GLOSSARY

Actual Cash Value (ACV)

Actual cash value is a term that refers to the market value of a piece and is generally synonymous with cash. In insurance usage it can also refer to the replacement cost minus any depreciation. Actual cash value is often abbreviated as (ACV).

 

Ad Valorem

Ad valorem is a term derived from the Latin meaning “according to value”. It is commonly used in relation to a tax levied on property in proportion to the value of the property.

 

Alternate Valuation Date

An alternate valuation date is a tax rule for estate appraisals in which fiduciaries of an estate can legally choose to have the estate valued six months to the date after a death rather than on the date of death. The advantage is that the market price for items in the estate may change over the course of the six month period allowing for lower taxes on the estate.

 

Antique

According to the US Customs Department, an antique is any object that is over 100 years old. The word "antique" is a broadly defined term in general usage, however, referring to an object that is collected or desirable due to its rarity, condition, utility or another unique feature.

 

Appraisal

As defined by USPAP, an appraisal is “the act or process of developing an opinion of value; an opinion of value… numerically expressed as a specific amount, as a range of numbers or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).” (see also appraiser, qualified appraiser, USPAP)

 

Appraisal Foundation, The

The Appraisal Foundation is a private not-for-profit corporation formed in 1987 by nine appraisal organizations. The Foundation receives federal funds and is empowered by Congress to establish minimum appraisal standards and appraiser qualifications.

 

Appraisal Methodology

An appraisal methodology refers to the procedure(s) used for developing an appraisal.

 

Appraisal Report

An appraisal report is the written or oral communication of an appraiser’s conclusions sent to the client upon completion of the assignment following USPAP requirements for reporting.

 

Appraiser

As defined by USPAP, an appraiser is “one who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.”

 

Appreciation

Appreciation is the increase in the value of property over time.

 

Art Advisor

An art advisor is a professional whose comprehensive knowledge within the field of art provides clients with the necessary insight and resources to meet their objectives; an art market specialist who provides advice to inform clients’ decisions when buying and selling art. For clients acquiring art, this includes sourcing particular works of art for the client, providing market insight into price, quality, condition, negotiating sale price, and providing representation at auction. For clients selling works of art, this includes advising on where, when and how to sell to maximize returns or meet other client objectives.

 

Art As Collateral

Art as collateral refers to the use of art as security or a guarantee for repayment of a loan if one defaults on the monies owed.

 

Art As Collateral Appraisal

An appraisal is required when art as collateral is used as security or a guarantee for repayment of a loan. Depending upon the lender, art as collateral appraisal can be either a Fair Market Value or Marketable Cash Value appraisal.

 

Assembled, Associated or Married Pieces

Assembled, Associated or Married Pieces refers to a piece or pieces of furniture or other decorative art that is composed of parts from various other pieces. It is often colloquially referred to as a Frankenstein piece. It goes beyond restoration and is often an attempt at deception unless the marriage is clearly identified as such when the piece is appraised or sold.

 

Assumption

An assumption is something that is generally held to be true. (see also statement of assumptions and limiting conditions)

 

Auction House

An auction house is a company that facilitates the buying and selling of assets, such as works of art and collectibles. Auction house may sometimes refer to the physical structure where the auction is taking place, but auction house most commonly refers to the company running the auction, especially as more and more art world auctions are moving online. (see also consignor, consignee, hammer price, buyer’s premium, seller’s premium)

 

Blockage Discount

Blockage discount is an appraisal principle applied to the valuation of large groups of similar and like items that if sold during a limited period of time might result in a depreciation of the price(s) one might expect if the items were sold separately in an ordinary market cycle.

 

Burnt

Burnt is a term applied to an item that failed to sell at auction.

 

Buyer’s Premium

The buyer's premium is a percentage of a winning bid or “hammer” price paid by the buyer to an auction house. The fee usually ranges between 5% and 25 %. (see also auction house, hammer price, seller’s premium).

 

Catalogue Raisonné

A catalogue raisonné is a scholarly catalogue that includes all the known works of an artist, or all their known works in a specific medium, at the time of the catalogue’s compilation. Essential information identifying the works is included, making the catalogue raisonné a definitive reference book on the artist.

 

Caveat Emptor

From the Latin meaning “let the buyer beware.” Caveat emptor means that a seller is not held responsible for the quality or authenticity of goods being sold.

 

Certificate of Authenticity or Authentication

A certificate of authenticity is an official document that certifies that a piece is “right”, of the period, and by the artist. Some states require specific additional information be included on a Certificate of Authentication.

