Saturday, February 27, 2010
Larry Shapiro of appraisalsandantiques.com was quoted on a local radio station when asked what an accurate appraisal is. He said "An accurate appraisal is an appraisal that gives a timely value to any item for a specific reason". Shapiro went on to say. "If you are looking for the replacement value of an article, then the value would be the price you would have to pay to buy that item today at the most available level. On the other hand, the fair market value of that same item, would be less because the value would be what you could sell that item for immediately. So, if you had a sofa in your home, the replacement value would be what you would have to pay for that item at a retail furniture store and the fair market value would be the price you could get if you sold your sofa on the used market today." Larry Shapiro is a personal property appraiser with The International Society of Appraisers. He can be reached at 860 646 6808.