HOUSTON, TX–The American Society of
Appraisers (ASA) Houston Chapter
hosted a “Classic Car Appraising” presentation featuring Micheal (Woody) Wooding, owner
of the southwest Texas franchise of Auto Appraisal Network, on Nov. 7, 2019.
“The
topics we covered included the Classic, Collector and Exotic car appraisal
process and the nuances involved,” Wooding said. “Issues such as the difference
between perfect restorations and factory original cars. What is a Resto-mod and
why many owners today Resto-mod their cars instead of returning to a stock
configuration.”
“The
one topic that received the most interest was Diminished Value,” Wooding added.
“This is the difference in value of a vehicle before and after repaired
following an accident. I explained how the insurance companies calculate DV
versus the way we do. I also explained that Carfax can only display information
shared with them and does not have access to internal insurance company
information data bases. This prompted multiple questions from the 30 or so
members in attendance.”
An
expert in car appraising, Wooding he has been a lifelong auto enthusiast.
“I
am thoroughly versed in collector and muscle car history and values and
participate in events whenever possible. I have served as an Expert Witness in
auto-related cases and I am a regular guest on ESPN FM radio show known as In Wheel Time.”
To
find out about upcoming events at ASA’s Houston Chapter, please click here.
In the past 20 years, the Chinese art market has grown dramatically, tracking the expansion of the Chinese economy, which is now the world’s second largest. This webinar will provide an overview of the socio-economic forces behind its dramatic growth and headline making prices at auction, and the challenges of appraising and advising on Chinese art. According to Artprice, since 2006, China has consistently been in the top three global art markets and is the largest in Asia. Some sectors are booming with prices often wildly exceeding auction high estimates, while others have stayed the same or declined.
Drawing on more than 25 years in the field of Chinese art as
an art historian, educator and appraiser, Lydia Thompson,
Ph.D, ASA, the presenter, will address the following: the factors behind
the growth of certain sectors, the role of mainland Chinese collectors and
Chinese auction houses in driving the market, why the IRS will not accept realized
sales from Chinese auction houses, the industry of fakes and forgeries of
Chinese painting, sculpture, ceramics among other works of art and its impact
on the market.
Dr. Lydia Thompson, ASA, is an accredited appraiser in Asian Art, and authority on the art and archaeology of China. She has more than 25 years of experience as an art historian, curator and educator, and 12 years as an appraiser. Dr. Thompson has published scholarly and general interest articles and catalogs on Chinese art, archaeology, and the Chinese art market. She received fellowships for her research from The National Gallery of Art, Washington, D.C. and the Kress Foundation for Art History. Dr. Thompson has a B.A. in East Asian Studies from Middlebury College and an M.A. and Ph.D. in Art and Archaeology from New York University, Institute of Fine Arts. She is currently a principal of Thompson & Martinez Fine Art Appraisals, Inc. based in San Diego, CA.
Dr. Thompson agreed to answer a few questions about this exciting webinar.
ASA: What are some of
the challenges involved with appraising Chinese art and pitfalls to avoid?
Dr. Thompson: China has a sophisticated cultural tradition of art production going back 4,000 years, including calligraphy and painting, Buddhist art, bronze work, lacquer, stone carving, ivory, rhino horn, and jade sculpture, imperial porcelain and ceramics to name some of the more well-known categories. Because of this long and complex history and an art market awash with fakes, it is imperative to know who the experts and specialists are, and consult with them. An additional challenge is that best of the best are in China.
ASA: Are you seeing a growth in appraising opportunities in the Chinese art market?
Dr. Thompson: Yes, as descendants of original collectors get wind of the booming Chinese economy and art market, they realize that they should get those old paintings or dusty porcelains that their Great Grandfather got in China in the first half of the 20th century evaluated.
ASA: Are there issues
with fakes and forgeries of Chinese art?
Dr. Thompson: Yes, in almost every collecting category. Moreover the industry of fakes and forgeries in China goes back centuries. There is also a long-standing tradition of painters “working in the manner of” ancient masters, and artisans emulating artwork from imperial workshops down to adding the reign marks. Combine these traditions with a soaring art market, and the legion of highly skilled forgers working in China today, and you get an extremely challenging environment for specialists and non-specialists alike.
ASA: Why won’t the
IRS accept realized sales from Chinese auction houses?
Dr. Thompson: The IRS has stated that they do not have confidence in the “vetting practices” (verifying the authenticity of consigned artwork) of Chinese auction houses or in their post-sale publicly reported prices. Over the past decade there have been major problems with payment defaults (though Chinese auction houses have made an effort to address this) which make reported sales unreliable. Moreover, the art market in China is subject to manipulation by auction houses, sellers and buyers.
