Auction & Appraisal News
Homes are a huge investment. It is the deeply emotional attachment to a place that makes your house a home, but that shouldn’t stop you from earning the best possible price on your property when listing it out on the market. Understanding and establishing the value of your home without a biased opinion is extremely essential when deciding to sell or refinancing your home. Before you sign your documents and make your big move, there are a few essentials to go over before handing over the keys to your precious to someone else
To find the best value for your home, it is important to be up-to-date with the current market scenario and the going rates for properties in the area you are looking to sell. It is essential to gather comparable information about homes recently sold and the perks of the locality should be well measured out before listing your price.
One of the most important but easily overlooked factors remains in the minute problems that may slip off your mind but stand as a glaring problem to appraisers. Previously known problems that lower costs must be acknowledged and addressed, while uplifting the interiors and exteriors of the house. Working on minor repairs and relevant fixer-uppers in and around the house sure work as a bonus in appraising your property.
Your current property value could quite probably be the foundation of your next loan, hence price your house at the right value. Low appraisals also hamper the overall market rate and expected property value in the area is a major drawback for buyers and refinancers. Hence squeaky-clean paperwork is as important as shining up the farthest corners of your home. Appraisers may get into the tiniest attics and crawlspaces to understand the durability and maintenance of your property which may significantly hamper the valuation of your home.
Lastly, keeping your appraiser satisfied always help. Creating a comfortable environment with heating and cooling systems well regulated, subtly hinting that they work just fine, kids and pets kept out of the way and a courteous approach always helps. Being updated about information is good but countering the specialist wouldn’t necessarily always work in your favor (unless you are a 100% sure of what you are talking about).
While we can’t promise that you will be able to drastically change your appraiser’s mind, a bit of attention to detail will help you up your game and will in turn help push your home valuation a little further. What looks good is always believed to be good from within, so put your best foot forward and set off a fabulous first impression, we believe your property shall take care of the rest!
It’s back to the favorite time of the year! Winter is here with its Christmas-y cheer and the whiff of change with 2018 just around the corner. Everyone is looking to make a few purchases, and we’re pretty sure you’re looking at a few yourself too, and PNC’s Christmas Price Index has some good news for you!
The CPI this year has increased only by 0.6% since 2016, meaning you will have to shell out peanuts compared to last year to gift yourself the 12 amazing presents of Christmas! PNC’s CPI is a calculation similar to the government’s consumer price index, putting together the cost of buying gifts mentioned in the song ‘The 12 days of Christmas’. The unhindered joy and love of holiday shopping is brought to you, courtesy of the 34th annual fiscal analysis by the PNC Financial Services Group. Their official calculation and listing for the Christmas Price Index of 2017 puts this year’s prediction at a mere bump of $200. With a few minor changes on the list, same as the government’s CPI (excluding swans, the same as excluding energy and food prices), the price of 9 out of 12 items on the list have remain unchanged.
Numerous factors such as cost of living for the workers, supply of lager and the whopping increase in gold prices have significantly altered the prices of the Partridge in A Pear Tree, the Lords-a-Leaping and The Five Gold Rings. The total of all the 12 gifts from the 12 Days of Christmas song sum up to $34,558.65, about $200 more than last year's total. This figure is a representation of the conventional way of shopping at stores. Online shopping would cost you up to $10,538 despite discounts and offers, due to the large shipping costs and sales tax prices inflicted at the peak season. The location where you are shopping from also significantly alters the price of your 12 presents.
Every year since 1984, PNC’s CPI has predicted and calculated the fluctuations in price, but this year the mere bump of 0.6% is spreading joy and cheer to every patron in its literal sense. A detailed list of all the pricings along with the indices and detailed comparisons are put up on their website (pnc.com/ChristmasPriceIndex), educating consumers of the year’s insights. As their own little annual tradition, they calculate the ‘True Cost of Christmas’ putting together the total items listed in the 364 gifts repeated in the song’s verse - True Love. This year sees an estimated $1000 increase, needing $157,558 to purchase all the articles on the list.
This year’s prediction promises not to burn a hole in your budget thanks to the sustainable growth seen in the U.S economy, according to the PNC Asset Management Group. Christmas got a whole lot cheery with the Price Index’s, because who doesn’t love gifts and they most definitely feel a whole lot better when they don’t pinch your pocket.
The Campbell’s have been auctioning and appraising properties for generations. Their experience and expertise in the business have been remarkable and a standout in their own regard. Their professional expertise has been commendable through generations, providing exemplary services.
Robert H. Campbell II is an approved appraiser of real estate & personal property and a qualified expert witness. He started his career back in 1968 as a trained maintenance officer with the U.S army, following it up as a sales representative with the International Harvester Co.
His diverse experience gave him the foundation to pursue and establish his passion of Business Law, backed by his education in the principles and applications of the standards, ethics and applications of Real Estate Appraising. Campbell stormed into the field of auctioneering and appraising with a strong educational foundation from the John Hopkins University, Indiana University, Prince George Community College, Catonsville Community College and Anne Arundel Community College.
Starting off with Campbell & Associates, he began as the Director of Auction Operations, appraising and auctioning real estate and personal properties in 1969. His long-standing career with Campbell Auctioneers & Appraisers LLC has been commendable and continues to make his mark in the industry.