 

Charitable Contribution Appraisal

A charitable contribution appraisal is used when donating art, antiques or collectibles of significant value (usually over $5000) to a qualifying United States tax exempt organization such as a museum or university. A Fair Market Value appraisal is the standard appraisal methodology used for a charitable contribution.

 

Circa

Cira is a word used to describe an approximate date. For example, an object made circa 1940 means that it was made around that date, usually within a ten year period.

 

Clear Title

Clear title refers to ownership of property that is free from lien, encumbrance, or other limitation.

 

Collectible

A collectible is an item that is generally mass produced and usually machine made that people tend to collect, such as sports cards, cookie jars or Beanie Babies.

 

Comparable Market Data Approach

(see comparative market data approach)

 

Comparables

In art appraisals, comparables are examples of similar works that have sold during a specific time period. They provide a frame of reference for assigning value to the piece being appraised.

 

Comparative Market Data Approach

A comparative market data approach is the most commonly applied methodology when appraising personal property. With a comparative market data approach the appraised value is based upon past prices for similar works by the same artist or artisan, or similar works by another artist or artisan of equal standing and related reputation. (see also sales comparison approach, market data approach, comparable market data approach)

 

Condition

Condition refers to the physical state of a property. The condition of the piece must always be noted in an appraisal document. Condition has a large impact on the valuation of an item.

 

Conservation

Conservation is the treatment and preventive care of an object so that its condition remains stable and does not deteriorate. (see also preservation, restoration)

 

Consignor

A consignor is a person or company that consigns goods or merchandise to a consignee, usually as an agent to facilitate the sale of the goods. The ownership of the goods remains with the consignor until the goods have been paid for in full by the consignee. (see also consignee)

 

Consignee

A consignee is a person or company that receives goods or merchandise on consignment from a consignor, generally the owner of the merchandise. In the art world the consignee is usually an agent to facilitate the sale of the goods such as a gallery, auction house or private dealer. The ownership of the goods remains with the consignor until the goods have been paid for in full by the consignee. (see also consignor)

 

Cost Approach

Cost approach is an appraisal methodology whereby the value is determined based upon the price of the components comprising the property. This approach is often used for works by an artist whose work has never sold or who has a limited sales history. It is also used for donation appraisals when the donor is the artist him/herself.

 

Craquelure

In an oil or acrylic painting, craquelure is the appearance of web-like cracks on the paintings surface. This is a result of the natural movement of the paint support medium (e.g., canvas) and the shrinking of the paint medium as it ages. The surface can be stabilized by relining the canvas and filling the cracks to prevent flaking (see also inpainting, preservation, restoration).

 

Crazing

Crazing is the fine random cracking on the surface of pottery, porcelain, stone or concrete. Since it only extends through the surface glaze, crazing has no significance in terms of structure or durability. Crazing is caused by the difference in contraction between the surface and interior sections, often caused by changes in outside temperature.

 

Damage or Loss Appraisal

A damage or loss appraisal is used by insurance companies, adjusters or the insured party when valuing a lost, stolen, damaged or destroyed article of personal property. The value establishes what the item was worth in original condition and the value in its present condition.

 

DIMS or DIM

DIMS or DIM are commonly used abbreviation for dimensions.

 

Disclaimer

A disclaimer is a listing of elements in an appraisal for which the appraiser does not accept responsibility.

 

Donation

The IRS demands a Fair Market Value appraisal of fine art, decorative art, jewelry and collectibles with a value of over $5000 which are being donated to a not-for-profit charitable institution. This appraisal can be submitted to the IRS to obtain an appropriate tax deduction. (see also charitable contribution, gift appraisal)

 

Estate or Household Clearout

Estate clearout or household clearout refers to the removal of household items such as low-value art, furniture, furnishings, and collectibles that do not hold enough monetary value to be sold on the primary or secondary markets. In general, when monetizing an estate as much fine art, decorative art, jewelry and collectibles will be sold as possible, and the remaining personal property will be donated to charity or disposed of.

