Have had questions, both from private clients and attorneys; evaluation and valuation.
As with other connected misnomers; the difference is subtle, but important (but first: let me not forget to tell you a story). In a recent submission for yet another personal property theory course; my professor, for whom I have much respect (a PhD. X 2.5, at least); corrected grammer in my paper with incorrect grammer!! I will not elaborate further, except to communicate the following, to eliminate confusion:
As relating to the apraisal process.....
EVALUATION:
The process of identification; establishing what something is; to distinguish one thing from another; to determine the FACTS about something; physical characteristics, uniquiness, rarity; what makes something special, notable, unique, generic etc.
VALUATION:
The estimation of somehting's worth; especially, a process carried out by a professional appraiser. The judgement of the marketable, or monetary worth of something, through the active process of research and analysis. The calculated act of assigning a monetary value to somethng.
EXAMPLE:
Evaluating Pearls: The process of identigication: shape, size, body color, qulaity and thickness of nacre, luster and overtone (as applicable).
Valuating Pearls: Determination of the market worth, in dollars or other trade sequence ; for insutrance, trade, donation value, etc.; monetary worth in terms of appropriate market price, relative to comparable quality.
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