Appraisals and their Intended Use:
1. Retail Replacement Value – this type of assessment is for insurance purposes and takes into account the retail replacement cost of an item if it has been lost or stolen.
2. Fair Market Value – a fair and respectable price for an item for sale in a spealised market between two willing parties, the buyer and the seller.
3. Private Sale – the price you could expect to achieve when selling an item to a member of the public, a price less GST and other related taxes or duties.
4. Second-hand Sale – an appraisal based on the condition of the item and current market trends and values.
5. Auction Reserve – the minimum price the item would be expected to achieve at auction, less buyers premium and auctioneers commission.
6. Divorced Property Settlement – Family Court will
sometime instruct that a valuation be carried out to reflect current market value.
7. Deceased Estate – a solicitor may instruct that a valuation be carried out to reflect current market value.