For more information and to register for “Introduction to
the Chinese Art Market, Challenges and Opportunities,” please click here.
This past October I had the opportunity to travel to ASA’s Houston Chapter; the IVSC AGM in Singapore; the Institution of Valuers in Delhi, India; the Insolvency and Bankruptcy Board of India; and the MBREA New England Appraisers Expo, Norwood, MA. It was great to meet with ASA members and strategic partners in Texas, Massachusetts, Singapore and India. I look forward to meeting with more ASA chapter members and establishing stronger global partnerships with allied organizations.
Below is a brief summary of my travels excerpted from my Twitter feed. Follow me on Twitter @johnniewhiteCEO and LinkedIn: www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
ASA accredited appraiser Z. Christopher Mercer, FASA, CFA,
ABAR, Founder, CEO, Mercer Capital, is the featured expert on ASA’s debut “Stories of Value” podcast. Hosted
by John D. Russell, JD, ASA’s Senior Director of Government Relations and
Business Development, ASA’s new podcast series highlights remarkable stories
and exclusive conversations with industry leaders and valuation professionals.
In this first podcast episode, entitled: “Outside-the-Box Use of Your Appraisal Expertise,” Mercer shares his expertise on reverse engineering value to drive business value for clients. As a Business Valuation professional, Mercer discusses his take on ways to provide corporate finance principles to private companies, thus taking the lessons learned from the public companies area to a private company realm.
“We’re trying to bring the discipline of corporate finance
over to the private company sector where corporate finance is something that’s
not often thought about,” said Mercer in the fascinating Q&A exchange with
Russell.
Listen to the podcast to hear examples that Mercer provides
that illustrate how basic valuation principles can be used to assist private companies
with liquidity.
“I think corporate finance is an excellent tool that
business appraisers can use to talk to business owners about their businesses,”
Mercer said.
To listen to the podcast, click here, or download the free Podbean app on your mobile device.
ROCHESTER, NY– American Society of Appraisers (ASA) Western
NY Chapter members volunteered at an Oct. 17 Foodlink event in Rochester, NY.
Based in Rochester, NY Foodlink is the Feeding America food bank serving neighboring
counties in that region.
“For more than 40 years, we have leveraged the power of food
to end hunger and build healthier communities. Through good stewardship,
innovation and collaboration, Foodlink mobilizes a diverse network of community
partners to eradicate both the symptoms and root causes of hunger,” according
to Foodlink’s website.
Approximately 20 people volunteered at the Foodlink event, including 4 ASA members and a number of potential ASA members, according to ASA Western NY Chapter Vice President Ivy P. Wan-Beltejar, ASA.
“Foodlink receives donations from local grocery stores and
other entities (primarily of things they cannot sell for whatever reason) and
re-distributes the items to those in need,” Wan-Beltejar said. ”For this
project, we sorted the donations into various categories. The sorted items
are then taken to the various community agencies and for distribution to
individuals.”
ASA’s Western NY Chapter has also participated in Habitat
for Humanity volunteer activities.
“We all enjoyed volunteering with Foodlink. It gave us a chance to catch up with each other and meet potential members. We will likely do a similar project next year,” Wan-Beltejar added.
Hosted this year by the Singapore Accountancy Commission (SAC), under the Ministry for Finance for Singapore, more than 170 delegates from 40+ countries and six continents attended this year’s AGM. The AGM is the only gathering of its kind to assemble senior valuation leaders and influencers from around the world, in all fields and from all sides of the profession, including service providers, institutional investors, banks, regulators, governments and end user, according to the IVSC.
Jack Beckwith, ASA,
CEA, wrote the following reflection on attending the conference.
By Jack Beckwith
The Singapore AGM conference provided an opportunity for
networking among international valuation, thematic presentations and panel
discussions on major valuation topics, CEOs meetings, and public and private
meetings of the IVSC’s standards boards.
Important topics regarding the future of the valuation
profession were addressed at the Singapore venue attended by Valuation
Professional Organizations (VPOs), Stakeholders, and Regulators from five
continents. Specific panels for tangible and intangible assets discussed the
need for consistency in global standards and report content that can be
accomplished via education networks and strategic partnerships.
