Latest Publications

ASA Houston Chapter Hosts Classic Car Appraising Event

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.”

left to right: David H. DuMay, ASA; Micheal (Woody) Wooding

“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.

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Q & A with ASA’s Chinese Art Webinar Instructor Dr. Lydia Thompson, ASA

The American Society of Appraisers (ASA) is hosting a fascinating upcoming webinar: “Introduction to the Chinese Art Market, Challenges and Opportunities” on Feb. 5, 2019 from 1:00 p.m. to 3:00 p.m. ET.

Dr. Lydia Thompson, ASA

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.

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Message from the CEO

Johnnie White, CEO: October 2019 Travels

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.

Visiting ASA’s Houston Chapter:

I had a great time with the ASA Houston Chapter. I met with a number of great members during a reception and luncheon. I was impressed by the great chapter leadership in Houston.

IVSC AGM in Singapore:

It was a great first day at the IVSC AGM 2019 and UVAS/IVSC Business Valuation Conference in Singapore meeting different CEOs from other Valuers Professional Organizations from around the world.

It was a great second day of IVSC meeting with international organizations that will continue to either expand or reinforce ASA global partnerships.
This IVSC meeting was the last meeting for the legend, Sir David Tweedie, as he is retiring. Sir David has done amazing job for IVSC and the profession. On behalf of ASA, we wish him the best in his next chapter.

Institution of Valuers, India:

I was invited to speak at the Institution of Valuers (IOV) in Delhi. It was great providing my presentation and perspective on the framework of the valuation profession.

It was great participating in the IOV conferences, where they had over 1,000 attendees. The valuers are very passionate about the profession in India. I am looking forward to building stronger relationships in the region.

Insolvency and Bankruptcy Board of India:

It was great meeting with the Insolvency and Bankruptcy Board of India in Delhi, India. 

MBREA New England Appraisers Expo, Boston:

It was great attending the MBREA New England Appraisers Expo in Norwood, MA. ASA staff member John Russell did an outstanding job as a speaker and moderator during the program.

Media Coverage in Property Management, Japan:

While Jeff Tarbell and I were in Tokyo in September we were interviewed by the publication Property Management, the most popular magazine for real estate management in Japan. The article provided a great summary of the ASA program and our relationship with the Japanese Society of Independent Appraisers (JaSIA).
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ASA Appraiser Chris Mercer Featured on Debut ‘Stories of Value’ Podcast

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.

Z. Christopher Mercer, FASA

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.

John D. Russell, JD, “Stories of Value” podcast host

“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.

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ASA Western NY Chapter Members Volunteer at Food Bank Event

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.

To see more photos, click here.

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Reflections on the IVSC AGM 2019 & International Business Valuation Conference, Singapore

SINGAPORE – The American Society of Appraisers (ASA) was among the many organizations that participated in the International Valuation Standards Council (IVSC) Annual General Meeting (AGM) 2019 & International Business Valuation Conference in Singapore on October 7-9, 2019.

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.

Jack Beckwith, ASA

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)
Singapore 2019 Working Group

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.

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ASA Appraisers to Participate in New England Appraisers Expo on October 21

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

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.

Lorrie Beaumont, ASA

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.

William J. Pastuszek, Jr., ASA

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.

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Message from the CEO

Johnnie White, CEO: September 2019 Travels


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:

Jeff Tarbel, ASA, and I had a great first day in Tokyo having dinner with leaders in Business Valuation in Japan.
Very productive meeting with the IVSC APEC Roundtable. My hopes are our presentation and discussions aid the roundtable in developing the future in Japan for the Business Valuation profession.

Friday evening we hosted a reception with our partner in Japan, JaSIA, where we gave a few presentations, which I felt like I was on a small stage in a comedy club, and met a number of leaders in Japan. Very productive trip.

In Auckland, New Zealand:

In Auckland, New Zealand and had a great dinner with a few of our key members and the leaders of the Auctioneers & Valuers Association of Australia (AVAA). Planning for the future.

It is great participating in the ICVPME conference in Auckland New Zealand. My presentation was on marketing professional services and then I participated in a panel discussion with Alexander Lopatnikof, Rodney Hyman, David Crick, and Alhanouf Alabood, on marketing. It is great feeling to teach others from your experiences.

Follow Johnnie White on Twitter @johnniewhiteCEO or LinkedIn: www.linkedin.com/in/johnnniewhiteceo for more ASA updates.

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Reflections on the 2019 ICVPME Conference in Auckland, NZ

By John Mathe, ASA

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.

Left to Right: Alhanouf Alabood, David Crick, Sam Shapiro, John Mathe, Les Miles, Johnnie White, Greg Kort, Lee Hackett, Jeff Tarbell, Paul Osaji, Abdulaziz Almutlaq, Alexander Lopatnikov, Rick Berkemeier

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.

Left to Right: Tylar St. John, Tara Singh

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).

David Crick

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.”

Left to Right: Rod Hyman, Johnnie White, Alhanouf Alabood, Alexander Lopatnikov

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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!

Register now by clicking here.

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