Values of Japanese Prints in an Appraisal - Different values for the same print?!
Different values for the same item!?
How do you know which one is the right one for your purpose?
What do the different appraisal values mean?
I would like to show you the 5 most common value types in appraising Japanese prints, paintings and illustrated books.
- Retail Replacement Value (RRV) (or Insurance Replacement Value). If you want to buy a replacement for a lost item or a collection in a short time, you will go to a high-end Japanese print dealer. The price you pay is the Retail Value, this should get you a high quality item with full guarantees of authenticity and condition. Replacement Value is normally used for insurance evaluations. High value prints or collection; it is very difficult to asses the RRV in a high value Japanese print appraisal, it usually needs the appraiser to work with a very experienced International Japanese print dealer, or having the collection appraised by a highly experienced specialist dealer/appraiser. Usually RRV and FMV are very close or identical for comparable high quality items.
- Fair Market Value (FMV) is what a buyer would be willing to pay in a public and carefully cataloged Japanese print auction or in the open market, where both the parties have the full information about the market and the item traded. Fair Market Value is usually used in income and estate tax valuations. The FMV is described and defined in length for example by the US - IRS in various rules and regulations, as also other National Tax Services in various jurisdictions does. We have a fairly comprehensive knowledge about rules relating to taxable values in several of the main jurisdictions as well as common inheritance issues. In reading auction results many of the items are not in good condition, late printings or sometimes even fakes. This can't be discerned by the generalist appraiser who rely auction result lists. The specialist have his vast (hopefully) detailed experience and annotated auction catalogues, and therefore can make a much better call.
- Marketable Cash Value (MCV) The Marketable Cash Value is the money you would receive after deducting the sales cost from the Fair Market Value (FMV) selling your woodblock prints in well published and attended auction. Typically the sales cost are as follows Hammer Commission (20-25%), Sellers Commission (15-30%) and various costs (insurance, illustration, printing, cataloging, storage, transport, packing and similar). Typically the auction house keeps about 35-45% of the total selling price, but sometimes the total cost can come to well over 50% of the FMV.
- Liquidation Value is the value (price) of an item sold on short notice and with limited market reach. This type of sale is usually conducted on behalf of credit institutions, banks or owners who needs to raise cash fairly quickly. The liquidation value (price) is usually lower then the above values.
- Salvage Value is the expected price realized in a situation were both the seller and buyer have very limited market access and knowledge. Typically the item has been abandoned by the legal owner (for example an abandoned storage unit) or been lost and found without recovery by the rightful owner. This value I have just been asked to opinionate on once, I was expert witness for the prosecution in a trial of a person accused of buying and trafficking in stolen property.
Free appraisal and evaluation.The "Free Japanese Print Appraisal" establish an approximate Marketable Cash Value (MCV) for woodblock prints based on your images or photos, please see "Japanese Print Appraisal" for further details and the email form for the "Free Appraisal". Please remember, the value based on an emailed image is non committing, if we see the real print we can give you a correct value.
Our "Advanced Appraisals" will give you the Retail Replacement Value (RRV) on the main report as well as Marketable Cash Value (MCV) and Fair Market Value (FMV) on a memo attached to the main report if so desired by the client. The appraisal cover sheet will have a detailed explanation about the general value of your collection, the PM will give a detailed analysis and explanation about the Marketable Cash Value (MCV) and Fair Market Value (FMV) as relevant to your collection and the items therein.
by Anders Rikardson
Anders Rikardson is a Certified Appraiser of Japanese Prints. He has been appraising Japanese prints - Chinese, Korean and Japanese paintings - Chinese, Korean and Japanese art and works of art on five continents. Rikardson started appraising Asian art in 1976 as a junior appraiser and became a Certified Appraiser of Oriental Art (including Japanese Prints) in 1982. He has written many articles about Chinese, Korean and Japanese art in Europe as well as Japan. In the early 1980s Rikardson stopped his association with the SCC and started as an International Appraiser.
You can contact Anders Rikardson by email email@example.com.
Japanese Print Appraisal
By Anders Rikardson
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