An approved member of the Auction Marketing Institute and National Auctioneers Association saw him as the president of the Auctioneers Associations of Maryland, substantiating his knowledge and experience in ascertaining the company.
Robert H. Campbell III followed his father’s footsteps to qualify as an expert witness and appraiser of real estate and personal properties. With a similar education background from Indiana, Hopkins, Anne Arundel, Washington College and Medenhall School of Auctioneering, he established himself to follow the family legacy.
Initiating his career as a retail sales representative for Beltway International trucks in 1997, he continued the same job profile with the Central Truck Center and Maryland Truck Sales until 2000. His experience with sales distinguished his perspective of the market with renewed perspective which aided him stepping into the genre of real estate and personal properties around the country.
Getting on the bandwagon of the Campbell Auctioneers and Appraisers in 2001, Campbell III made his mark as a licensed appraiser and auctioneer of all types of properties. His diverse experience and fresh approach to the longstanding outlook of the company, helped them grow and expand by leaps and bounds and reach new horizons.
The family heritage, education and experience speak for themselves, promising nothing but the best customer service and experience at prices that are tailored to suit every pocket. Their dedication to provide professional services through competent collaborations rely heavily on their substantial education and elaborate experience garnered over the years. An experienced firm backed by logic, competence and credibility, Campbell Auctioneers and Appraisers have been a force to reckon with and promise to remain so in the years to come.
Moving out, refurnishing or simply planning to get rid of the old to make way for the new; whatever the reason may be, downsizing is always a good idea. Having too much stuff doesn’t always mean you must lug them all around for all eternity. We bring to you a few simple ways to pocket a profit from the old and the unnecessary.
Primarily, it is important to identify the number of items and/or furniture you want to discard, and how you want to go about it. Charity and donation could be one of the ways to go, the other being distributing the goods and furniture among other members of the family. Many of them might want to claim the family heirloom or their grandma’s favorite possessions as their own. Giving away items of emotional importance is never easy, make sure you make your peace with the loss before deciding to give away your personal favorites.
For family members that live far away, it’s technology to the rescue. Put up pictures and post them online for them to have first pick before putting them for sale on online portals such as eBay. It is important to evaluate the value and figure out appropriate liquidation of assets. Marking up your assets, equipment and drawing an inventory could be a tedious process, which could be handled efficiently by qualified appraisers. Specializing in estimation of items of significant value, they help predetermine appropriate market prices for items you have chosen to sell or donate. It is essential to verify appraiser credentials from institutions such as the American Society of Appraisers or the International Society of Appraisers to know their credibility and experience in fulfilling a job well done.
While selling long standing items or pieces of furniture, it is very important to remember that like clothes, closets change. Changing trends, home décor and furnishing ideas and needs have changed over time. What might have seemed fashionable a decade ago no longer seems appealing to the masses and might not fetch the same value that you had originally invested in. Hence an open mind and the right attitude come as a packaged deal while setting your mind to selling.
Last but not the least, a viable option to downsize stands in large scale garage sales, auctions and estate sales. Putting up your items of significant value may fetch you a significant price on the total asset value.
No sale comes without a price of its own. A certain investment and a cut of your share goes into extensive understanding and precise listing of your assets which could be handled by professionals with experience and expertise in the domain. They work metiulously, avoiding any unfortunate misgivings of unforeseen legalities.
Downsizing is never a small job, neither is it as simple as it seems. But in the right hands and at the right time, it can make a monumental task seem miniscule, all you have to do is choose well and wisely.
Buying and selling any item of a certain value requires evaluation. Whether it is personal property, collectibles, commercial merchandise or business assets, their market value has to be deduced as accurately and fairly as possible. Our firm provides highly rated appraisal services that are in compliance with industry trends as well as the Uniform Standards of Professional Appraisal Practices. We have been working diligently in the field of auction, liquidation and appraisals. With our extensive experience and competitive prices, you will be able to obtain a precise value of your assets. There can be many situations where an appraisal might be required. It could be estate division, resale, acquisition, tax appeals, divorce or business liquidation; our professionals can offer their expertise for both personal and commercial valuation.
When it comes to business liquidation, one needs to be quite particular. The evaluation of assets, equipment and other inventory has to be accurate as well as in accordance with market fluctuations. Business owners who are liquidating their assets also have to abide by a set of legal requirements in case dispute arises. Our firm will ensure that you obtain a fair appraisal that can be presented within the courts as well.
Amongst the many types of appraisals we provide, liquidation value is exclusively for business owners who are looking to liquidate their assets. This situation can at times be precarious and be spurred by bankruptcy, which is why, our appraisers aim to be as thorough and detailed as possible. Mostly, when assets are converted into cash in a hurried process by businesses closing down, the liquidation value is usually less than it would ideally be if the assets were sold in an ordinary situation.
Whilst business liquidation and bankruptcy remain primary reasons for the appraisal of tangible assets, there are others as well. Investments, additional capital, loan collateral or creditor satisfaction, are a few business practices that demand asset evaluation. It is an extensive process which requires the expertise of a qualified and trained professional. We can offer you the opportunity to benefit from a pricing mechanism that does not leave reeling from a loss.
If a situation arises where any of our customers is due in court, our firm will extend its full support. The valuation that you obtain from us takes into account recent market prices, industrial changes and any additional business requirements. We base our values of tangible assets of a business on stocks, equipment, inventory, real estate as well as other items listed on the balance sheet. These are actually categorized according to a specific order in terms of liquidation.
