Latest Publications

Philadelphia Chapter: 2014 Sinclair Award Winner


Eric H. Hencken, ASA (left) presenting John Barton, ASA (right) with the 2014 Geroge D. Sinclair Professionalism Award

Eric H. Hencken, ASA (left) presenting John Barton, ASA (right) with the 2014 George D. Sinclair Professionalism Award

John Barton, ASA was presented the 2014 George D. Sinclair Professionalism Award at the Chapter’s November meeting. Eric H. Hencken, ASA presented Mr. Barton with the award. The Philadelphia Chapter created the George D. Sinclair Professionalism Award in 2003 to recognize individuals whose actions have enhanced the appraisal profession.

“John Barton has devoted enormous time without compensation to the Chapter’s benefit as well as made major contributions to the appraisal field as a whole, including globally,” noted a member of the nominating committee.

Mr. Barton is the President of Brandywine Valuation Consultants, LLC, a privately held valuation firm specializing in the valuation of equity, invested capital, and intangible assets for the purposes of financial reporting, estate and gift tax, and litigation support. John has been an accredited Business Valuation member since 1993 and has served on the ASA’s Business Valuation Committee, International Education Committee, Board of Examiners, and has been an instructor in the Principles of Valuation courses for many years.


ASA Personal Property Conference March 25-27, 2015 – Message from the Conference Chair

Frances Zeman, FASA

Frances Zeman, FASA

ASA Personal Property Conference March 25-27, 2015

Issues in Determining the Authenticity of Visual Art and Objects, the Catalogue Raisonné, Art Scholarship and Value in the Marketplace

With optional Field Trip on March 28th to
Princeton University Museum, Sculpture Collection and Libraries

Message from the Conference Chair 

Dear Friends and Colleagues:

Registration for the conference is open and there has been an excellent response so far. Those of you who have already registered are going to have an outstanding experience; I want to expand on this here a bit for you, and for the benefit of those who have not yet registered. I have been actively engaged in the appraisal profession since 1980 and many of you know that I appraise fine art, antiques/decorative arts, residential contents and oriental rugs. As appraisers, we are interested in a wide range of “stuff”; even though we may not be familiar enough with these properties to appraise them, we know that there are universal issues that have the potential to affect information and advice we are going to provide to our clients. The educational and networking opportunities at this conference were developed with the idea that they will be pertinent to all areas of Personal Property.

It doesn’t matter if you appraise numismatics, wine, jewelry, African sculpture, ethnographic arts, photography, textiles, musical instruments, automotive, books, furniture, fine art, silver, porcelain, 20th century decorative arts – you name it (forgive me if I left something out): we all deal with the issues that are going to be discussed at the March conference. While there may be differences in the types of properties being appraised, each one of us must deal with issues of provenance, title, authenticity, scholarship and technology – each one of these issues has the potential to affect value. How strong can our argument for value be if we don’t at least consider these important factors? Many of us of have been attending conferences for years: through ASA, compeer organizations, museums, foundations and educational societies. Each is special in its own way: what makes this conference so unique is that there are speakers participating who do not usually present at conferences; you may recognize their names. Every one of the speakers was more than enthusiastic when asked to participate and will bring us fresh and up-to-date information and viewpoints that will contribute to expanded expertise, and to making changes that will contribute to making us better at what we do. Appraisal students, this conference was also developed with you in mind.

You will also notice that there are several ASA appraisers listed as presenters. Our organization has some brilliant minds and seasoned practitioners from whom we will learn. Think about the learning and networking opportunities; learn how to problem solve though someone else’s experience. Meet and engage with the speakers who are dealers, scholars and researchers; reach out and open a path of communication that cannot help but to enable and enhance you as a professional appraiser. The process of “authentication” is complicated and challenging, even to the extent of its meaning.

This conference program was developed to provide a very high level of educational opportunities to a broad audience. Register by December 2, 2014 and participate in a chance to win a year’s Professional Level auction database subscription provided by our enthusiastic media partner Artnet. Your registration also includes three breakfasts, three lunches, drinks/snacks at six breaks, and two evening receptions.

I have worked on many conferences in the past; this one is meant to benefit and to be of interest to every attendee. I welcome and encourage you to seize the opportunity join us at The Yale Club (and elsewhere) in New York City with your colleagues, to have a stellar experience and to earn a significant number of re-accreditation credits at the same time.  Invest in yourself and your profession, register at:

See you in March,
Frances Zeman, FASA


ASA BV AICPA Forensic and Valuation Services Conference Wrap Up

The AICPA Forensic and Valuation Conference was recently held on November 9-11, 2014 at the Hyatt Regency in New Orleans, LA. The conference was for valuation and forensic practitioners and consisted of educational sessions from experts in the field. Topics included how to apply complex analytical techniques, scrutinizing online consumer transactions, exploring public databases, conducting advanced interviews, facing video depositions, analyzing written statements and updates on fair value, cost of capital, goodwill and size premium.