 

Estate Tax & Estate Planning

Estate tax appraisal or estate planning appraisal is used to assist in planning for the future of an estate, to be submitted to the IRS for estate tax purposes, and to aid in the decision-making process as it pertains to equitable division of property among heirs and beneficiaries. When a person dies, the Internal Revenue Service (IRS) requires that estate tax appraisals use Fair Market Value to determine the value of the objects owned by the deceased. (see also fair market value)

 

Extraordinary Assumption

An extraordinary assumption is an assumption directly related to a specific appraisal that, if found to be false, could alter the appraiser’s conclusions. (see also statement of assumptions and limiting conditions)

 

FA or (FA)

FA or (FA) is an acronym for fine arts. It may be required by insurance companies to designate those objects in an insurance appraisal that qualify for such a designation, which can include decorative art and antiques, furniture, drawings, paintings, prints and sculpture. Other categories are Fine Arts Breakable (FAB) and Sterling Silver (SS).

 

FAB or (FAB)

FAB or (FAB) is an acronym for breakable fine art objects such as glass, porcelain, marble and mirrors in an insurance appraisal or inventory. FAB comes from the term Fine Arts Breakable

 

Fair Market Value (FMV)

Fair market value or (FMV) is the price that property would sell for on the open market between a willing buyer and a willing seller, with neither being required to act and both having reasonable knowledge of the relevant facts. This type of appraisal methodology is used for estate tax appraisals and estate planning, family division, donation, art as collateral, and financial planning.

 

Family Division Appraisal

A family division appraisal is used to ensure equitable division of personal property in a divorce situation, estate planning or death of a family member. A family division appraisal lists tangible assets and assigns a Fair Market Value at the date of examination.

 

Forced Liquidation Market

A forced liquidation market is a sales instance (market) in which property must be quickly sold within a restricted time frame and without the freedom to consider the best market opportunity in terms of time, venue and price. A forced liquidation market is colloquially referred to as a “fire sale”. (see also forced liquidation value)

 

Forced Liquidation Value (FLV)

Forced liquidation value or (FLV) is the lowest, most probable cash price that a property would change hands for if sold immediately without regard to the relevant market place. In other words, forced liquidation value is the value of property in a forced liquidation market. (see also forced liquidation market)

 

Forgery

A forgery is a copy of an artwork executed by someone other than the original artist with the intent to present the copy as an original. (see also fraud)

 

Fractional Gifts

Fractional gifts of art allow the donor to have partial possession of an object over a specified period of time until full ownership transfers to the recipient.

 

Fraud

A work of art that has been altered, misattributed or otherwise disguised or misrepresented to be something that it is not. (see also forgery).

 

Gift Appraisals

Gift appraisals are used when donating art, antiques or collectibles of significant value (over $5000) to verify the Fair Market Value of an item or items to be given to a qualifying United States tax exempt organization such as a museum or university. (see also charitable contribution, donation)

 

Hammer Price

The hammer price is the selling price for an item at auction. The hammer price is the price the piece is sold for after the final bid is placed and the auctioneer’s hammer falls. It does not include the buyer’s premium. (see also auction house, buyer’s premium and seller’s premium)

 

High Estimate

(see low/high estimate)

 

Highest and Best Use

Highest and best use is a term commonly used in appraising real estate that is moving into personal property appraisals. Highest and best use refers to the valuation of personal property in regards to the most appropriate marketplace which will bring the highest price.

 

Hypothetical Conditions

Hypothetical conditions are conditions that are not in actual existence but are supposed for the purpose of analysis and appraisal. (see also statement of assumptions and limiting conditions)

 

Income Approach

Income approach is a valuation based upon the amount of income the property can potentially generate. For example, appraising a work of art that is a showcase within a museum collection and generates income through ticket sales.

 

Impaired Fair Market Value

Impaired fair market value is a restriction placed upon the use of an item being donated to charity that implies that the fair market value is restricted and reduced.

 

Inherent Vice

Inherent vice is the loss of value that is caused by the inherent nature of an object (e.g., extreme conditions of temperature, light or humidity contributing to an object’s deterioration) rather than the result of an external cause (e.g., knocking over a porcelain object).

 

Inpainting

Inpainting is a technique commonly used by art restorers and conservators that is similar to overpainting. With inpainting only the missing paint is filled in. (see also overpainting)

 

Insurance Appraisals

Insurance appraisals are retail replacement cost analysis of personal property. Retail Replacement Value appraisals are used by insurance companies and brokers to bind insurance coverage.

 

In The Style Of

A piece that is done in the style of another artist. It is acknowledged as such and should not be confused with an attempted forgery. Often it is not of the period in which it was supposed to have been made but rather made at a later time, frequently as an homage to the original artist.

 

Joint Gift

When a number of people with equal or unequal ownership donate an object or collection of objects to a charitable institution it is referred to as a joint gift. In the instance of a joint gift to a charitable institution, separate appraisals must be made for each of the ownership interests.

