A significant portion of Elliott Appraisers' assignments involves clients, who at the request of their insurance carriers, bring their fine jewelry for scheduled property additions and updates. Frequently, clients bring old or earlier documentation for some of the items.
Of special interest, and the focus of my comment, are those replacement value documents made between the years 1980 - 1983.
Upon delivery and review of the new document, the response of the client is often predictable. You will likely agree that the value differences in gold, diamonds and colored stones between 1981 and 2005 are probably remarkable; and your thinking will be right. But I'll bet what you think is not what is... Inevitably, clients ask two broad questions; "what happened", and "why?" So I offer the following (also hopefully informative, entertaining and politically incorrect) distillation of what and why.
Recently in Valuation Theory Category
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:
This is a question I am regularly asked in regard to appraisal language. Price is frequently confused with value (and abused; especially in the hype-rich arena of retail jewelry, where one is often used to justify the other). While price and value are nearly always used in close proximity, they are really two different things. I follow with terms, and three examples.