During the process of liquidation or solvency, business assets are evaluated under two divisions; current and non-current. The currents one can be converted into cash within a short period of time, while the latter ones are assessed may take longer.
Business liquidation is a challenging time for any business owner. We are dedicated to making it easy, smooth and completely hassle free. Despite the conversion into cash entailing a loss almost every time, our appraisals result in a liquidation value that is fair and favorable.
Appraising real estate and placing a value on land and property is the practice of creating an opinion of the worth of real property (typically the market value). The uniqueness of all real estate transactions and the distinctiveness of each property means that appraisals are necessary. Appraisals of real property matter because the condition of a given property may not be as it appears. The location of a property is also a determining factor when calculating its value., It’s value based upon its location fluctuates with the local real estate marketplace based on comparable properties. Renovations and refurbishments that have been made since a prior appraisal typically appreciate the value of the property. Real estate appraisal valuations are the cornerstone of mortgage loans, property taxation as well as personal settlements regarding divorces, bankruptcies, estates, etc. Often these reports are even used to derive a sale price of a given property.
Real estate appraisers are commonly called ‘land valuers’ or ‘property valuers’. When a valuer’s estimation is based upon market worth, it will also take into account the chief and paramount use of the real property. Mortgage values of renovated houses, are usually reported on the Uniform Residential Appraisal Report; however, commercial properties are conveyed in a narrative account and finalized by a certified General Appraiser.
Types of Value
- Market value
- Value in use
- Investment value
- Insurable value
- Liquidation value
Price vs Value Sometimes there are variances between what the property is actually worth (market value) and the asking rate (price). The price for which the property sells may be higher or lower than the market value. This can happen because of many factors which include: the buyer or seller’s state of mind, financial standing or requirements, idiosyncrasies between partners in a close relationship and differences between two parties conducting a deal for an investment property.
The most typical reason for the cost being different from the market value is that one of the parties, the buyer or the seller, is unaware of the property’s real market value and thus, signs a contract at a price that’s either overvalued or undervalued. When a property is overvalued the seller inherently will benefit and if it is undervalued the buyer would certainly be very happy. It is the duty of a genuine property appraiser or valuer to find the real market value of the real estate as opposed to its market price for the benefit of both the buyer and seller.
The Three Approaches to Value
There are three procedures for defining value. These procedures are generally denoted as the "three approaches to value". They are normally mutually exclusive:
• The Sales Comparison Approach
• The Cost Approach
• The Income Approach
Nowadays, more scientific methods are being used to appraise property. These new methods rely on measurable data, risk analysis, location based methodologies, as well as many other variables. A highly trained and skilled appraiser such as Robert Campbell, has to consider ‘the type of work’, type of value and type of interest for the property in question. Additionally, the quality and amount of data available greatly impacts a property appraiser’s choice of a suitable valuation method.
If a home inspection report is made available to the appraiser, Robert would be better able to conduct an as appraisals as he would be aware of any structural liabilities, such as major defects or expensive issues that the property might have.
Governing Bodies and Professional Organizations
States control appraisal practices within the United States through various regulatory bodies. The most important regulatory body is TAF (The Appraisal Foundation).
Appraisers must pass stringent tests and have well documented experience in the field as well as satisfactory reviews to become full-fledged appraisers.
Whether someone is a potential buyer or seller, having a property properly appraised by a professional will give them extremely valuable information to help ensure a fair deal amongst all parties
It is important to list all of the personal property and their value while filing for bankruptcy. The property value or an item value is not its purchasing price. In fact, it is the replacement value, which a retailer would be charging depending on the condition and age of the property. It is the price you would be paying during filing for bankruptcy. The replacement value depends on many factors, and there are different ways to analyze it. In general, the property or the item will be majorly determining its value.
Whether you are planning to buy a property from a Bankruptcy or you are completing the bankruptcy norms, it is important to assess the accurate value of the property. In this article, you will find ways to find out the rough estimate of the property.
Methods of assessing value of different properties
The value of motor vehicle depends on many factors. However, age and condition are the major factors.
If the vehicle is new and there are almost no loan and no equity on it, then you can consider its retail value. However, you should also get a glance on its mileage, model, and the running condition for determining the exact value.
If the vehicle is old, then it will be better if you approach local classifieds and online marketplace for the used vehicle, and see what other people are offering for similar vehicles. You can compare the price and determine its value.
There are lots of household goods and furnishings that together can make some serious bucks like TVs, computers, audio, video equipment, etc. It is tough to analyze their price because you have to go through the lots of items to figure out the combined amount. A better way will be approaching an online used product marketplace such as eBay, Thriftshop, Craigslist, OLX, and others.
One thing you should keep in mind that there is a trivial value of household items that are very old and worn-out. However, if a very old household item has some historical importance, then you might have to consult an expert for its value.
You should approach a licensed appraiser for valuing Jewels.
You can get a written appraisal from them. You will find estate property dealers licensed for the appraisal process. Their written appraisals will ensure trustees about the values. The local pawn shops can also be helpful.
Art pieces can be highly valuable or sometimes can get the value of peanuts. The amount one paid for it can give a clue. However, if it belongs from some popular artists or it has something unique that can make it costlier, then you must approach a reputable art dealer or auctioneer for an appraisal.
