A Really Scary Halloween Story

Kirsten RabeSmolensky,
JD, ISA CAPP

Recent question:
Does my report meet USPAP requirements and the ISA report writing standards? I copied the template in the Core Course manual.

Response:
One of the scariest creatures that I have ever met is the dreaded TEMPLATE MONSTER!! She sneaks into appraisers' templates, making little changes or gnawing at key words necessary for one appraisal and not another, ultimately making items from the ISA checklist disappear. She appears in an appraisal report in the form of unclosed parentheses (example below), or in useless paragraphs that have no particular relevance to the report at hand. Worst of all, she makes appraisers think that they do not need to use their brains! Oh my!! And, while the template monster can sometimes just take a nibble out of your report, sometimes she bites REALLY HARD and leaves big gashes in your USPAP compliance, appraisal methodology, or justified reasoning. OUCH!!

Even if you are using a template that meets USPAP and ISA report writing standards, you need to edit it for EVERY report EVERY time. Each appraisal report is unique, and no two reports should ever be exactly the same. Even with a really good template, you should know that every appraisal report you write will have different requirements. That is why there is a list of items on the ISA checklist that only apply "if applicable." USPAP clearly states that an appraiser must "perform the scope of work necessary to develop credible assignment results." The scope of work will differ for every appraisal report. Therefore, an appraiser needs to understand what they are doing and adjust any template accordingly. Borrowing a template will not guarantee that you are doing a report correctly. This is a common misconception. Instead, as one of my favorite high school teachers used to say, "You need to put on your thinking cap!" This is particularly true when writing your market analysis, choosing your effective date, listing the intended users of the report, etc.

"What were you thinking?"

And for goodness' sake, when copying the USPAP certification statement, PLEASE remove the parentheses. The appraiser needs to make a choice. The sample certification statement provided in Standard 8 of USPAP is an excellent place to start and ISA suggests that you copy it word for word into your templates. BUT THEN, you need to edit it. For example, USPAP Standards Rule 8-3 reads in part:

I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved.

I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 

You need to either take out the language in the parentheses or explain what your interest was. Did you previously appraise the items for an estate and now you are doing an insurance appraisal of certain items for one of the heirs? Did sell the item to your client two years ago and now you are doing an insurance appraisal? Is the client a friend? Have you discussed with the client the possibility of selling this item at your auction house? If so, then you need to disclose that information in your USPAP certification statement, and this is the perfect place to do it. Change that template!

So this Halloween, make every effort to bust those monsters and ghosts.

Helpful Hints for Avoiding the Template Monster:

1. Create one good template for every intended use you regularly do. If you add a new intended use to your repertoire, then save a copy as a template.
2. Highlight, italicize, or bold all parts of the template that should be revised for every appraisal. This includes your paragraph on market analysis. In fact, instead of having any language there you might just have a paragraph that reads "INSERT MARKET ANALYSIS."
3. After you complete the appraisal report, make sure that you set it aside for a day or two (or at least overnight) and then give it a fresh read from start to finish before you send it out. It is horribly embarrassing (and scary) to send out a report where you fail to edit your template.

Now, go get that template monster!!

Happy Halloween from all of us at ISA!

- Kirsten Rabe Smolensky, JD, ISA CAPP

An ISA Member in the Far East

Khadinn Khan, ISA AM

I was the Chief Claims Adjuster and Risk Surveyor for AXA ART, the global art insurance specialist, in Asia, when I applied for ISA membership in 2016.

Art insurance is still a developing business in the region, where more collection owners or custodians elect to self-insure rather than taking up specialist coverage. I worked with a small team at AXA ART and was the only member with adequate art knowledge, therefore, I was tasked with the responsibility of verifying and approving the sum insured (on agreed value basis) of artworks proposed by brokers and clients on their insurance policies. People began to approach us with items which they thought were of high worth and wanted to insure, including items purchased many years ago or passed down to the family, and expected us to provide a solution or referral for valuation. These requests were particularly common when I was conducting risk surveys at clients’ homes. After a while, it became apparent that if I could add art appraisal expertise to my skill set, it would help to progress my career.

There are a very low number of professional art appraisers in Asia due to lack of demand. In Hong Kong, we have a low tax rate and a simple tax system that provides no tax relief for charitable donations, except for cash contributions. Additionally, estate duty has been abolished, so neither estate duty accounts nor clearance papers need to be filed. With no governmental requirements for appraisal, there is simply limited demand to support professional appraisal businesses. At the same time, China and Hong Kong have emerged dramatically as an art market and are now considered the world’s second largest, according to The Art Market 2018 report published by Art Basel and UBS. The lack of professional art appraisal service is hindering the growth of other financial services, such as art insurance and art-backed loans.