ASA’s Business Valuation Discipline Committee had an exhibit booth, which was managed by Vanessa B. Claiborne, ASA; Riley J. Busenlener, ASA; Nene G. Gianfala; and Norman F. Laskay, ASA. ASA held a special promotional deal for attendees to receive a free copy of BV Review and raffled off an Apple iPad mini to a lucky winner. The Society’s International Vice President Linda B. Trugman, ASA, presented at the conference. Other ASA members who attended the event were; Gary R. Trugman, ASA; Harold G. Martin Jr., ASA; Tony Aaron, ASA; Mark L. Zyla, ASA; Neil J. Beaton, ASA; Nancy J. Fannon, ASA; Bethany M. Hearn, ASA; James R. Hitchner, ASA; Ronald L. Seigneur, ASA; Kevin R. Yeanoplos, ASA; Rosanne Aumiller, ASA; Randie G. Dial, ASA; Adam J. Herman, ASA; Michael Crain, ASA; Michael D. Morhaus, ASA; Carol W. Carden, ASA; R. James Alerding, ASA; Heather A. Tullar, ASA and Harold G. Martin Jr., ASA.


ASA Leadership Training

Ernest Demba, FASA, ARM-RP; John Russell; Gary Snowdon, ASA and Richard Berkemeier, ASA during training.

Ernest Demba, FASA, ARM-RP; John Russell; Gary Snowdon, ASA and Richard Berkemeier, ASA during training.

ASA’s Leadership Training Orientation was held on Tuesday, November 18, 2014 at The American Society of Appraisers’ headquarters in Reston, VA. The leadership training was a full day of introductions, discussion, planning and presenting on ASA’s structure and governance of the Society. Topics of the day included the board’s roles and responsibilities, parliamentary procedures, strategic plan, legal duties of officers and directors and role of ASA headquarters departments. This training was vital in helping incoming leaders learn more about what to expect and insights into the ASA board and headquarters.

Attendees of the training included Gary L. Smith, ASA, MGA, International President; Linda B. Trugman, ASA, International Vice President; Gary Snowdon, ASA, Region 1 Governor; Rick Berkemeier, ASA, Discipline Governor MTS; Sandra J. Tropper, ASA, Discipline Governor PP; Ernest A. Demba, FASA, ARM-RP, Discipline Governor RP and Edith Yeomans, FASA, Parliamentarian, Board of Governors.

Guest presenters included Richard F. Dorman, CAE who provided a presentation titled ‘Board Role Discussion’, ASA Legal Counsel Jerome C. Schaefer, Esq. and ASA headquarters staff.


Jay E. Fishman, FASA, Receives Chairman’s Public Service Award


Steven Elliott (L) presenting Jay E. Fishman, FASA (R) with his award.

The American Society of Appraisers is proud to announce that Jay E. Fishman, FASA, has been awarded The Appraisal Foundation’s Chairman’s Public Service Award. This award recognizes individuals who have worked with The Appraisal Foundation for the benefit of the appraisal profession and who have gone above and beyond the call of duty. The award was presented to Mr. Fishman at The Appraisal Foundation’s fall meeting in Boca Raton, Florida on October 30-November 1, 2014.

Mr. Fishman who is the managing director of Financial Research Associates has been actively engaged in the profession since 1974. He specializes in the valuation of business enterprises and their intangible assets and has coauthored several books and written numerous articles on business valuation. Mr. Fishman is a former Chairman of the Business Valuation Committee of ASA, a former Editor of the Business Valuation Review and was for many years Chair of ASA’s Government Relations Committee. He previously served a three-year term on the IRS Advisory Council and is currently Vice Chair of the Appraisal Practices Board of The Appraisal Foundation. He was elected to ASA’s College of Fellows in 2005 and is a Life Member of ASA.


Local Chapters Help Market National ASA Real Property Course

ASA’s NorCal, Chicago and Princeton chapters recently helped provide local marketing support for the upcoming offerings of ASA’s RP401 Going Concern Course.

The NorCal Chapter prepared a special invitation to ASA membership and to the RP401-Allocating Components in Going Concerns Appraisals course, to be held December 4-7, 2014 in Sacramento, CA. This invitation was sent out to regional commercial general appraisers as a direct marketing campaign.