Our Working Group (AFWG) panel presented a PowerPoint on Reducing the Gap between BV Practices that covered specific questionnaire that was completed by 50 firms around the globe pertaining to the degree and thoroughness provided in the body of work such as macro and industrial analysis along with DCF and market approach disclosures. Many of those responding noted that accreditation by the appraiser was not required. Those attending the session requested a follow up webinar to expand their knowledge as to how the quality of report writing can be improved with education from more sophisticated VPOs. The Appraisal Foundation may offer to host such a webinar session via the Zoom application.
Other topics discussed during the Working Group presentation
included BV Quality mark, Associated VPOs, and the impact on our valuation
professions with AVMs. Currently, The AFWG is preparing a Position Paper that
is focused on securing universal agreement by members of the IVSC on the main
concept of a single set of International Valuation Standards and should be
principle based but still implementable if a country has no standards. While
the principles tend to be applied in valuation assignments throughout the
globe, local customs and institutions vary significantly. Differences in
valuation procedures, terminology, and other value related matters do still
need to be resolved.
How this will impact ASAs willingness for adoption stems
from the progress of earlier meetings this year between AIC, IVSC, and TAF to
attempt to harmonize the valuation standards. The AF and AIC representatives
felt that it was neither advisable nor feasible at present to fully adopt the
text in the market place where USPAP is incorporated into federal law. The main
concept is to further an agreement of the core valuation standards and core
valuation principles where IVS would be the base foundation valuation standard
from which other local and national valuation standards could emanate. A
suitable analogy would be that IVS would be the trunk of the tree from which
the various valuation standards could grow, all of which would have the same
root and foundation via the agreed core valuation principles.
On that note, CUSPAP, IVS and USPAP have drafted an Exposure Draft which will be in consultation from Wednesday 9th October 2019 until Monday 20th January 2020 and comprises:
Introduction
Consultation Questions
Core Principles of Valuation Standards
Core Principles of Valuations
Appendices (comprising relevant CUSPAP, IVSC and USPAP references)
While the overall goal for the AFWG is adoption of the IVS
Standards, we can only hope that there will be compromises to align language in
USPAP that will integrate with IVS Standards that our ASA Members can adhere
too. Having a global quality mark with ASA as the education leader should be
our objective by sharing our Principle of Valuation and Advance Studies courses
by disciplines with capable Senior Instructors.
To see the PowerPoint presentation on IVSC’s “Reducing the Gap between BV Practices,” please click here.
NORWOOD, MA–The 2019 New England Appraisers
Expo will be held on Monday, October 21, 2019 at Four Points by Sheraton
Hotel in Norwood, MA.
Hosted by the Association for Valuation Professionals
(MBREA), the event is a conference and trade show. Expo guests may attend
either a Commercial Programs or Residential Program session track.
John Russell, JD, Senior Director of Government Relations
and Business, American Society of Appraisers (ASA), will deliver the opening
session remarks and also moderate the next session: “Evaluations, Yes, No,
Maybe,” a panel discussion focused on why and how clients use evaluations; how
to perform USPAP compliant evaluations; and the steps appraisers should take to
manage exposure to risks.
ASA International Vice President Lorrie Beaumont, RA, ASA, Certified Residential Appraiser, and William J. Pastuszek Jr., MRA, MAI, ASA, Certified General Appraiser, will be among the Facilitators in an Expo session focusing on “Appraisal Problem Solving through Case Studies.” During the session attendees will be challenged to provide solutions to a variety of appraisal problems. Working in teams, the problems presented in several case studies will be identified, analyzed, and the team’s preferred approach will be reported back to the large group.
Additional sessions at the Expo will include: “Economic Overview,” “Seniors Housing Market Overview and Valuations Methodologies,” and “Understanding the Cannabis Industry.”
ASA Benefit Sponsor anow, an
office management appraisal software company, is an Expo Sponsor at the event.
To find out more and register for the event, click here.
This past September I had the opportunity to travel to Japan and New Zealand to visit with some amazing ASA members and worked on partnerships that will strengthen ASA for the future. Below is a brief summary of my travels excerpted from my Twitter feed. Follow me on Twitter @johnniewhiteCEO or Linkedin: www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
In
Tokyo with BV leaders:
In Auckland, New Zealand:
Follow Johnnie White on Twitter @johnniewhiteCEO or LinkedIn: www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
AUCKLAND, NZ–The 11th annual International Conference on the Valuation of Plant, Machinery & Equipment (ICVPME) was held in Auckland, New Zealand on Sept. 9-11, 2019. Conference speakers represented major international and national valuation organizations and leading companies from across the world, including the Forum’s partners: ASA, IVSC, RICS, CAS, TAQEEM, IIBV, IACVS, CICBV–and many others.
