The Personal Property Appraisers Post

Another issue of the "ACA Appraisers Update" eNewsletter is now available online. Published by Appraisal Course Associates partners certified appraiser, author and instructor Dave Maloney and AQB-certified National USPAP course instructor Bill Novotny, this issue is loaded with hard-to-find information including Bill's ground-breaking article regarding competency issues faced by the generalist appraiser.

The current edition includes the following articles:

- Generalist Appraisers Face Competency Issues
- Can Museum Appraiser/Volunteers do Appraisals?
- Internet Resources Are Ephemeral
- IRS Guidance: Donation Appraisals for Artwork Exceeding $20K FMV
- Citations and Declarations for the Donation Appraisal
- Maloney's Antiques & Collectibles Resource Directory To be Published Soon

If you did not receive your own copy by email, you can still read it by going to the eNewsletter archive at http://www.appraisalcourseassociates.com/archive/. While there, be sure to sign up to automatically receive future editions of the "ACA Appraiser Update" eNewsletter.

By Steve Roach, JD, ISA AM

July 7, 2010

First published online at Steve Roach Online and The Art of Law Blog

Almost as soon as it sold at Sotheby’s London on July 7, the J. Paul Getty Museum announced that it had purchased a masterpiece by J.M.W. Turner, “Modern Rome – Campo Vaccino.”  The price?  A record-setting $45 million.  It is the sort of picture that the Getty should be buying with more frequency in this market characterized by a declining number of available masterpieces.

No one can dispute the picture’s quality, or the Getty’s press release stating that it is “one of the greatest paintings by Turner to come on the market.”  The picture has had just two owners since being painted in 1845 and is still in its original frame.  Acting museum director David Bomford stated in the press release, “The acquisition ranks among the greatest in the history of the Getty Museum. Paintings by Turner rarely come to market and the absolutely flawless condition of this one makes it work against which all other works by Turner will be judged.”

It’s the Getty’s third Turner and joins two watercolors and a historical painting.  A neat thing about the press release is that it relates the Getty’s new Turner with other Turners in Los Angeles collections such as LACMA and the Huntington.  

The last major purchase by the Getty was the large Louis-Leopold Boilly painting “Entrance to the Jardin Turc” (picture above) which sold at Christie’s New York for $4,562,500 in January 2010.  That painting fit a gap, but doesn’t set the room on fire like the Turner does. 

Other recent purchases have been more of a collection hole filling nature.  Two Gustav Klimt drawings, a Rosalba Carriera pastel portrait, a Roeland Savery landscape, and works of a more academic nature.  The last major purchase to generate much attention was an interesting Paul Gauguin, “Arri Matamoe (The Royal End)” a gorgeously colored Tahitian picture from 1892 of a severed head.  Popular artist, tough picture (pictured below).

Surely part of the reason for the limited acquisitions surely has been the administrative shuffle that has plagued the Getty for the past several years, combined with bad press and a plunging endowment.  Still, many have challenged the Getty to buy more blockbuster pictures, both because it can and because these pictures are quickly vanishing.

It’s 1989 purchase of Jacopo Pontormo’s “Portrait of a Halberdier” caused a bit of a sensation when the Getty purchased it at auction for $35.2 million.  On that purchase, the New York Times wrote, “Previously, the museum had been reluctant to spend large sums to create a first-rate paintings collection, but the choice of Mr. Goldner as acting curator signaled a change of heart by the museum's board and its chairman, Harold Williams. The Getty finally determined to fulfill the role that was widely and justifiably expected of it, that is, to create the best museum money can buy.”

Or course, as the L.A. Times points out, if Britain is able to match the price, the painting may stay in a public collection; a scenario that happened in 2002 when the Getty tried to buy Raphael’s “Madonna of the Pinks” which went to the National Gallery in London who raised $46.6 million to keep the picture on British soil. 