It is important to know the value of the property as well as the market condition while dealing with a bankrupt seller or valuing property for filing bankruptcy. If you play smart, then buying a property from a bankrupt seller can be a superb deal. The best part is there are minimum chances of a fraudulent transfer.
Getting an Auction Evaluation
Campbell Auctioneers & Appraisers, LLC is a trustworthy family-owned business known for its good reputation, integrity and team of expert professionals. Our personal service and competitive prices are unparalleled.
Our expert appraisers provide professional Auction Evaluations.There are no costs involved with requesting an initial consultation regarding your unique circumstances. We always seek to obtain the highest value while selling clients' property at auction. We offer attentive, thoughtful and personalized services to our clients who are considering to sell their property or an estate's property at auction. We provide targeted marketing for your items to a well connected network of buyers. Our competitive service prices allow you to maximize your proceeds from the sale of your property. We value our clientele and consider them a part of our family.
Obtaining an Appraiser
Giving a report of an opinion about the value of an item or property is a written appraisal at a given point of time. All the appraisers provided are in compliance with the uniform standards of Professional Appraisal Practice (USPAP). We charge a competitive and fair fee for providing written appraisal services. We have a team of expert specialists who would guide you through the entire process of written appraisal. We provide a professional and efficient experience of selling your items through an auction. A written appraisal is not required if you are interested in selling your item or property at auction. We can provide verbal estimates of values which do not cost anything. These verbal estimates are called auction evaluations as mentioned above.
Replacement Value Appraisal
If anyone is planning to underwrite their valuable items and properties, you would require a Replacement Value Appraisal for your item. The USPAP compliant document helps in estimating the retail replacement value of your item or property. This means the amount it would cost to purchase the same property or item in the event of a loss is the replacement value. The replacement value also contains a detailed description of each item and property. The description helps in evaluation and identification purpose; in case your property is lost or damaged. Often the value includes material or medium, artist, marker or country of origin of the item.
Fair Market Value Appraisal
For estate tax purposes and estate planning, the Fair Market Value appraisal is required. This mentioned value appraisal is also helpful for equitable distribution or tax deductible donation purposes. A fair market value appraisal is a USPAP compliant document which states some professional opinion from our expert specialists. The opinion consists of the value of the property or the item. The Appraisal will reflect the actual resale value of your item or property from an interested seller to an interested buyer. Both the seller and the buyer would get an idea and understand the current market for the item and properties. To assess rare and exceptionally high quality objects or property, we would travel worldwide for these appraisals. For further queries and doubts you can email us for discussing about the items and objects that might be quite rare and valuable.
The art culture internationally is continually evolving. Art appraisal and increasing number of online art auctions has led to almost every kind of piece from Pablo Picasso to Vincent Van Gogh being featured on online auctions. However, you may think you need to break the bank in order to own of these pieces. Buying art is more about knowing when and how to invest.
Invest early in a piece following an art appraisal, watch noteworthy auction sites and you can sit back and watch the value of the artifact rise. The fact remains that if you do make an early investment, there is no guarantee that you are buying the next Picasso. Some local collectors have persisted however and earned their rewards based on the discerning choices they have made.
Edward Nader, co-owner of Nader art gallery says “Buy art because you love it, not just as an investment. When a piece is something that engages you, and moves you internally it becomes the right piece for you to own.”
Nader’s gallery specializes in both national and international art. There are also many other galleries in Shreveport-Bossier city offering purchases of art by local and international artists. An art critic for over 30 years, Robert Pincus is a respected name and he recommends making art investments in local, promising artists, which can yield good returns at an art appraisal later. Pincus who resides in Los Angeles, has traveled extensively offering guidance to artists through the critique series hosted by Shreveport Regional Arts Council. He has been extensively observing and involved with both the art community as well as with individual artists and collectors. He says that art gets made everywhere and really good art doesn’t always have to come from the urban, upscale areas alone.
Appraisal for Art Collectors
Large as well as small art collectors in the town were pleasantly surprised to receive a free art appraisal of privately collected items at the Alberta Art Gallery. The free appraisal gave many a chance to gauge the value of their valuable art collections.
Lisa Christensen, Director, Heffel Fine Art Auction House said valuing a piece of art, or art appraisal depends a lot on a number of different factors and auction price and appraised value can change according to who is buying. The quality of a piece of work, the interest of the collector to acquire a piece, and the artist are all factors taken into consideration during an art appraisal.
A private collector who remained anonymous for security reasons brought three pieces of Canadiana, a highly valued item. It is a double-sided piece by artist Nora Collyer, the second side was uncovered when an art conservator during an art appraisal removed the frame. The same collector also had a couple of pieces by John Lyman a Canadian painter. She wanted to share her pieces with educated collectors and also wished to have the pieces reappraised.
The collector who attended the event said “Art is a conversation, where it is more fun when people get what it’s about.” Her pieces which were quite stunning were appraised between $5000 and $20,000 each which was at best a conservative estimate made at the art appraisal. Her grandmother was also a renowned artist and the strong familial connection to art also allowed her the provenance to procure such good pieces.
Christensen also said “When the provenance of pieces are made clear, it helps with the art appraisal. Art collectors who keep records make the process much easier. Collectors prefer to buy art that comes from well authenticated sources, interesting collections with history make for interesting buys”.
