FMV

from Helaine Fendelman of NYC

Alan:

Thought the group might like to see the official definition of FMV which the government and appraisers use.

Helaine

IRS FMV

Aprraisals-For What Purpose?

from Bea Weiskopf of Northbrook, IL

Hello Alan

When working on appraisals that require Fair Market Value (the term generally applies to estate tax liability or donation appraisals) for better items I generally look to the auction market for completed sales. Fair Market Value also includes buyer’s premium. Dealer’s prices are really closer to Replacement Value for insurance purposes. I would only use eBay as a last resort unless sold by a reputable auction house on eBay. Market Value (not Fair Market Value) is what one would receive when an item sells and would take into consideration any costs incurred by the seller such as seller’s commission and moving expenses.

Bea Weiskopf, ISA AM

Accredited Member

International Society of Appraisers

Thoughts On Value From a Novice Collector

from Brad Withers of Cleveland

As a Novice collector, I look at three sources. First eBay. I find that many people will put “Steuben” in the listing to optimize the search engine for more focused glass collectors. They may or may not know what they have. I have seen the same purple glass plate and bowl be relisted as Stueben for over a year. The seller hasn’t gotten the hint that they are mislabeling the item. I saw a plate last week that I wasn’t sure about. It was right, I wasn’t. Then there are those who put outrageous prices on items. Never hurts to ask I guess. For me, the beauty of eBay is that I can see a great number of pieces over a short period of time. I’ve bought a couple of pieces that were not great. I would have to spend a lifetime searching dealers to learn as much as I have.

Auction Houses are supposed to be a higher level of vendor. I have found that they are helpful. They don’t have the resources to check out every item so there can be a poor listing. I purchased on piece that used the number on the bottom. They never looked it up. It was the wrong number for the item. In the end I bought apiece that was right with the wrong number on the bottom. Off by a digit.

Dealers are the best. They are knowledgeable, in my experience charge market rate prices for well authenticated pieces. I am willing to pay that extra price for a good piece. I have found the dealers I buy from to be great educators.

The truth is as a collector to watch all three markets and carefully buy from each. They all have their place in the market.