The Chicago Chapter and Princeton, NJ Chapter also assisted to send out blast e-mails to local members to encourage attendance at the RP401 course that is being offered twice on November 20-23 in Chicago, IL and December 4-7 in Sacramento, CA.

Along with blast e-mails, the Princeton, NJ Chapter also marketed the two classes on their Facebook page.

Photos from past RP401 classes can be viewed here.


ASA-CICBV Joint Business Valuation Conference Wrap-Up

The American Society of Appraisers (ASA) and The Canadian Institute of Chartered Business Valuators (CICBV) hosted the ASA-CICBV Joint Business Valuation Conference on October 27-29, 2014 in Toronto, Ontario, Canada at The Westin Harbour Castle.

Toronto was the perfect backdrop for this year’s conference. Attendees and speakers had three days of learning about emerging trends in the field and networking with one another. The conference consisted of over 25 content-rich concurrent sessions on a wide-range of topics presented by leaders, professionals and industry experts.

Raymond Rath, ASA and Amy Ripepi during the conference

Raymond Rath, ASA and Amy Ripepi during the conference

The conference started on Monday with opening remarks by Bill Armitage and Bill Stamatis, ASA who welcomed all attendees to the conference. Following the opening remarks, John K. Paglia and Amanda Lang, this year’s keynote speakers spoke on the future of valuation practices and the power of “why,” respectively. Monday’s topics of sessions included valuation hot topics, FASB update, technology valuation drivers and trends, volatility models, deferred revenue, infrastructure, divorce and discounts. These presentations were by professionals, David J. Margules; Lawrence A. Hamermesh; Roger J. Grabowski, FASA; Shannon P. Pratt, FASA; Justice Donald Bowman; Adam M. Smith, ASA; Daniel A. Knappenberger, ASA; Duncan Stewart; Sid Paquette; John J. Stockdale, ASA; Amy Ripepi; Raymond Rath, ASA; Macky Tall; Mahdi Amri; Terry Hainsworth and Eric W. Nath, ASA.

Tuesday was a full day of sessions from Business Valuation experts starting with a State of the Union address by ASA BV Chair, Robert B. Morrison, ASA and CICBV Chair, Robert Doran. Sessions continued with presentations by Aswath Damodaran presenting on price and value; Steven Davidoff Solomon on fairness opinions; William Armitage, Ken Kyriacou and Tara Di Rosa on pricing and valuation differences; Kristopher Zack and Justin Bouchard on oil and gas industry developments; Summer Parrish and Dwight Grant on volatility; Amanda A. Miller and David Dufendach, ASA, on IPO; Michael J. Pellegrino on market- driven patent data; Bill Stamatis, ASA, Phil Fortier and Michael A. Gregory, ASA on valuation disputes; Dwight Grant on pricing methodology; Neil J. Beaton, ASA on secondary transactions and Howard E. Johnson, ASA on border transactions.

Wednesday was the last day of the conference and consisted of four sessions on topics of IIBV update, market risk premium, measurement of cost of capital and business value stability. Leaders in the profession instructing these sessions were Michael Badham; Dr. Pablo Lopez Fernandez; Dr. Partha Mohanram; and William F. Pittock. To bring the conference to an end, Bill Armitage and Bill Stamatis, ASA made closing remarks.

Those unable to attend the conference in person were able to sign up and view key sessions from the conference via live streaming online.

ASA hosted two pre-conference educational courses in Toronto prior to the ASA-CICBV Joint Business Valuation Conference. The courses were ARM201-Appraisal Review and Management Overview and SE101BV-USPAP 7 Hour for Business Valuation. Roger P. Durkin, FASA taught the three-day ARM201 course, which was centered on providing an in depth understanding of the appraisal standards that govern the practice of appraisal. SE101BV was taught by Carla Glass, FASA and focused primarily on recent changes of the 2014-2015 Edition of USPAP in relation to business valuation.


The ASA booth at the conference.

Jim Hirt, Chief Executive Officer of ASA and Megan Seid, Accreditation and Reaccreditation Services Specialists for BV from ASA’s headquarters were present at the conference. Jim Hirt also attended the ASA’s Business Valuation Committee meeting, while Megan was on hand to assist attendees of the conference with questions about accreditation, reaccreditation, continuing education (CE) credits and to promote ASA membership. The ASA booth at the conference was equipped with a new banner display stand for the PAC Committee and BV Review, printed copies of the BV Review publication, upcoming course announcements, save the dates for the 2015 IAC and ASA promotional items for attendees to enjoy.

