This is a transcript of a conference of Certified Expert Brian Kathen manuscript, May 23, 2003, the Library of Congress, Manuscript Annual Meeting of the Society delivered.
Moderator --- Steve Carson Chris Coover, Christie's auction house
and Dr. James Hutson, Library of Congress Director
Data Collection Tools
Presenter:
Brian Kather, ISA CAPP
Managing Partner
National Review Consultants
Hope, NJ
It 'an honor to speak here in this wonderfulInstitution and from my friends and colleagues of the Society manuscript.
Thank you for me to be part of the program.
"Finding a home for your collection." --- A set interesting.
Depending on the strength of "home" for your collection into account, may be an experienced professional services beneficial or even necessary.
By the end of my brief presentation, you have a better idea:
• As an expert can help you get yourHome Collection
• If you may need a surveyor
• How to choose a legal expert.
And interestingly enough, you'll probably know more about the assessment of what people who call themselves experts.
Now, before you even consider retaining the services of an expert, you need to know an important fact.
Anyone can be called an expert. There are no laws or licensing requirements in each state of the United States in terms ofpersonal property appraisers. That may seem odd, especially with the craze antiques road show, but it's true. It seems that anyone who has ever bought or sold an antique or a manuscript, a referee.
There are dozens of recent events and court proceedings, by persons who are not qualified and their customers in big trouble, as the reviewer.
You've probably heard some of them read news manuscripts. We have a great job of supporting litigationComplaints of assessment, if so, what our research shows, be amazed.
So, to begin with, we treat what is an assessment and what is not.
An assessment is a formal written document created by a qualified expert. The report provides an impartial opinion of value along with supporting documentation for this final value.
Every vote has one purpose and one purpose. The poles are the reason the assessment is conducted. Perhaps the demand for insuranceCoverage, the charitable contribution, equitable distribution, estate planning or for sale.
The purpose is the value, provided that: the replacement value of retail market value, liquidation value. We'll talk more about values later.
Now, before taking into account an assessment, consider your needs.
• What do you do with your collection? Sell, hold, or gift? give them?
° would know their value to help you in your decision?
• The personotherwise, it is necessary to know the value of the collection? Family - sales, IRS tax deduction?
We are looking for some "home" for your collection.
If you want to sell your collection (I guess that means the new home will be someone else's home from your collection). You have several options.
You can sell to a dealer. In this case, you do not need an assessment, because the dealer will tell you what he or she is willing to pay. (Well, unless you are sure it is a fair offer, the assessment couldHelp), but if you choose a reputable dealer, you will get a fair deal.
You can deliver the auction. Also you do not need a review. The representative of auction will be appreciated with a pre-auction offer and related expenses, as part of the service.
People ask us all the time and tell us they want to sell his collection at auction and need an opinion. As far as we want to relieve them of their money and not assessment, for example, if that's what they want, they aredo not need a review. The auction will be rep with all the information they need.
The same story - you can switch to an agent for the sale. The agent provides the agreed sales price and the costs associated with the transaction.
Of course, you must have a high degree of confidence in the dealers, agents and representatives of auction, as well as their knowledge of the market.
You can get to store a number of auction houses, dealers and agents, the best offer before the auctionEstimation and terms.
If you do not have the time or the desire to preserve your collection, an expert can provide the data needed to better understand the markets and the best practices for sale.
If you are planning to sell your collection, I think there are specific advantages of each method: Dealer, auction or agents. But that is beyond the scope of the program today.
Another "home" for your collection can be a gift for your family or friends. Make a gift all or part of theTheir collection. You can only spread the collection of different parts or give it to someone. Make a gift to the library once or over a specified period. Each of these decisions require an assessment to a fair distribution of goods. You may need to remain below the estimated maximum value of non-taxable gift.
His collection, a house in multiple family trusts, which can lessen the tax burden on your estate planningSituations. An evaluation is almost always necessary in this scenario.
