Hi Delia,
Based on your previous explanation that your software provides a range rather than a single value, am I correct in understanding that the fair-market value for this item would be represented by the median of that range and we can proceed with a bid of $150 for this item intended for a silent auction without insurance coverage?
Thank you,
Elena

sorry, I meant to say with a FMV of $150, not a bid

Hi Elena,
The median value is the middle of the range…in this case that would be $200.

Hi Delia,
I see.
Thank you!
E.

Have a great weekend!

Thank you, you too!

Hi Delia,
Happy New Year! I hope you had a great celebration.
Quick question regarding the appraised FMV: I noticed it's lower than the market prices I've observed online back in December 2023. I couldn't upload the PDFs of the printed pages from the websites, so I've attached 2 screenshots instead. Could you kindly provide insights into why there might be a variance between the appraised FMV and these higher prices? Your expertise and clarification would be greatly appreciated.
Thank you in advance,
Elena

HI Elena,
I didn't see those two screen-shot websites when I was doing this appraisal initially - I can certainly amend the insurance value on this to be a little higher (to confirm, we don't do insurance appraisals but there is a built-in multiplier than takes the median value of the Fair Market Estimate (low/high estimate) and doubles it. If you want the insurance value of this jersey to be $500, a fair-market value would be $200-300; if you want it to be $600, the FMV would be $250-350.
Just let me know where you want the insurance value to be and I'll update this accordintly.
Delia

Hi Delia,
Thank you so much for your swift response and for providing detailed information on the valuation process.
The omission of the screenshots from those websites is entirely my oversight.
We are a small charity and this item was intended for a silent auction without insurance. If possible, could you please provide a specific FMV for this item rather than a range? Having exact values is essential for our documentation, especially for issuing tax receipts to the winning bidder and we won't be able to issue a tax receipt based on a range unfortunately.
Thanks again,
Elena

Our software is written in such a way that we have to provide a range. If you've chosen to list this as an item for insurance appraisal, the insurance value DOES appear as a single number, and is equivalent to double the median of the low/high values.
If you'd like, I can check with our manager to see if they can MANUALLY OVERRIDE this with an updated PDF...Please confirm...

And...to save time since our manager is in Europe, please let me know what the correct insurance value you want this to have on it.

My apologies, I was under the impression that I had requested a FMV appraisal for the item, rather than an insurance appraisal. While I understand the insurance appraisal aspect, my focus is on understanding the item's FMV. Is it possible to assess the FMV without involving insurance considerations?

To override the insurance valuation, I *believe* you have to designate this as "for sale,"
There is still a low/high estimate but instead of an insurance value, you have an "asking price," which, is typically higher than the high estimate.

I tried to edit this item but unfortunately, I cannot designate it as "for sale", all the fields are greyed out...

I’ll have our manager take a look at this.
Can you please specify the values you want her to plug in to this or if you need a single Fair Market Value and/or Asking Price and what that is?

Thank you, Delia. We don't require an insurance appraisal at all; our primary need is solely for a Fair Market Value (FMV) appraisal.

OK. I’ll ask her to update the status then I’ll change the values

Thank you!

Good morning, Elena,
Our manager changed the status of this to "For Sale" and I've amended the Fair Market Values to $200-300 with an asking price of $500. If you want to have a higher asking price just let me know.
Delia

Good morning, Delia,
Just to confirm, based on your previous explanation that the median value is the middle of the range, in this case, it would be $250, correct?
Elena

Yes. You can set the asking price at whatever you like.

Thank you so much for your assistance. Could we update the designation from "for sale" since I am not selling this item?

If we do that, it's going to go back to the layout it had previously where it only shows an insurance value. You are not obligated to sell this even if you get high offers. Please confirm

That would be fine, thank you!

Please confirm if you are OK with leaving it AS IS or if you want us to convert it back to an insurance value