The American Society of Appraisers would like to thank event sponsors and exhibitors; Borrowman Baker LLC.; Sweeney & Bartlett; BVR; Bizcomps; Narmco; IbisWorld; and the conference organizing committee, Bill Armitage, CBV, Co-Chair Ernst & Young; Harold Hutton, CBV Kanata Capital; Francois Huvelin, CBV Deloitte; Howard Johnson, ASA, CB, Veracap M&A International Inc.; Deborah Pelle, CICBV Events Manager; Bill Stamatis, ASA, Co-Chair Deloitte; PJ Patel, ASA, Valuation Research Capital; Arik Van Zandt, ASA, Alvarez & Marsal Valuation Services and Nick Heinz, ASA, Mercer Capital for all their hard work and support.

Save the date! Make plans to attend next year’s conference, the 2015 Advanced Business Valuation Conference on October 18-21, 2015 at The Mirage Hotel and Casino in Las Vegas, NV. We hope to see you there!

By Alison Ho, Marketing Assistant at American Society of Appraisers


Bombardier Business Aircraft Product Update and Valuation Seminar 2014



Attendees in session.

The American Society of Appraisers (ASA) recently participated in the hugely successful Bombardier Business Aircraft Product Update and Valuation Seminar 2014 held October 14-16, 2014 in Fort Lauderdale, Florida. 

 The three day event consisted of presentations, discussion and insights into the current landscape of corporate aircraft appraisal, aviation financing and related activities by experts in the field. The morning aircraft valuation session was followed by a tour of the Bombardier Fort Lauderdale Service Center.


Group photo in front of the Bombardier Fort Lauderdale Service Center.

Bombardier Business Aircraft presented on their market forecast, market trends, product update strategy and pre-owned aircraft sales. Richard Berkemeier, ASA; David Crick, ASA; Wade Young, ASA; Jeff Dorrough, ASA; Joe Zulueta, ASA; Daniel Hall, AM were on hand to speak at this conference.


ASA Mid-Tennessee Chapter Event


Schermerhorn Symphony Center in Nashville, TN

Members of the Nashville ASA Chapter recently got a backstage look at the Schermerhorn Symphony Center, another gem in Music City. The Schermerhorn is home to the Grammy-winning Nashville Symphony, and is one of only five such halls in the US actually owned by the orchestra.

Orchestras don’t play that often, but the mortgage still has to be paid. That means that on any given night you can see artists ranging from Tony Bennett to Kenny Rogers, from Itzhak Perlman to Keith Richards (yes, that Keith Richards).


The inside of the Schermerhorn Symphony Center has the ability to transform from theater seating (left) to a flat floor (right).

It also means that most any space in the building is available for rent, including the main performing space. In only 90 minutes the theater seats are maneuvered into a basement storage area, revealing a gorgeous hardwood floor that can be set with tables for lavish dinner events. To see a video of the incredible transformation of the space, click here.

Chapter President Louis Siegel, ASA, observed, “Our tour was capably led by a knowledgeable and entertaining docent and had more than enough interesting features for all of our appraisers, whether in the discipline of real estate or art, business valuation or antiques, or machinery and equipment. The lobby café provided our group with a simple but tasty lunch, in a tranquil setting — this truly is an incredible facility.”

By John Borrowman, active member of the Mid-TN Chapter



ASA’s ME208: Marine Survey Course


The Queen Mary

 The highly anticipated ME208: Marine Survey class aboard The Queen Mary took place on October 9-11, 2014 in Long Beach, California. The Queen Mary has a long history dated back to 1930, and is a retired ocean liner that is permanently secured on the port of Long Beach, CA. The vessel features several restaurants, a museum, and a hotel and is considered an icon in Southern California. 


Attendees aboard the LA Fire Boat #2 the Warner L. Lawrence.


Attendees of this class enjoyed three days aboard The Queen Mary while learning about the marine survey business and marine asset appraisal with examples of the subject matter and terminology first hand. Norman F. Laskay, ASA was the course instructor for this class.

Norman F. Laskay, ASA

Norman F. Laskay, ASA

Topics Mr. Laskay touched on included marine equipment, marine industry and function of marine surveyors and appraisers, preparation of an appraisal report, and approaches to value as applied to commercial and yacht appraisal. Attendees experienced a tour of Fire Station 112 located at Berth 86 in San Pedro, California given by the fire department captain, Steven Skelly. Following that was a detailed tour of the modern Fire Boat No. 2 named the Warner L. Lawrence, which included watching it during test operations. Here is a video of the vessel doing what attendees got to see during the test operations (minus the fire and smoke). The video was taken a few weeks before ASA’s tour and shows the vessel fighting a fire.

The next offering of the course will take place January 2015 in Moscow, Russia.