Are You Buying Or Selling A Grandfather Clock?
Are you ready to buy or sell an antique grandfather clock
? If so have you read the first article in this series "Never Pass Up A Chance to Buy A Grandfather wall clock"? If not, I suggest you read it before reading any further. Before you buy or sell an antique clock or valuable antique grandfather wall clock, make sure to have the clock appraised by an accredited appraiser. Because there are no licensed appraisers, it is best to get an appraiser that is a member in good standing with the "International Society of Appraisers (ISA)" or "American Society of Appraisers" or "Appraisers Association of America". Be careful, if they are not an accredited appraiser they may under pricing that rare grandfather wall you are selling or talk you into paying too much for an antique clock they are trying to unload.
Ask them What their qualifications are.
When working with an accredited appraiser, they will be able to provide you with a professional profile and resume. A professional appraiser will have a formal education in appraisal theory, procedures, and ethics. They will have a deep understanding and knowledge of grandfather walls and will be up to date in the law. Remember, if the appraiser is not accredited, buyer beware!
Any appraiser can do the job, right?
They must know this category of timepieces not just clocks or antique furniture in general. Without this specialized knowledge they will not be able to discover or identify if any grandfather wall clock has been altered, properly repaired or restored. A qualified appraiser will know whether the grandfather clock movement has been altered by the manufacture or altered after it was bought. They will know whether the pendulum or movement has been swapped/replaced so it could be sold as a more expensive piece. Only a qualified appraiser will know if the case has been altered or refinished. They will know whether the grandfather wall clock chime or tubes have been altered or changed from the original manufacturer. These are just a few of the items you need to know before buying or selling any grandfather wall clock.
Are they an accredited appraiser?
As part of a nationally recognized appraisal organization, they are taught and ethically bound to give typewritten appraisals as part of the process. Any person who does not belong to a recognized appraisal society may be unwilling to give you a written document for fear that if taken to court or questioned by the IRs it will be invalidated.
Is how the appraiser paid important?
A professional appraiser is paid by the hour, a flat rate or by the piece. No accredited appraiser will ever charge a fee based on a percentage of the grandfather wall clock's value. Nor will they be paid on a contingency fee. Payments of this type are disallowed because of a likelihood of a conflict of interest. When all you want is an unbiased appraisal.
What does an appraisal report contain?
When an appraisal report is written for the grandfather wall clock it will contain a statement about the reports intent and the value. The methods and resources used to validate the grandfather wall clock will be spelled out clearly. There will be an accurate and detailed description of the physical characteristics and any abnormalities of the grandfather wall clock so a professional could identify the grandfather wall clock without pictures. The report will also contain a statement on how the appraiser was paid. It should also include a statement that says that the appraiser has no financial interest in the clock that is being appraised and if they do, what their financial interest is. It must conclude with a statement of the appraiser's qualifications and their signature.
Are you buying a grandfather wall clock?
For those of you buying a grandfather wall clock, it is best to have an appraiser's report. If one is not available, ask if they will provide one or can you bring in an independent appraiser of your choice. If they still refuse move on, something is wrong. An honest seller has nothing to hide even when the grandfather wall clock has problems or has been restored. It just changes the price not the value. If they provide you with a report then check it for the 'purpose' statement, how the fee was paid, the detailed grandfather wall clock description, the appraiser's qualifications and their signature.
Michael
by: Michael Flum
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