There is clearly enormous potential for appraisers in Asia, but what convinced me to obtain a formal education in art appraisal was my personal involvement in a unique damage claim.

Hong Kong Harborfront © Art Basel 

An auction house client reported a claim for damage to a Song dynasty ceramic vase that was on consignment to them. The damage was a hairline crack to the edge of the base. In these situations, restoration may not be the best option, as the market preference is to avoid alteration on minor damage. We agreed with the client and consignor to settle on a diminution of value basis. As there was no qualified appraiser available to take up the assignment, and because of an urgency to settle the claim, all parties agreed to a proposal of having two antique dealers inspect the damaged vase. Each dealer would separately suggest the percentage loss in value, then we would use the mean as the basis of settlement. In the end, both dealers came up with the exact same extreme percentage, which took everyone by surprise. They did not provide any reasoning or justification of their valuation, and were not obligated to. We had no option but to settle the claim accordingly. This experience motivated me to source an independent, transparent appraisal process for future claims in order to leave no party confused or suspicious. My research subsequently led me to ISA.

Attending ISA courses in Naperville turned out to be one of the best decisions I made for my career. First of all, it was achievable. I was able to start from scratch and complete the Core Course, the 15 Hour USPAP course and Fine Art course in three weeks. The courses were well structured, with visits to art museums and a printmaking studio. The classroom discussions were particularly lively and often based on real-life examples shared by fellow colleagues encountered in their daily businesses.

Coming home with my new credential, I was determined to spread the word and do what was necessary to promote good appraisal practices with the goal of raising overall personal property appraisal standards in the region. Using knowledge I gained through my ISA education, I was able to educate industry professionals and art collectors. I informed bankers and insurance professionals on what USPAP is and asked them to consider USPAP-compliant reports only for their insurance policies or lending out loans. For art collectors, I promote periodic appraisal as part of a good collection management program, together with a robust inventory system, maintaining good documentation of provenance and purchase records, a secure display/storage environment, and adequate insurance coverage. My message is that an appraisal report is essential for accounting and estate planning purposes, or if one wishes to secure loans using their art collection as collateral.

Lecture at Art Taipei Forum 2017

My ISA education helped me a great deal in improving communication with our claimants. Although I would not perform appraisal on damage claims that I directly handle, I could use my knowledge to guide loss adjusters to look for the correct data and comparables, seek opinions from the right experts to determine the settlement offer amount, as well as make sure their communication with the client is clear and appropriate. I demand that the loss adjusters demonstrate clearly how they arrive at the settlement offer. There are always brokers or clients who are dissatisfied with the offers, yet there has never been any complaint on the communication or lack of transparency since. Also, we’ve seen a significant drop in claim disputes for my department and my company was able to highlight our claims service as a selling point for our insurance products. I’ve also noticed in places where there is no local law governing personal property appraisal, highlighting USPAP and the ISA Code of Ethics always provide confidence to clients in knowing that the appraisals are being conducted in a responsible manner.

I would advise fellow appraisers living outside of the USA to try to attend courses on site or attend the ISA annual conference, Assets. One can feel isolated sometimes due to having few peers in the market, and for our profession, it is important to build a network of experts of different backgrounds and knowledge. Attending ISA courses or the Annual Conference is a great way to tap into the vast experience of fellow appraisers, and from my experience, they are always happy to share.

- Khadinn Khann, ISA AM, is an appraiser based on Hong Kong and has been a member of ISA since 2016. To learn more about ISA membership, visit the ISA website.

Determining Value

Tim Luke, ISA AM, CAI, BAS, MPPA

An essential aspect of our valuation services and specifically in our appraisal practice is determining value. The Uniform Standards of Professional Appraisal Practice (USPAP) provides guidance in the form of a definition of value and a comment as follows, "Value: the monetary relationship between properties and those who buy, sell or use those properties. Comment: Value expresses an economic concept. As such, it is never a fact but always an opinion of the worth of a property at a given time in accordance with a specific definition of value. In appraisal practice, value must be qualified - for example, market value, liquidation value, or investment value."