For collectors without a 9-figure acquisition budget, this small Turner, pictured left, “Seapiece with finishing boats off a wooden pier, a gale coming in,” a powerful little picture with a great provenance went unsold at a 250,000 to 350,000 GDP estimate and would make a great addition to many American museums.  In many ways, it’s a more intimate and immediate picture than the Getty’s grand new Turner.  

About the author: Steve Roach is an independent appraiser and attorney in Dallas, Texas.  He was formerly a specialist at Christie's 19th century European paintings department and now assists clients with the acquisition, liquidation and valuation of Old Master to Modern paintings, contemporary art, antiques and rare coins.  Visit him online at www.steveroachonline.com or via Twitter, @theartoflaw 

By Todd W. Sigety, ISA CAPP

There has been a fair amount of discussion both here on the Appraisers Post and on some LinkedIn appraiser groups about the benefits of social media and online networking. With that in mind, I discovered an interesting article on the CBS Moneywatch.com site called Networking Without Looking Desperate: 5 Rules. As more of our networking moves to online forums such as Social media sites, blogs and videos, the more appraisers need to be aware of current technological trends which can prove beneficial in operating an appraisal practice.

The article states that networking should be part of your ongoing business activities and plans, not something that is done on the spur of the moment or with little thought and foresight. I think this is a very important point to keep in mind.  Networking should be part of your business plan, and I just dont mean online, but both real face to face networking and virtual networking.

The 5 rules mentioned in the article were

• Nurture Your Network...Patiently
• Ask How You Can Help
• Know When to Ask - and How
• make the Web Work for You
• Shake Some Hands

The five rules will keep your networking planning current and productive, and of course growing. By nurturing your network you want to keep in touch with your contracts on a periodic basis. This is done in order stay connected so when you do need some advice or assistance your group of contacts will not wonder where you have been or why you only connect when you need advice. Keep you network advised of what you are doing, but also don't overdo the contact either.  You should keep a good balance of updates, questions and answers.

In asking how you can help, you present yourself to your contacts as a resource available to help and assist. By staying engaged with your contacts you will benefit when it comes time for your network to reciprocate. In Know When to Ask - and How, make sure you are asking questions of the right individuals in your network, and ensure you are not asking them to do your work. So many times I have seen request for help where there was no preliminary research done, no foundation. If you are going to ask for assistance from your network, make sure you have done your proforma investigations and understand the situation before asking for assistance. I have seen request where appraisers ask for assistance on an artist, and some of the responses were, have you tried Google? The point is pretty clear, dont ask your network to do basic foundation research for you. What you want from your network are specifics, and clarifications of the nuances of a question or appraisal methodology.

Click the Read More below for the rest of the article.

June 17, 2010

It’s been a while since my first blog and, in the long interim, I’ve been to Israel and Jordan.

Aside from visiting some collectors and seeing what’s being offered at some of the galleries and stores there, one very astute collector encouraged me to visit a special exhibition at the Bible Lands Museum in Jerusalem.. This is a museum that hasn’t got much attention over the past 18 years of its existence. However, it is a jewel of a museum, sitting in the shadow of its much larger neighbor, the Israel Museum. It is a lovely space with beautiful galleries and clearly organized collections. Even though the galleries are well lit, the architectual space reminded me of the dark, monumental stone palaces and tombs of the Ancient Near East. My only annoyance was acoustics. One person with very thin high heels was trying to find the way out in a real hurry and made quite a racket on the stone floors.

Perhaps most relevant for readers of this blog is the fact that the entire museum was conceived by, supported by, and organized by very passionate and philanthropic collectors Elie and Batya Borowski. Dr. Borowski began collecting while hiding during WWII in Switzerland and built a magnificent collection in the successive years. Visit the museum’s website more information, www.blmj.org.

If you go, plan to spend several pleasant hours wandering through the permanent exhibition which is organized chronologically, although it is interpreted thematically and references many of the customs, language, trade, and economic related to the peoples who wrote the Bible or who were described in it. There are some amazing artifacts.

