|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).
A systematic way of developing a value indication using methods
and techniques; exampls are Cost Approach, Income Approach, and Sales
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).
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.
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
Veneer generally cut from the main crotch or fork of a tree.
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.
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
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.
The most probable price in terms of cash, or other precisely
revealed terms, for which property will change hands if sold
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