This one definition is brimming with information and guidance in determining value, so let's take a look at the various elements of the definition. Looking at the first part of the definition, it states, "the monetary relationship between properties..." This means comparing the subject property with comparable items of like kind and quality. It is important to remember when comparing the subject property with comparable items, consideration of all physical characteristics and overall condition must be taken into account to establish a good relationship between the properties. This correlation between the various comparable items with the subject property helps to justify a value conclusion. If similar items under similar conditions are selling for X dollars, than it is reasonable to assume the subject property would sell for X dollars, supporting the value conclusion.

Continuing with the definition, "and those who buy, sell or use those properties." We take into consideration the context of the subject property and comparable properties. Does the subject property possess a certain provenance making it more desirable than other similar items? Is the subject property a rare example? Or was the subject property was mass-produced? This context provides a foundation for understanding the piece and its significance or lack thereof in the marketplace and will provide guidance in determining value. It is our job to understand if buyers are actively seeking out these properties and paying a premium, suggesting an uptick in the marketplace, or if the opposite is true, where there is a large supply and little demand, indicating declining value.

Take Victorian furniture for example. Knowing that the marketplace is inundated with pieces, causing a large supply coupled with a decrease in demand for such items, the values generally go down. However, each piece in an appraisal assignment is evaluated on its own to determine the monetary relationship between the subject property and comparable items to determine the qualified value.

The Comment after the value definition states value is never a fact because it is an economic concept based on an opinion as of a specific point in time in accordance with a specific value definition and must be qualified. The economic concept represents our value conclusion and is an opinion based on research of comparable items in the marketplace as of a specific point in time, taking into consideration the requirements of the value definition for the assignment. Our value opinions are qualified to indicate fair market value, retail replacement value, or other value depending on the assignment. These opinions are established at one point in time and are not to be used at any other point in time or for another qualified value.

In dealing with personal property, remember the various levels of trade for the huge variety of items you will be appraising. These levels include but are not limited to auctions, galleries, retail outlets, flea markets, consignment, garage sales, or the like. They will produce a variety of sales results and depending on the problem you are solving for your client, the selection of the proper marketplace is paramount in order to determine value and provide credible assignment results for your client.

- Tim Luke, ISA AM, CAI, BAS, MPPA has 28 years of experience in the auction and appraisal industry, and is currently the Executive Vice President, Senior Appraiser for Gurr Johns, Inc. based in Florida. He travels the United States doing appraisals, valuations, and brokerage for clients.

Announcing ISA's Private Client Services Program

Christine Guernsey, ISA CAPP

In the beginning of my appraisal career, I marketed to the general public. Marketing to such a broad audience was time-consuming, expensive, and not always fruitful. The clients I attracted usually needed an appraisal for a particular function and one time only. After every assignment I would need to begin marketing again for my next assignment.

I soon discovered that developing "clients who had clients" was the most efficient way to build my business. The professional service providers whose clients needed appraisals could and would refer me to many of their clients. This began my appraisal practice's marketing strategy of concentrating on large collections and working solely with the various gate keepers who specialize in the high-net-worth individuals market.

High-net-worth individuals (HNWIs) are considered those whose financial investments are in excess of one million dollars. In 2016, there were over four million of these individuals in the US alone. Their collections of antiques, fine art, decorative arts, and collectibles may comprise a significant part of their assets. Procuring, investing, protecting, and maintaining their collections requires a team of highly-trained professionals who work exclusively with this group to help meet their specialized needs. Developing long-term relationships with museums, curators, art and object shippers and handlers, private dealers and consultants, estate attorneys, lawyers, bankers, insurance companies, and charitable foundations, among others, are excellent sources for repeat referrals. As you work closely and regularly with these professionals, an appraiser learns exactly what they need and expect to best serve their clients.

This July 13 and 14, the International Society of Appraisers will present its inaugural ISA Private Client Services program, "Appraising in the World of High-Net-Worth Individuals," at UBS, Legacy, Plano, TX and as a live stream. This new ISA marketing program will provide appraisers who wish to become involved with this sector with an inside look as to who these private client professionals are, why and when they hire personal property appraisers, and what types of appraisal reports and valuations they require from appraisers to best service their clients. Those who attend this program, either in person or streamed live, will gain valuable information on how to market to this group, which they can universally use in their own markets and practices.

Register for this two-day seminar, "Appraising in the World of High-Net-Worth Individuals" in Plano, Texas or as a live-streamed course

Toro Quieto (Calm Bull), Tom Lea
The Bryan Museum

The opening presentation, "Starting Points: The Collection," features J.P. Bryan, a prolific, lifelong collector of western history, artifacts and art. His eclectic collection of over 70,000 objects led to the creation of the Bryan Museum in Galveston, Texas in 2015. Mr. Bryan will share his personal story of collecting, discuss which private client service providers helped him to develop and maintain his collection, and what factors led him to create a museum to house his vast collection. The Director of the Bryan Museum, Joan Marshall, will join Mr. Bryan in what promises to be a very engaging and informative presentation.