Why did I end up here and why am I sharing my visit? The Museum, in line with its bold approach to interpretation and emphasis on artifacts, is also showing an extraordinary show entitled Angels and Demons: Jewish Magic through the Ages. The exhibition’s exquisite catalogue supplements the elaborate wall texts and expands on mystical practices and concepts in Judaism, including Kabbalah throughout the ages. For the collector, however, this was a rare opportunity to see an expansive array of amulets, magic bowls, figurines, magical texts from ancient times, spanning the Ancient worls, the Byzantine Age,the Medieval period, the Age of Enlightenment, and up to the present. Many of the objects were carefully selected from Israel’s museum and academic collections. However, a large and important of the exhibition was supplied by very well-cultivated private collectors who chose handsome and unique artifacts from their extensive private collections. The catalog is sure to become an indispensible tool for those trying to build a solid collection among the amulets that collectors (and appraisers) frequently encounter in today’s market. Now, when I have to appraise an amulet – and I’m frequently encountering all sorts of amulets from many eras and customs and regions – I will have this exhibition catalogue close at hand.

More soon on what’s hot in Judaica collecting.

Consultants Greentarget recently released a study and survey of how in-house corporate general counsels are using new media, including blogs, and social media.  As this has been of interest to me, and should be to other appraisers, it is always good to gather information on how others professionals are using New Media.

The in house corporate counsel survey looked at a group of 164 attorneys responses and how they were taking advantage of new media.  It did show that traditional methods, such as trade journals, conferences and press releases were dominate, yet more and more in house attorneys are using new media platforms to expand and enrich traditional networks.

In general the survey stated of the AmLaw 200

• Blogs are up 147% since August of 2007, with nearly half having firm branded blogs
• Every AmLaw 200 firm has a LinkedIn Account
• 31 of the top 100 AmLaw firms have a Facebook Account
• 76 of the top 100 AmLaw firms have a Twitter Account

Interesting that blogs are increasingly preferred fir gaining business and legal industry information.

To read the full report (37 pages), click HERE. It is an excellent report with some good charts and graphs, I recommend appraisers who are interested in New Media read the full report.

Tuesday, May 11, 2010

While at first blush, the French expression — “Plus ça change, plus c’est la même chose — the more things change, the more they stay the same” — might seem an apt description of Greentarget’s recent research about the adoption of new media by the in-house legal community, a closer look confirms that change is more extensive than many pundits have appreciated to date. In addition to confirming that referrals from trusted sources and credentialing activity (i.e., demonstrations of thought leadership) remain the two most important factors considered by corporate general counsel when they seek to hire outside lawyers, several of the survey’s findings convey significant new trends in the way that information is disseminated and shared by members of the legal community.

While the more traditional marketing channels for law firm credentialing continue to dominate–publishing articles in trade journals, speaking at industry conferences, and being quoted in the press–in-house attorneys now are using new media platforms to deepen their professional networks; to obtain their legal, business, and industry news and information; and to enrich their social and personal lives. Most importantly, they expect that trend to accelerate in the future.

As law firms and their lawyers embrace social media technologies at an accelerated pace with wide-ranging levels of participation, adoption, and engagement, the Corporate Counsel New Media Engagement Survey was designed to explore the very degree to which in-house counsel, the primary purchasers of outside legal services, are listening.

Highlights of the Corporate Counsel New Media Engagement Survey:

Click the Read More below for the rest of the article.

