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Re: [Orchid] General inquiries about appraisals  
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From: E. Luther
Date: Sat Jan 11 21:43:10 2003
 
     
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>     It's essentially an auction market meaning it's worth whatever
>     someone will pay for it. 


    I have to take issue with this statement.  A competent appraiser
    will identify and define the market for which the price is valid. 
    It could be Fair Market Value, could be auction value, could be
    insurance replacement - new, insurance replacement - used...  A
    value on an item without stating in what market that value exists is
    useless. 

    You'll notice they usually say this on the Antiques Road Show --
    they say, in my shop this would sell for, or at a well attended
    regional auction this would go for...  They identify the market. 

-- 
Elaine Luther
Chicago area, Illinois, USA
Certified PMC Instructor
eluther AT copper.net


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