Glossary of Terms


Through The Antiques Appraiser's attempt to educate their clients and potential customers we have included an online glossary of terms.  Listed below is a full list (if you wish, please use the "links" to move up and down the page).

Appraisal Terms;
Appraisal Approach
A systematic way of developing a value indication using methods and techniques; exampls are Cost Approach, Income Approach, and Sales Comparison Approach.

Market Comparison Approach
Estimates value by comparison with properties sold in the relevant market, with adjustments for all differences  which affect value, such as differences in characteristics of value and in time (American Society of Appraisers, 1994).

Replacement Value-Comparable
The price in terms of cash or other precisely revealed terms that would be required to replace a property with another of similar age, quality, origin, appearance, and condition within a reasonable length of time in an appropriate and relevant market.

Furniture Terms;
Appropriate Market Level
Personal property is commonly bought and sold in or at several market levels depending on the quantity, quality and condition of the property.  The purpose and function of the appraisal determines the appropriate market that an appraiser analyzes and reports on, relevant to the subject property at auction, wholesale, retail and liquidation.

American Empire Period
A simpler, more refined form of the French Empire style of furniture that occurred in the United States from about 1820-1840.  This period is characterized by plain surfaces with architectural pillars and scrolls.  Mahogany with crotch-grain is the featured wood of this period.  Empire furniture is often heavy in style.

Used to describe elements such as inlay or veneers that are perfectly matched, as boodends.

A beaded molding that projects from the surface of a piece of furniture, most common on drawer fronts.

A low cabinet usually containing drawers.  Also known as a chest or bureau.

Crotch Grain
Veneer generally cut from the main crotch or fork of a tree.

Dove Tail
Devices used to fasten wood together,  A wedge- shaped piece is fitted into a corresponding negative space. Early dovetails are hand-hewn and are usually not uniform.

Donation Value
If a person wishes to donate property to a museum or a qualified tax exempt organization, the government and the courts maintain that the definition of "Fair Market Value" is the same for donation and estate.

Immediate Cash Liquidation Market Level
This represents a market in which similar property is regularly sold, for immediate cash, to willing buyers within a very limited time.  the buyers typically are antique dealers, auctioneers, auction houses, second-hand dealers, jobbers, wholesalers.  This represents a bargain or distress market level.

Liquidation Value
The most probable price in terms of cash, or other precisely revealed terms, for which property will change hands if sold immediately.

Marketable Cash Value
The cash that could reasonably be realized in selling a property in question, given a reasonable length of time in an appropriate market.