[pianotech] written appraisal

[Mike Spalding]

Wow.  Big topic.

First, why do they want the appraisal?  Insurance?  prospective buyer?  
prospective seller?  If insurance, is it replacement value or fair 
market value?  For each purpose there is most likely a different value 
or range of values.

Second, what method(s) have you used to determine the value?  
Depreciation schedule?  Value if fully restored minus cost of 
restoration?  Local market research of comparable pianos?  Your document 
should explain each method that you used, and it's often OK to use more 
than one method and arrive at more than one value, depending on the 
reason for the appraisal.

Third, plenty of caveats and disclaimers, including but not limited to:  
this appraisal does not constitute an offer to buy or sell, market 
prices fluctuate over time and space, and in the end the piano is only 
worth what a willing buyer will pay for it and there aren't as many 
willing buyers as there used to be.

That should give you an outline, and I'm sure others will chime in with 
additional considerations.

good luck.

Mike

On 10/25/2011 9:09 AM, Gary wrote:
> I've been contacted to do a written appraisal.  I have done my 
> research and have a good idea of what the piano is worth.  Now, how do 
> I word it on paper?
> Certainly something like 'I have determined Steinway Model M serial 
> number XXXX is worth $XXX.XX' won't suffice.  Any ideas?
> thanks,
> gary