
isn't just that collector value is irrelevant, however, but that "fair
market value" is relative to the type of purchaser selected by the
appraiser as a guidepost. If a commercial photographer would pay a
higher amount than a collector, certainly that's the market in which
potential buyers should be sought for an appraisal. In other instances,
collectors' purchase history might produce a higher value. Anyway, I
appreciate your response and am glad to know that there is precedent for
reasonable appraisals based on the value of negatives to photographers
as a business investment. --David Haberstich