You can also donate your collection. (I bet that Dr. Hutson was when he was asked when I wanted to "home". Name) Again, as with a gift, you can donate all or part of the collection. It can provide tax benefits for an entire collection in one transaction or charitable contributions for a certain period of his.
In donations, is almost always required for an assessmentmarket the fair value of potential tax deductions.
I mentioned earlier, the assessment regarding the purpose and intended use. In a donation that is the purpose of the evaluation report fair market value. FMV is a legal definition of the rules and procedures of the Treasury revenue derived: the price at which the goods would be hands between a buyer and a willing seller willing to change, either to buy or sell for strength, and both have the necessary time and reasonableKnowledge of relevant facts.
Evaluators are the most common market and then the value of research.
I do not see their own experts to determine the value - Information Appraisers value. The market determines the value. Reviewers of research of the relevant market, then their opinion of value in a register qualified reports for their customers. Most of the conclusions of the experts value are reported as the value requirements for legal reasons.
Support their opinions with documentedThe research, which is included in the report.
Professional assessment company to dictate the uniform standards for professional practice review, and the IRS does not, the information in an evaluation report is required.
Usually contain the first 9 to 12 pages giving information on the evaluation report, market research, methodology, and selected markets, the experts of the necessary qualifications. The balance of the report is a detailed description ofThe items are donated and the conclusions of value.
These relationships are very complex and always include detailed photos, which is required by the IRS. An IRS Form 8283 is signed and completed by the expert from the donor.
Sometimes our company, consultants, National Review will be retained to provide preliminary research to help determine the donor, including the collection will be donated.
All in all, the donor working with the institution, auditors andusually a tax professional to ensure the donation is a win / win for everyone.
If your collection needs protection until you find a new home, can help assess insurance. As you know, the manuscripts are generally not included in standard homeowners insurance policy. Will take place for most insurance plans and as art.
Insurance assessment correctly identifies the collection and is a retail replacement value. The reportforms the basis for reporting. Insurance coverage can be for transportation, storage, and to extend a loan from the collection should be his new home from your home.
So, there are several common applications for the skill. Actually there are others, but I think these are the most commonly used and refer to the current theme.
Well, if you choose, you should consult an expert, I have some thoughts.
1 Assessment is not art. This is a science. There are formal,Testing and certification is available through a variety of organizations. Anyone who casts an expert should be trained, tested and certified by a professional assessment of personal property of the three organizations. Personal property refers to anything that is not property.
And 'AAA - Surveyors Association of America, in New York
The ASA - American Society of Surveyors, DC, the National Association NAJA jewelry expert based inNew York, and ISA - International Society of experts, based in Seattle. The ISA is the largest professional association of personal property experts. I am a certified member of the ISA with a specialist certified autographs, manuscripts and historical documents, and the president of the Ethics Commission review the ISA.
Verification of qualifications of all potential reviewers. And search experts who have the highest level of certification and training.Let nobody tell you, there is no place to learn to be an expert certification
2 Do not use an expert who has an interest in your collection. Professional experts are objective and do not offer what they consider to purchase and not judge them, what they intend to buy. One can not be worn two hats in this area and in need. Think of the cards Pickett.
3 Accept no fee assessment, as a percentage of the value of the basic elementsexamined. It is unethical for an expert referred to the fees based on a percentage of the value. Experts must always remain impartial.
4 If you are a charitable donation, some elements will have a connection to use. The IRS allows tax deductions for items that are unrelated to deprecated purpose of the institute. Donating a cow, the American Gemological Society is likely to use them independently.
A quick assessment of story:
We talked to an expertSignaling value certain value. Now one of our gems and jewelry appraiser was received as an expert in court in California with stealing jewelry. (History)
Fill-in: Pre-Columbian art history: three approaches: comparable sales, profits, costs of reproduction. Use of lunar rock and value date. TKTS Indy 500
Now you know a little 'more about how a relationship can help the best home for your collection.
If I can not ever be usefulto contact us.
Thanks!
Estate Planning - Find a home for your collection - Charitiable donations, trusts
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