OVER THIRTY FIVE YEARS OF PROFESSIONAL APPRAISAL EXPERIENCE
Ms. Olsen is a recognized authority on Personal Property, sports memorabilia, space memorabilia, coins and currency, she is often called upon for appraisal and consultation related to insurance coverage, insurance claims, purchases and sales, expert witness consultation, litigation support, charitable contribution, divorce, estate and tax consultation. Ms. Olsen has consulted and worked with many museums, insurance companies, CPA firms, lawyers, banks, trust companies and courts including:
The Smithsonian Institution
The White House
The Baseball Hall of Fame
The National Park Service
The Denver Mint
The Denver Museum of Nature & Science
Richard Petty Museum
World Figure Skating Museum
The International Monetary Fund (IMF)
Johnson Matthey Refiners
Resolution Trust Corporation (RTC),
Federal Depository Insurance Corporation (FDIC)
Heisman Trophy Trust
A professional appraisal is a legal document that addresses a specific valuation assignment. Be sure to discuss your appraisal needs with your attorney, financial, or insurance professional. Appraisals are prepared for many intended uses including:
Insurance:Coverage, Damage and Claims of Loss
Estate matters: Estate Tax, Equitable Distribution, Probate
Financial Planning for Trusts and Estates: Establishing Cost Basis, Estate Management
Dissolution of Marriage
Charitable Contributions that meet IRS requirements
Inventory and condition reports
Litigation and Expert Witness assignments
Values vary based on the intended use of the appraisal, the type of value and the effective date of valuation.
An Appraisal may be written or oral (verbal)
You should expect an appraiser to
- Witness, verify the existence of the property
- Identify the object(s)
- Value, utilizing comparables, research and analysis
We appraise coins and currency (Numismatics), Gold, Silver, Platinum and Palladium
Sports Memorabilia, Memorabilia, Sports cards, Space Memorabilia and Collectables.
When appraisal are done onsite, objects and collections may be inspected where they are located. The property is counted, measured, photographed and, in the case of some precious metals, weighed. Preparing in advance makes our inspection process more efficient, which means you pay less for this initial phase. (You will need to schedule an appointment in advance.)
In some cases, objects are brought to the office. (You will need to schedule an appointment in advance.)
Determine in advance which items you want appraised
Have the items in a well lit area. If there is not sufficient light
please mention this in advance so we can bring our own lighting.
Poor lighting slows down the inspection process
Please take items out of drawers, cabinets, boxes etc and unwrap
If you have sets of items such as dinnerware, stemware, or silver
objects, please group the sets together
Provide copies of any available documents regarding your objects,
such as receipts or old appraisals
Please have your deposit payment ready
After the inspection is over, we will take all the information gathered and conduct our market research and analysis. Finally, we write and prepare our report for delivery. Please note that we typically do not deliver our report until payment in full for the assignment has been received.
Ask if the appraiser belong to a professional appraisal society and if that society teaches, tests and accredits?
Ask for documentation of accomplishments: An ASA-accredited appraiser will supply consumers with a qualifications statement or résumé that includes his or her job history.
Ask what continuing education the appraiser has undertaken to keep up-to-date in the field?
If they belong to a professional society, ask if that society has a mandatory reaccreditation program to ensure their education and knowledge are current?
Ask if the appraisal report you will receive is USPAP compliant (Uniform Standards of Professional Appraisal Practice).
Ask if the appraiser charges a percentage of the item's value for the appraisal.
Ask the appraiser to give you a fee schedule or estimate before work has begun.
The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted minimum standards for professional appraisal practice in the United States, as set forth by The Appraisal Foundation. Among the many stipulations, USPAP requires that the appraiser act as a neutral, disinterested third party who reports the facts in an unbiased manner.
The Appraisal Foundation, established in 1987, is a national nonprofit organization created to establish uniform criteria for professional appraisers. Since 1989 The Appraisal Foundation has been recognized by the U.S. Congress as the source for the development and promulgation of appraisal standards and qualifications. The Appraisal Foundation is the source of the Uniform Standards of Professional Appraisal Practice that is the recognized standard of care governing professional appraisers.
USPAP contains standards for all types of appraisal disciplines including Personal Property. Compliance with these standards is required by professional appraisal associations, client groups and by federal, state and local agencies.
The American Society of Appraisers (ASA) is an international organization of appraisal professionals and others interested in the appraisal profession. ASA is the oldest and only major appraisal organization representing all of the disciplines of appraisal specialists. The American Society of Appraisers:
? Helps the public and professionals find an ASA accredited appraiser
? Is the only professional valuation organization that accredits members in every
? Works to grow the appraisal profession
? Fosters professional excellence in its membership through education, accreditation,
publication, and other services, with an emphasis on professional ethics to protect
In addition to conforming to USPAP standards, ASA members also follow the ASA’s Code of Ethics and have mandatory continuing education requirements.
The memorabilia market is concerned with the status of the sport, the team, the athlete (celebrity), the historical significance, the provenance (history) of the item is extremely important, the events surrounding the memorabilia, rarity, condition, elements of quality and much more.
Noteworthy memorabilia sales include some of the following:
Babe Ruth’s 1920 Yankees road jersey sold for $4.415 million.
Dr. James Naismith's two-page "Founding Rules of Basketball", the 119-year-old document, sold for $4,338,500.
Mark McGwire’s record 70th home run baseball in 1998 sold for $3 million.
Honus Wagner’s T206 Baseball card sold for 2.8 million.
Jesse Owens’ 1936 Berlin Olympics Gold Medal sold for $1,466,574.
An 1896 Football Association Cup Trophy sold for $879,900.
Shoeless Joe Jacson’s “Black Betsy” Bat fetched $580,000.
Julius “Dr. J.” Erving’s New York Nets ABA World Championship Ring brought $460,741.
Bruce Smith’s 1941 Heisman Trophy had a price realized of $395,240.
Hire Westminster Appraisal and Consultation because:
We provide personal service.
We have very specialized areas of expertise.
We have the education and accreditation required for IRS appraisals.
We handle both large and small assignments.
We have over 3 decades of appraisal experience which includes education and specialized skills utilizing analytical methodologies.
Our Professionalism is evidenced by our adherence to the ethical standards of the American Society of Appraisers.
We comply with the Uniform Standards of Professional Appraisal Practice.
Our consultation and value conclusions are independent, unbiased with no vested interest.
We provide service across the United States.