Upcoming Pratt Courses June 16-17 The Business of Contemporary Art

SE100PP: USPAP for Personal Property Appraisers June 14-15, 2010 Pratt Institute Center The objective of SE100PP is to familiarize students with the recognized standards governing professional appraisals. This is the 15-hour National USPAP-PP course approved by the Appraisal Standards Board of the Appraisal Foundation and is developed specifically for users of Standards 7 & 8, including GJ, PP and MTS. Students are provided a current Uniform Standards of Professional Appraisal Practice (USPAP) manual and current book. NOTE: This course does not meet Real Property state licensing requirements, but is required for reaccreditation. For more information about registration, contact Karen D'Angelo at kdangelo@pratt.edu or call the Pratt Institute Center at (212) 647-7199. Pratt Institute Center is located near Greenwich Village in Manhattan, New York.

• 1/2-day Multidiscipline General Session with Key Industry Speakers
• Enhanced Networking Opportunities
• World renowned hotel - JW Marriott Las Vegas Resort & Spa Mention ASIASIA to receive discounted rates.
• FREE Shuttle to and from the Las Vegas strip
• Variety of local attractions

~ Hurry! Early registration ends June 14. ~

But Nobody Will Pay Me That Much!

Price - price - price. It‘s the most common discussion I have with NAC Inner Circle Members, marketing clients, and fellow appraisers. And, it's the least important factor in making a sale.

I hear it all the time:

― But my town is different.

― Where I live nobody will pay that much.

― People in my area all shop price – they want the cheapest deal possible.

― People in my town want bargains and they always want a lower price.

I have one very short and accurate reply. Bull-O-Knee!!

Here are six facts that refute this ridiculous and erroneous attitude:

1) If this is true, then there should be only one restaurant in town – McDonalds.

2) There should be only one coffee shop in town and it’s not a Starbucks.

3) There must be only one car dealership – a Hyundai dealer - the cheapest car on the market.

4) There is only one dentist and he or she does not give Novocain and uses a dull drill to keep prices low.

5) There is no dry cleaner in town, because it’s cheaper to wash clothes yourself.

6) The cheapest appraiser is getting ALL the business in town, no matter how crappy a job he or she does.

Click the Read More below for the rest of the article.


These mystery towns that I hear about all the time -- do not exist.

I‘m pretty sure that the appraisers who make the “My town is different” claim are dead wrong. Their town is no different than mine or yours. Not ALL people shop price.

The reason appraisers can't get the price they want is simply because they do not know how to sell.

FACT: When there are no other factors in a buying decision, then price is the default buying criteria.

Read that statement again!

TIP: Never quote a price until a prospect knows what he or she is getting for their investment.

FACT: If you give your prospects reasons why price is not a factor they will include those reasons in the decision.

TIP: Give prospects reasons that make price no longer a buying consideration. Include concepts like: time savings, accuracy, convenience, speed of completion, no hassle, reduced stress, confidentiality.

FACT: Only about 5% of all prospects shop exclusively by price.

BIG TIP: Stop complaining and start selling to the people in your town who drive a Lexus and buy their morning coffee at Starbucks.

Knowing how to sell your appraisal services will put you in the top 5% of all appraisers in the nation -- And it will shut down your competitors for good.

Not sure how to effectively and easily sell your appraisal services? No Worries! I’ve recorded a free tele-seminar for our NAC Inner Circle Members and it's available for replay.

In this breakthrough tele-seminar I’ve revealed the top ten selling techniques to help you effortlessly increase your sales, position yourself in the top markets, and do it painlessly and easily.

It’s free to all NAC Inner Circle Members -- just another benefit of being an NAC Inner Circle Marketing Member. If you’re a member, your special replay phone number and security pass code are in this month’s issue of your NAC Inner Circle Marketing Newsletter.

If you’re not a member, you can become an Inner Circle Member at: http://www.bestappraiserprofits.com/.

As an Inner Circle Members you’ll receive the NAC Appraisal Marketing Newsletter packed with marketing and business development tips for just $15.00 per month. Plus – you’ll receive a special free signing bonus worth $29.00.

Once you become a member, you’ll receive a special phone number and the pass code for replaying the Appraieal Selling Tele-semainr.

Don't waste another day. Get all the details at:
http://www.bestappraiserprofits.com/