Appraisal

[Bob Simmons]

Admittedly, I'm insecure on doing appraisals. I have a client wanting to
donate a Baldwin 'M' (1940) to a museum and I'm struggling with fixing a
value. Would some of you mind looking over my shoulder and checking my work?

The new price of a Baldwin 'M' is $19,722
Assuming a life-expectancy of 75 years, the depreciation schedule would
be $262.96 per year, making the present value (with 20 years remaining):
$5,259.20, if everything was in excellent condition. But, of course it's
not. I've estimated $4825, in estimated work needed. Now, this gets
confusing; cause the piano is adequate "As-is" but would be inadequate
for the use he desires (recitals at the museum), unless the work is done.
Now, if I reduce the value by the cost of needed repairs, I would
appraise the instrument at $434.20, which is ridiculous.

Could some of you pick this up from here and tell me what you would do?

Bob Simmons, RPT