This collector has a fine eye for art, and has found herself very happy with her art appraisal. She also went on to say “Art is about art that you like. “ She is looking forward to showcasing her pieces at a travelling exhibition of female artists to be held at Beaver Hall. Her double sided Collyer may be lent to the exhibition to share with other fans of Canadian Art.
Collecting art is not just about knowing what pieces to buy, but truly loving a piece. Sometimes a well loved piece bought from someone with authentic history and records may yield a very pleasant surprise at an art appraisal.
A leading firm in distressed and surplus financial and corporate assets transactions and valuations has announced the launch of Heritage Zetabid Realty Services, a real estate auction services division. This is in addition to the existing advisory, asset valuation, and auction capabilities of Heritage Global.
The new service offerings in the area of real estate auctions will provide new industry professionals who are well experienced and also services that will help clients monetize luxury, real estate and commercial bank-owned assets.
HZRS is the alliance between Zetabid and Heritage Global which will be focused on providing premier real estate auction services to clients. The company is geared to provide an easy to use and transparent bidding platform for online bidders looking to purchase real estate properties. Zetabid since its inception in 2008 has successfully sold over 3,000 properties.
Michael Davin co-founder of Zetabid will be Managing Director of HZRS and will oversee various roles and responsibilities including division operations, increasing customer base, implementing marketing and sales strategies, implementation of asset-focused monetization, products and services and real estate auctions asset auction strategies.
Ross Dove, Chief Executive Officer, HZRS said “Heritage Global is looking at expansion and providing diversified global solutions in asset management by moving into real estate auction. This will grow our product portfolio and add to our capabilities that will complement businesses and add value to customers, investors and corporate clients, invested in us.
Zetabid has expertise in real estate, this combined with Heritage Global’s expertise in asset valuation, auction capabilities and advisory capacities across global partners will allow us to diversify and expand to offer best global asset solutions and services in real estate auctions.
HZRS is expected to handle many large projects with a greater understanding of dynamics involved in commercial and luxury residential real estate assets. Michael Davin’s expertise in handling a number of property auctions on behalf of government sponsored entities and larger money banks will also contribute to effective management of HZRS. HZRS will handle large real estate auctions and liquidation sales on behalf of various private and corporate entities and clients.
The new division is expected to continue to forge strong client relations and the existing market demand for property is on the rise. The real estate auctions platform is expected to take off well and add to the diverse and extensive portfolio of both companies.
A Russian samovar, Victorian pop-up Valentines and two beloved teddy bears were all among the items evaluated at the Dexter museum on May 2. Licensed appraisers from Detroit, DuMouchelles Art Gallery each having various areas of expertise examined numerous items brought by about 60 people and provided verbal appraisal.
The event included many participants who turned over some of the items for art appraisal and subsequent sale at the auctions to be conducted by DuMouchelles auction scheduled to occur at a later date.
The Dexter Heritage Guild conducts The Antiques Appraisals Day as a fund raising event every spring. The appraisal is by DuMouchelles Appraisers and a $7 donation is required to participate in the event by those interested in getting their collectible appraisals, silver appraisals or art appraisals done.
The response to the appraisal event is overwhelming and DuMouchelles is planning to organize a second such event in fall. A number of items including silver, pewter, crystal, fiber arts, jewelry, wartime memorabilia, paintings and drawings, toys and small furniture items are brought in for appraisal.
Many choose to make appointments in advance, particularly in case of more difficult items involving silver appraisals to ensure they get the expert appraiser they need. A number of valuable items have been uncovered and many have turned them over for sales to the DuMouchelles auction.
While the event turnout was great appraisers do find it challenging to give a single final appraisal on some items brought in for appraisal. Particularly hard to appraise in one sitting is often items of silver, or silver appraisal which requires more detailed study and examination later before confirming its value.
The Dexter Heritage Guild has conducted Antiques Appraisal Day and annual Holiday Bazaar in the past to sponsor the preservation and operation of the Dexter Museum. Being a highly popular event, it has seen maximum participation from residents in the vicinity and also those travelling from nearby locations.
The word auction is derived from the latin term “augeo” which means ‘I Increase’ or ‘I augment’. Auctions have been around since 500 B.C. According to ancient texts, in Babylon, women were married off through auctions conducted annually and marrying a daughter off outside of auctions was considered illegal. It would raise quite a furore to have such practices happening today, but in a civilised world, auctions for artefacts, property and even famous props from movies are exciting events. These are closely followed by collector and appraiser alike.
Many tech-savvy organizations are jumping aboard the online auction wagon. Some big names include internationally reputed auction houses like Sotheby’s. Others offer a variety of items ranging from rare, priceless artefacts to popular props from iconic, classic TV shows and movies. A recent enquiry that came in to us was about costumes from the 1939 classic, the Wizard of Oz. Bids in online auctions previously conducted by cable channels like the AMC, a first of its kind effort by a TV Channel raised about $200,000 last year. The proceeds of this went to the Film Foundation, headed by Martin Scorsese for preserving negatives of classic films.
Such online auctions serve to show that one never knows what is going to be amongst the top sellers, or most sought after items. For rare collectibles and for iconic cult pieces, there are always buyers who even look for individual credit approvals to participate and buy in online auctions. Besides being highly lucrative, the catch is of course to find the right appraiser who can ascertain the value of the item. You would want to be sure that you are buying a micro-jet plane that flew in the movie ‘Octopussy’, and not some clever model a very enterprising bidder managed to put up.