American Society of Appraisers (ASA)
speakers at the event included: Johnnie White, CEO, ASA; Craig E. Akins, ASA;
David Crick, ASA; Roger J. Grabowski, FASA; Lee Hackett, FASA; Brad Hartsburg,
ASA; Rod Hyman, ASA; Gregory W. Kort, ASA; Norman Laskay, ASA; Alexander N.
Lopatnikov, ASA; John Mathe, ASA; Mona L. Miller, FASA; Paul C. Osaji, ASA;
Samuel Shapiro, ASA; and Jeffrey S. Tarbell, ASA.
Conference attendees had the unique opportunity to discuss the
changing valuation regulation and standards and learn about various valuation
cases covering all disciplines and asset types. The conference agenda included
professional roundtable discussions, multi-discipline workshops, and training
opportunities.
John Mathe, ASA, authored the following blog about the Conference:
The ICVPME Conference had delegates from almost 20 countries, over 30 speakers, representing around 18 Valuation Professional Organizations (VPO)’s globally.
Delegate engagement and satisfaction was one of the highest and attendance stayed almost full right up to the last session.
We have a repertoire of almost 30 presentations, some of which will be converted into articles for display in the ASA Machinery & Technical Specialties (MTS) & Business Valuation (BV) journals.
Work has already started on the next conference slated to be held in Riyadh in 2021 (TAQEEM) which looks to become a major appraisal conference event for European, Middle Eastern, African, Asian and North American VPO’s alike.
Instrumental to the success of the conference were the following: Alexander Lopatnikov, ASA; Rod Hyman, ASA; Rick Berkemeier, ASA; Alhanouf Alabood, TAQEEM; Jeffrey Tarbell, ASA; and of course Lee Hackett, FASA; and Les Miles, FASA (whom incidentally are two of the original founders of the event).
Keynote speakers comprised Roger Grabowski, FASA (D&P); Robert Brackett, (IACVS); Professors’ Alastair Marsden and Abdul-Rasheed Amidu (Auckland University); and Professor Haisu Wang, (Zhongnan University).
Topics were as diverse as Cryptocurrency (Singh and St. John) to Hemp (Shapiro) to Cost of Capital Tool Kit (Marsden).
The
Australian Chapter of the ASA continued to support the event by sponsoring a
Wine Tasting Reception which was one of the highlights of the conference
networking events.
Given this conference takes around two years to organize and is completely
organized and run by volunteers from five continents, it is an incredible
achievement of what has been lauded by many as one of the ‘Must Attend’
conferences on the global appraisal calendar. Conference chairman, Mr.
Alexander Lopatnikov stated: “This was one of the most successful and enjoyable
conferences held in the 22 year history of the biennial event.”
Posted in September 24, 2019 ¬ 12:37 pmh.adminComments Off on Learn Advanced Synthetic Diamond Appraising at GIA World Headquarters in Carlsbad, California
CARLSBAD, CA–The American Society of Appraisers (ASA) is hosting an Advanced Synthetic Diamond Seminar at the Gemological Institute of America (GIA) World Headquarters in Carlsbad, CA on October 7-8, 2019. This two-day seminar builds on GIA’s more than 60 years of scientific research into natural, treated and laboratory-grown diamonds and 80 years of GIA’s industry-leading gemological education programs. Seminar participants will gain an in-depth knowledge of advanced diamond identification techniques, including hands-on experience with current production of laboratory-grown diamonds and the latest detection technology. Attend the fascinating seminar to learn the latest techniques from GIA expert researchers!
“Established
in 1931, GIA is the world’s foremost
authority on diamonds, colored stones, and pearls. A public benefit,
nonprofit institute, GIA is the leading source of knowledge, standards, and
education in gems and jewelry,” according to GIA.
This seminar is a combination of lecture and lab that leverages
the expertise of GIA research scientists and the education skills and
experience of GIA instructors. The GIA research scientist presenting the
seminar has expert knowledge of laboratory-grown diamond as a material, its
identification and gemological characteristics, along with the processes used
by GIA’s laboratories to separate laboratory-grown from natural diamonds.
The Robert Mouawad Campus at GIA World Headquarters is the premier gem studies school — with state-of-the-art classrooms, the famous GIA laboratory, and an internationally recognized museum.
Located on the Pacific Ocean in a setting of beaches and mountains, Carlsbad is a beautiful place to learn as well as relax after class. From surfing and sailing to hiking and golfing, there’s an array of activities available. Nearby attractions include the Oceanside Pier, Carlsbad Flower Fields, San Diego Zoo and SeaWorld—and more. It’s a great place to visit while learning advanced synthetic diamond detection techniques!