 

Limiting Condition

Limiting condition(s) refers to a condition or conditions that limit the appraiser’s examination or research of the appraised item(s). (see also statement of assumptions and limiting conditions)

 

Lined

Lined is a conservation term referring to a painting on canvas that has been supported by an additional layer of canvas due to the deterioration of the original support.

 

Liquidation Value

Liquidation value is a valuation based on the price realized in a sale situation under moderately forced or limiting conditions and under time constraints. Such action may be initiated by the owner or a lien holder or crediting institution. While not as dire a situation as a Forced Liquidation Value situation, it is implicit in this definition that the value will be lower than the general market value. (see also forced liquidation market, forced liquidation value)

 

LKQ

LKQ is an acronym for like, kind, quality. LKQ is used for comparables in insurance reports.

 

Low/High Estimate

The low/high estimate is the lowest and highest projected sales price an auction house will estimate and publish for an item consigned to them for auction. It refers to the hammer price and does not include the buyer’s premium. (see also auction house, consignor, consignee, hammer price, buyer’s premium, seller’s premium, reserve)

 

Market Analysis

Market analysis is the study of market conditions for a specific type of personal property. In certain instances, both the retail and wholesale markets will be examined and analyzed.

 

Market Data Approach

(see comparative market data approach)

 

Marketable Cash Value (MCV)

Marketable cash value or (MCV) is the value realized, net of expenses, by a willing seller disposing of property in a competitive and open market to a willing buyer, both being reasonably knowledgeable of all relevant facts and neither being under constraint to buy or sell. This type of value can be used in family division appraisals and art as collateral appraisals.

 

Medium or Media

Medium or media refers to the material from which an object is made or on which it is produced (e.g., oil on canvas).

 

Method of Construction

The method of construction is the way an object has been made.

 

Microscopy

Microscopy is the in-depth microscopic analysis of an object to determine its age and potential authenticity.

 

Mint Condition

Mint condition refers to an object in perfect condition, generally perceived as being the same as when it was first created. The term comes from coins, referring to the perfect condition of a coin when it leaves the mint. (see also pristine condition, proof condition)

 

Most Appropriate Market or Marketplace

The most appropriate market or marketplace is the venue or market where an appraiser determines an object can be sold the most easily and at the highest price.

 

Net Value

Net value is the value of an object or personal property exclusive of any sales commissions or other costs that reduce the net cash received by the seller. Often used in matters of equitable distribution when there are multiple owners of an object.

 

No Commercial Value (NCV)

No commercial value, abbreviated as (NCV), refers to an object or group of objects, usually in estate situations, for which it is unreasonable to assign a monetary value (e.g., a 20 year old mattress). (see also estate clearout)

 

Of The Period

Of the period is used to describe an object that was made during the time ascribed to it, such as a specific period (e.g., the Renaissance). Generally it is a broader term and time period than circa. (see also circa)

 

Original Cost

The original cost of acquiring an item. Also known as the historical cost.

 

Orphan

In appraisals an orphan is a single piece left from a pair or set of objects.

 

Overpainting

Overpainting is a restoration term in which paint is applied over dry areas, usually painted long ago. Overpainting is similar to inpainting, but inpainting only fills in areas of missing paint without covering over the original paint whereas overpainting covers a larger area possibly including some of the original paint. (see also inpainting)

 

Oxidation

Oxidation is the binding of oxygen to metal which forms rust. It can also refer to the darkening of wood due to oxygen exposure or the patination of copper, brass or other metals. (see also patina)

 

Patina

A patina is a film produced by oxidation that builds up on the surface of an object. It also refers to the final coating that is applied to a bronze sculpture by an artist or the foundry crafting the bronze. (see also oxidation, verdigris)

 

Patination

Patination is the process of developing a patina on an object. (see also oxidation, patina)

 

Personal Property

As defined by USPAP, personal property is “identifiable, tangible objects that are considered by the general public as being “personal” (e.g., furnishings, artwork, antiques, gems, jewelry, collectibles).

 

Pre-existing Damage

Any wear, tear, repairs, or other changes to new condition seen on an item of personal property prior to its valuation appraisal is considered pre-existing damage.

 

Preservation

Preservation is a broad term for actions undertaken to prevent further changes or deterioration of an object. (see also restoration, conservation)

 

Primary Market

The primary market is made up of artworks for sale for the first time. This is typically through a gallery or purchased directly from the artist.