Online auctions held by reputed auction houses ascertain that only authenticated collectibles are sold on their website. There will be rigid quality checks and documentation processes to ensure the credibility of every item that is sold or bid on. Often many quirky items are sold at exorbitant prices, as these have cult fan followers looking to get their hands on it. Recently, Yahoo had an online auction which sold a costume from’ Xena: Warrior Princess’ worn by actress Lucy Lawless for $15,000. Rapid revenues and high stakes make online auctions a very sought after platform for both buyers and sellers looking to make a profit. The question isn’t always about finding a rare artefact; even quirky items may prove to be invaluable following an appraisal and could fetch a whopping amount in online auctions. Many of these online auctions could also serve to raise revenue for deserving charities looking for funds.
Richard Mellon Scaife, the late publisher’s property is still undergoing estate auction proceedings. A number of collectibles is scheduled to be on auction in liquidation sales by Christie’s with ceramics, collectibles and furniture in the list of items scheduled to go under the gavel between June 30 and July 1.
Mr Scaife’s inheritance tax returns are yet to be filed and are overdue since April, but taxes on the estate are eligible for an extension. The Westmoreland County Register of Wills received a $100 million check in October to cover the taxes on the estate owed to the State by Mr Scaife, but total is as yet undetermined until settlement of the estate auction is completed.
The liquidation sales are probably in order to make the distributions and to start paying the taxes said Michale Hussey, associate professor of law, Widener University, Harrisburg Campus. The expert in tax law said that until there would be approximately a year’s time in which the closing of the estate would be completed.
Over 500 pieces are set to auctioned following appraisal. The pieces are in the range of $2milllion and $3million. The items in the liquidation sales range from silver and gold coin collections, to porcelain, books and a Pierce-Arrow sedan.
Mr Scaife who is heir to Mellon oil, banking and aluminium fortune passed away on July 4 at 82 years of age. He was a leading funder of various conservative causes and was also publisher of a Pittsburgh newspaper and philanthropist.
The items for the liquidation sale were gathered from various properties located in Natucket, Mass, Pebble Beach, California, Shadyside and Ligonier. A previous estate auction by Clars Auction Gallery, a sister concern of Christie’s raised over $1 million through sale of 1500 lots since December. A lot of the pieces went at prices multiples higher than the value at appraisal said Deric Torre 0073, Director, Furniture and Arts Department, Clars.
The physical auction of the estate may also be among one of the highly anticipated ones. While liquidation sales continue, speculation about the estate is also on the rise, as people await to hear more. A number of artefacts of interest, various collectibles and other items are being auctioned in the liquidation sales to be scheduled to take place soon.
Prairie Crossing is one of the conservation oriented communities in Grayslake. 29 homes owned by the waste management of Illinois Inc. in the Prairie Crossing community of Grayslake are set to be auctioned off in a mass property auction to be conducted on July 9. In a large scale property auction scheduled to occur soon, sealed-bid auctions have been scheduled on properties located in this community area which is noted for the many amenities such as trails, open spaces, stables and organic farms. Many property owners, including realtors with homes in this area are concerned about the impact of such a large scale property auction slated to occur in this neighbourhood.
The mass property auction has raised a lot of concern and curiosity among the residents regarding what changes may be slated to occur in the neighbourhood following the sale. Each of the homes on sale are, on an average, 2500 square feet and have between three to five bedrooms each. Sheldon Good and Co who are handling the property auction say that fair market value of the homes are high as the community is one that is desirable for home buyers and also has excellent potential as an investment option. Prairie Crossing is a neighbourhood where homes in previous sales fetched as much as $250,000-$350,000 in the last year. Since the homes are owned by Waste Management, residents are wary of what the sale may imply, as the nearby landfill has been a source of odour problems to the community in the past.
This structured sale through property auctions is expected to reduce the time required for marketing which is the case in regular property auctions. There hasn’t been a stipulated minimum bid on the houses but bids which don’t meet the expectations may also be denied by Waste Management. Offers for buying less than 29 of the homes would also be considered, however, there is no attempts to sell at the lowest prices, to sell off all 29 homes at one go. In the past, the company has sold 8 or 9 homes in a single property auction. Since markets are improving and real estate investments are being looked into again by many buyers, the company has deemed it an opportune time to sell the homes and focus on core business areas.
A long-time resident of Florida and a collector has put his antiques, furniture pieces and collectibles in appraisal auctions. A number of items from prominent local estates and collections are set to be sold in an online auction. The auction is scheduled for June 27, Saturday at the Ankiewicz Deer Point Lake Residence, at a suburban Panama City location in Southport.
The auction is scheduled to occur from 8 A.M. central time and is to be conducted online via Invaluable.com and LiveAuctioneers.com by the Specialists of the South Inc. who are located in Panama City. Logan Adams, spokesperson of Specialists of the South Inc. said “Earldine loved collecting old objects, did not have a specific passion, but has collected many sought after items. She has a sharp eye.”