 

Primary Source

Primary source material used in research and data comparisons that is gathered from first-hand witness such as attending auctions, galleries, art fairs and a network  of industry contacts.

 

Private Source

Sales of artwork from one private client to another, usually brokered by a private dealer, is referred to as private sourced work.

 

Provenance

Provenance derives from the French provenir “to originate from”. The provenance of a work of art is a chronological record of its ownership.

 

Pristine Condition

An object that is in excellent condition, as if new, is said to be in pristine condition. (see also mint condition, proof condition)

 

Proof Condition

Proof condition is the same as pristine condition or mint condition. It refers to an object that is in excellent condition, as if new. The term derives from an artist proof when making multiple work such as a print. (see also mint condition, pristine condition)

 

Private Treaty Sale

A private treaty sale is the private sale of an object that did not sell at auction. It usually occurs within a limited time following the auction.

 

Qualified Appraiser

As defined by the IRS, Qualified Appraisers are designated by a recognized appraisal organization, such as the Appraisers Association of America (AAA), and demonstrate verifiable education and experience in valuing the type of property being appraised. A qualified appraiser has an in-depth knowledge of the primary and secondary markets for the particular collecting category being appraised. He or she should have an academic background in the collecting category, as well as at least 10 years of experience working in the market for that particular collecting category. A qualified appraiser should have up-to- date certification in Uniform Standards of Professional Appraisal Practice (USPAP). Independent appraisers have no financial interest in the property they are appraising because they do not buy or sell the subject property. Quarry Fine Arts is an AAA-certified member and qualified by the above standards.

 

Recto

Recto is the right-hand page of a book or the front side of a leaf, page or picture. It is the opposite of verso. (see also verso)

 

Refinished Condition

When a piece has been stripped or skinned of its original patina and has received a new finish it is in refinished condition. (see also skinned condition)

 

Reappraisal (also re-appraisal)

A reappraisal is the act of having property that was previously appraised, reappraised periodically to reflect changes in the market and its current value. Fine art insurers generally recommend having a reappraisal to update values every 3 to 5 years. However, tracking values of high-net-worth works of art that may be more volatile in the marketplace may warrant reappraisal every 1 to 3 years. (see appraisal)

 

Replacement Value (RV)

Also known as Retail Replacement Value (RRV), replacement value is the amount it would cost to replace an item with one of similar and like quality purchased in the most appropriate marketplace within a limited amount of time. Unlike Retail Value, replacement value includes all costs in obtaining an object such as taxes and commissions. (see also retail value).

 

Reproduction

A reproduction is a piece made as an exact copy of an original period piece. It is not meant to deceive or pass as an original.

 

Resale Value

Resale value is the price at which an item can be sold in the marketplace.

 

Reserve

The reserve is the minimum amount a consignor (seller) agrees to sell a work at auction. By law the reserve must not be more than the low estimate and is generally 10% - 50% below the low estimate. If a piece does not reach the reserve price during bidding, it is withdrawn from the auction. (see also private treaty sale)

 

Restoration

Restoration is the process in which a section of an item that is damaged or lost is replaced or restored to simulate the original as closely as possible, returning the piece to reflect its former original unimpaired condition. It is not meant to deceive or pass as an original in pristine condition. (see also conservation, preservation)

 

Retail Value  

Retail value refers to the price in terms of cash or other precise terms that would be required to replace a property with another of similar age, origin, appearance, provenance and condition within a reasonable length of time in an appropriate and relevant market. It is typically required for insurance purposes. Unlike Retail Replacement Value, retail value does not include any fees or additional costs such as taxes or commissions. (see also replacement value).

 

Retail Replacement Value (RRV)

Retail replacement value or (RRV) is the amount it would cost to replace an item with one of similar and like quality, purchased in the most appropriate marketplace in a limited amount of time. This type of appraisal methodology is used for insurance appraisals and damage or loss appraisals.

 

Reversibility

Reversibility is a principle of restoration whereby any restoration done to an object can be reversed if, later on, the restoration is shown to be inappropriate. It enables a restorer or conservationist to return the object to the state in which it was prior to the restoration.