Among the items to be sold by the appraisers through the online auction are also primitive items, ironstone pitchers, reproduction Wedgwood furniture, Mulberry china patterns, Flow Blue, and other replica furniture which has been made with a lot of attention to details and pride. Items to be auctioned also include Ankiewicz’s daughter’s Orientalia collection. The daughter is now deceased and items from this list according to appraisers range from netsukes to Satsuma and cloisonné and snuff bottles. There are also rugs of value in the sale which appraisers are organizing online.
An accomplished artist who had her tutelage for 15 years under Mariette Paine Slayton, who authored Early American Decorating Techniques, she has done some beautiful work of her own. Her own work includes quilts, cotton velveteen, coverlets (crochet and knit), decoupage, trunk and tole painting work done on trays in silver, gold and bronze leaf.
Items of note, following an art appraisal said the appraiser will include a spool chest, well crafted with labelled drawers, with clean indications of what was stored and advertising on the customer facing side for J&P coats. There is a graphic of a spool of thread on the advertisement part. The Appraiser also said that there is a Singer, sewing machine that dates back to 20th century in top condition that is operational.
An item of note said the appraiser is an ink and wash on drawing of a cat by noted Asian artist Leonard Tsuguharu which is signed and dated (1929). A recent work of the same artist was sold by an appraiser for $1331 by William A Bunch Auctioneers.
Collectors can be set to be dazzled by the appraisal auction which will feature antique brass candlesticks, a tea caddy, a writing box with mother of pearl inlay, antique wall candle holder, white serving pieces, woven and glass baskets, hand painted tole trays, 10 handmade quilts and dated hand-painted trunks. 20 rugs which are a mix of Oriental hand knotted Persian rugs and also hooked rugs.
A retired businessman in Cape Coral, Florida is involved in a unique highest-bid-takes-it-auction for a 12,000 sq. feet, mansion with a waterfront view. James Postema worked his way up, starting as a truck driver and then went into UPS management. He decided to opt for an absolute property auction wherein the offer that is the highest, irrespective of how low it may be, will win the house. Usually, people rely on a real estate agent or property websites to market and ultimately sell their property. However, this being a sale of a very high end property, it is being marketed in a very different way through a property auction.
The advantage of such absolute property auctions, in addition to the advertising and marketing involved in such sales, is that it will attract the right kind of buyers who have enough funds to bid on such exclusive and prime properties. This seven bedroom house located on Bayshore Drive is among the most prized in the city. It has been appraised at $3.1 million by the county appraiser. If the same property was being sold in Naples, said the auctioneers, it would be sold at a fair market value of $25 million.
The Posteman’s have been trying to sell this house in order to move into a smaller home. Their primary reason for the sale has been that the wife, Judy is disabled and needs a more convenient living space that is smaller and easier to look after. Originally, it was listed at $ 5.9 million but did not attract buyers and the couple are looking to simply retire on some good savings for their old age. The realty firm was clear to also emphasize that it is not any kind of distress sale for the couple.
The home is still listed for a whopping $ 4,495,000 which is amongst the highest prices for a single family home in Cape Coral. If a sale offer comes prior to the property auction date, the couple can still choose to settle at the best price they receive should they choose to do so. Since the demand in local markets for a house this size and of such a high price is not high, the Posteman’s have opted to go for an absolute property auction to get the sale over with. The nature of advertising and marketing associated with this property is also expected to attract international buyers. Previous famous property auctions include the beach mansion of Gianni Versace located in Miami which was sold at $41.5 million.
Online auctions have recently been in the spotlight, more so than ever as they are the new addiction among many collectors looking for great buys. From rarely seen pictures of Captain Scott’s expedition to the South Pole, to a 177 year old map of the world valued at over $10,500, there are some amazing travel themed auctions happening around the world. Many intriguing and eclectic collections went under the hammer at Christie’s in South Kensington, UK with an estimated value ranging from $1,000-$35,000$. Historic heirloom pieces and other eclectic collections are often acquired during original owner’s travels and are drawing interest from collectors all over the globe.
Even photos such as those of Geisha exiting a Kyoto metro station taken by Steve McCurry fetched a whopping $4,500 from a collector. Other items of value included an incense burner in the shape of Simon Bolivar, a Venezuelan military leader and a saddle made by the Bohlin Company. Edward Bohlin has created accessories, saddles and outfits for some of the most iconic Hollywood stars including John Wayne, Clint Eastwood and even for some American Presidents.
Furniture from personal travels can also prove to be quite a valuable artefact on some occasions. There was a chest of Indo-Portuguese origins which following appraisals, was valued at $25,000-35,000. Collectibles such as a model of a British Airways Concorde valued at $6,500-9500 is also among items sought after by eclectic collectors. Often online auctions unearth a vast number of rare finds that are much sought after by appraisers and collectors looking for a great buy.
Other items of value also include marble busts uncovered in government seizure of properties or chests dating back to the Colonial period, dating back to a Portuguese colony in Goa, India. On this particular chest brought in for appraisals, the detailing was identical to a ‘Contador’ or cabinet on stand in the Victoria and Albert Museum, in England.
From places of origin to period of origin and also geographical details, such online auctions often uncover many rare finds that unveil exciting details about periods of historical significance. Geographically significant pieces that have come up in online auctions include a rare Maori hei tiki pendant from New Zealand with an estimated value of $8,500-12,500. Silver, porcelain pieces and even furniture dating back to certain periods and locations can fetch a great price and generates a lot of excitement in the auction for collector and appraiser alike.