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(RRV)

(RRV) is an acronym used for Retail Replacement Value. (see also replacement value and retail value)

​

(RV)

(RV) is an acronym used for Replacement Value. (see also replacement value and retail value)

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Sales Comparison Approach

Also called Comparative Market Data Approach, Market Data Approach, or Comparable Market Data Approach, the sales comparison approach is the most commonly used valuation process when appraising personal property. The appraised value is based on achieved prices for similar works by the same artist or similar works by another artist of equal standing and reputation. (see also comparables)

 

Salvage

Salvage is property that has been damaged and is either reclaimed by the insurance company in exchange for payment of an insurance claim or has been abandoned by the owner. (see also salvage value)

 

Salvage Value (SV)

Salvage value or (SV) is a valuation term whereby abandonment of property by the owner results in the person who recovers the property having the right to a pre-agreed percentage of any net price realized in a future sale of that item. For example, if an insurance claim is filed on a painting, in exchange for paying the claim the insurance company may take the damaged piece as salvage. The insurance company may, in turn, resell the piece at a future date (with or without restoring it) and be entitled to the proceeds of the sale. (see also salvage)

 

Scheduled Articles

Scheduled articles are used by insurance companies for items of personal property that are individually listed, described and valued on an insurance policy. It is an inventory of specific items covered by a Valuable Personal Property (PPP) policy. Some insurance companies will accept a receipt of a recent purchase as proof of valuation, while others request an appraisal. Scheduled items usually carry a lower insurance premium than items covered by a blanket policy.

 

Scrap Value

Scrap value is the amount of money that could be realized if an item is sold for the value of its material content (e.g., silver).

 

Secondary Market

The secondary market refers to art work that has been previously sold. This is typically an auction house or a sale through a gallery consignment or brokered by a private dealer.

 

Secondary Source

In appraisal research a secondary source is one that is not a first-hand witness. Examples include publications and web sites.

 

Secondary Wood

Secondary wood is the material used to construct the interior components of period furniture, such as the drawers. Often pine or poplar was used.

 

Seller’s Premium

The seller's premium is the percentage of the winning bid or hammer price paid by a seller or consignee to the auction house. The fee ranges from 0% – 35% and is negotiated upfront when consigning an item to the auction house. The seller's premium tends to be more negotiable than the buyer’s premium. (see also auction house, buyer’s premium, consignee, hammer price)

 

Sentimental Value

Sentimental value is an emotional attachment or value of an item based upon and individual’s relationship with it. Sentimental value has no bearing on the financial valuation of an item.

 

Skinned Condition

A piece of furniture that has been stripped of its original patina is considered to be in skinned condition. The term skinned condition also refers to a paper condition in which a piece of paper has lost its top layer of fibers.

 

(SS)

(SS) is an acronym for sterling silver or objects made of sterling silver.

 

Statement of Assumptions and Limiting Conditions

The statement of assumptions and limiting conditions is a series of terms or concepts linked together in an appraisal. An assumption is something that is generally held to be true. An extraordinary assumption is an assumption directly related to a specific appraisal that, if found to be false, could alter the appraiser’s conclusions. A limiting condition refers to conditions that limit the appraiser’s examination or research of the appraised item(s). Hypothetical conditions are those that are not in actual existence but are put forth for the purpose of analysis and appraisal. When all of these things are stated together in an appraisal report they compose the statement of assumptions and limiting conditions. (see also assumption, extraordinary assumption, hypothetical condition, limiting condition)

 

Thermoluminescence Test

A thermoluminescence test is the definitive way to tell the true age of pottery, stoneware, porcelain, bronze and terra cotta. There are only a few laboratories in the world that can perform the thermoluminescence test, the most prominent one being in Oxfordshire UK. Most auction houses will not put an artifact on sale without a certificate showing that a thermoluminescence test has verified the object’s age.

 

USPAP

USPAP is an acronym for Uniform Standards of Professional Appraisal Practice, which are guidelines issued by The Appraisal Foundation outlining the correct procedure for properly conducted appraisals and appraisal reports.

 

Valuation Characteristics

Valuation characteristics are the qualities that add or detract from the value of an object such as age, maker/artist, condition, country of origin and rarity.

 

Valuation Project

A valuation project is a project that includes a statement of value established through a comprehensive analysis of the market in which an object is usually sold. Additionally, the valuation is presented in a written document and will assume legal significance that may have to be defended in a court of law. The term valuation project is synonymous with an appraisal. (see also appraisal)

 

Verdigris

Verdigris is a bright bluish-green patina formed on copper or brass by atmospheric oxidation. (see also patina)

 

Verso

The verso is the left-hand page of a book or the back side of a leaf of paper or picture. It is the opposite of recto. (see also recto)

 

Watermark

A watermark is a design or mark placed into a piece of paper as it is being made by its manufacturer which can be seen when the paper is held up to light. It is used to trace the origin of the paper.