People don’t always find riches on the Antiques Road show on PBS, but that has not dissuaded many from scouring their great-grandmother’s attic to find true riches. The highly popular show has often had some fantastic finds and here are some of the most expensive finds recorded on this show. Most common items such as an old family bible, old china or old paintings lying forgotten in their home were not seen to hold much value when shown to antique appraisers on the show. In fact, a senior publicist on the show said these items could fetch at the most about $100.
Since its debut in the US 14 years ago, the show has been widely watched by many people across the US. Most of the time, the antique appraisers take the owners through the historical significance of the items. Eventually, the build-up on the show is quite huge where the participants and viewers wait with bated breath for the final pay-off. Here are some of the most valuable items on the show:
- One memorable incident occurred when a woman brought to the show some jade collections her father had purchased from China. The Raleigh episode, taped in 2009, was appraised at a whopping $1.07 million. Antique appraisers say the superior quality of the highly valuable piece along with its origins, dating back to 1735, led to such a great value for the piece.
- A Clifford Still oil painting depicting the Grand Coulee Dam was received by a couple as a housewarming present. It was another whopper that got antique appraisers excited. The artist was also a professor of the husband and it was valued at $500,000.
- Another seemingly innocuous item that was valued at $350,000-$500,000 was a silk blanket that had been in the family of one of the guests on the show. It was a piece that came from Kit Carson, a frontiersman. However, antique appraisers found it was a Navajo Chief’s blanket dating back to the 19th century. The fact that less than 50 such pieces are still intact and available according to records of antique appraisers makes it all the more valuable.
- Another item on the show that got antique appraisers excited was an oil painting of Senator Henry Clay done by James Henry Beard. It was valued at $300,000 to 500,000. Dating back to 1847, the show’s antique appraisers say the painting of the second most renowned politician after Abraham Lincoln was acquired by the guest’s great grandfather at an auction.
The US auctions market has now opened its doors to foreign buyers, particularly the Chinese with two top real estate firms establishing a partnership to this end. The market for real estate has expanded and is flourishing again. The initial offering for property auction in the US will be focusing on commercial property such as office buildings, apartments and retail property. The mix of properties will also go on to include homes eventually. Property investments in the US by Chinese investors are on the rise and it is particularly noted to have increased in Manhattan where buyers look for both profit and security of their investments.
Chinese buyers will have access to exclusive listings on commercial properties through this new venture. This is aimed at bridging the gap in language and also distance which is a common concern for foreign investors. Property auctions conducted online are certainly attracting a lot of foreign investment by offering secure, reliable and sought after properties for auction in prime localities to interested parties. Cross-border transactions of course have their own separate line of legalities to be followed which are handled by the auction houses inviting the international bidders. There is ample information available from the top names in the auction business about cross-border realty investment regulations.
The strategy in place with such international property auctions is to invite bigger and better investors, providing a boost to the real estate market. A number of big names in the business like Juwai.com have a huge clientele of wealthy Chinese speaking investors located across China, Singapore, Hong Kong and also the US. Numerous other partnerships with Juwai.com are being discussed in order to bring in more properties into the auction for interested buyers. Buyers are also interested in luxury homes, hotels and other establishments which are in demand in many of the prime locations in the US. Many of the buyers are from established business backgrounds and investors undergo thorough checks and must produce necessary paperwork before registering and being found eligible. In terms of commercial real estate investment in 2014, China ranks only second to the leading market player, which is Canada. Over $48 billion has been invested by foreign players in property auctions and other sales, in the category of commercial real estate in 2014 and the demand remains high.
Who would have thought that a wooden slide bought on a window shopping expedition would turn out to be the last of its kind, a veritable collectible, during an antique appraisal? In the antique appraisal business, we often come across stories of interest, where seemingly ordinary items come to possess a lot of value.
One such incident is the story of a client who acquired a rare wooden slide. She was on the hunt for office furniture but happened to come across a wooden slide instead. Little did she know that something that was initially an impulse buy would have so much demand. It was only when a friend mentioned doing an antique appraisal, and considering getting it insured that the thought of it being worth more than face value, occurred to her.
Her search for an antique appraisal expert or curator who knows about vintage playground equipment led her to an astounding conclusion, that such experts were not only few, but virtually non-existent. The journey allowed her to discover more, and from what limited resources were available she gathered that it was a piece constructed in 1920, by an American firm, Hill Standard Company, based out of Indiana as a part of the Fun-Ful line of play equipment.
The earliest authenticated wooden slide was developed in the year 1922, by Charles Wicksteed, of North Hampshire, England. However, she was unable to find the right expert for an antique appraisal for this piece. She managed to find some of their equipment in the back issues of the American city magazine, but her antique appraisal still didn’t progress as her piece wasn’t in the pictures. Despite speaking to numerous appraisers and auction houses, she had no information on my attempt to do an antique appraisal. She hoped to find that there are more pieces of this very beautiful vintage slide, and that perhaps one day, it will find a place in the American history collection at a museum, when its background is revealed. Although the American history museum librarians have been helpful and encouraging, she couldn’t find a curator who is an antique appraisal expert. We came across her blog, and are in the process of valuing what could be a very valuable vintage piece of equipment. The stories behind the ‘discovery’ of an antique are often quite interesting, and the process can be quite long without the right antique appraisal expert to assist you.
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