The presentations in this two day seminar will include a close look at which professions work most closely with HNW market. Friday's presentations focus on personal property collections and their procurement and management. Saturday's presentations deal with the business side of maintaining and protecting the future of collections, estates and taxes, loans, investing and charitable giving.

View the full course program

The July 13-14 seminar "Appraising in the World of High-Net-Worth Individuals" is part of a larger marketing program, ISA Private Client Services, which ISA has been developing to help our members learn best practices and promote their services to the HNW sector. Completion of this seminar along with other criteria will allow our interested ISA members to apply to the program and be promoted as an affiliate of the ISA Private Client Services Division. More details on this program will be announced July 13.

This seminar is open to all ISA members. Whether you intend to apply to the ISA Private Client Services program or not, you are still welcome to take this marketing course.

Explore the Legacy West area this summer

I hope I will see you in Plano this July, or tuned into our live stream. In addition to a fantastic learning experience, The Legacy area is a very cool and fun spot to spend a couple of days with plenty of great restaurants, shopping, and entertainment all within close walking distance. The on-site class is limited to 30 participants, so sign up quickly as the seminar is filling up fast!

Can't make the trip to Plano, Texas? You'll still be able to participate in our seminar! Register for the live stream and join us for the course as it happens from the comfort of your home or office.

Christine Guernsey, ISA CAPP, is recent past president of ISA and currently serving on the ISA Board of Directors. She appraises all areas of American paintings, works on paper, sculpture, and outdoor sculpture, specializing in 19th and 20th centuries.

USPAP Advisory Opinion 21: Valuation Services and Appraisal Practice

Meredith Meuwly, ISA CAPP
Director of Education

Your education team and I wanted to share some examples on how USPAP Advisory Opinion 21 applies to your business as you perform appraisals and valuation services. The examples below are taken from the USPAP FAQs, amended to relate to personal property appraisers, and explained how they affect you.

Example 1

Robert Agent is an individual who provides both brokerage and appraisal services. What are Robert’s obligations under USPAP when preparing a broker’s price opinion (BPO)?

Answer: USPAP provides flexibility for brokers/appraisers and others who have multiple professional roles.

If providing the service as an agent or broker, USPAP requires only that an appraiser must not misrepresent his or her role. In other words, if Robert was contacted by his client because he is an art consultant or broker and signing his report as a consultant or broker, then Robert need not comply with USPAP except to not misrepresent his role. If Robert is contacted by the client because he is known as an appraiser and is signing his report as an appraiser, then USPAP applies.

What does this mean for an ISA personal property appraiser?
Many ISA members wear multiple hats. You might be an art advisor, antique store owner, fine art gallery manager, estate sale person, auction house representative, broker, etc. The most important thing is that you let the client know up front what services you offer and how the services differ from one another. Once a client chooses a service, make it clear which hat you are wearing for that particular assignment. For example, if you offer art advisory services a client might hire you to advise them on what pieces of art to purchase for their collection. This assignment might involve market research, a suggested purchase price or price range for a particular item, negotiating a deal to purchase a piece of art, etc. In your role as an art advisor USPAP would not apply, except you could not misrepresent your role. However, if after purchasing the art the client then wants you to write an appraisal for insurance coverage you are undertaking a new assignment as an appraiser writing an appraisal. For this assignment, you must follow USPAP.

Example 2

Marie Vaughn has a diverse practice with a specialization in litigation services. She commonly aids attorneys in developing cross-examination strategies for expert witness testimony from appraisers. How does USPAP apply to Marie’s "litigation services?"

Answer: In order to determine Marie’s obligation, it is necessary to understand the nature of her role. If she is acting as an appraiser, her litigation services are part of appraisal practice. The PREAMBLE, the DEFINITIONS, the ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE will apply to the assignment. As an appraiser, Marie cannot act as an advocate for any party or issue.

If Marie’s services include providing an opinion of value, she must also comply with the appropriate appraisal standards (STANDARDS 7 and 8). If Marie’s services include providing an opinion about the quality of another appraiser’s work, the appraisal review requirements of STANDARDS 3 and 4 apply. If the service includes providing analysis, recommendation, or an opinion to solve a problem where an opinion of value is a component of the analysis leading to the assignment results, then Marie must comply with the ETHICS RULE, the COMPETENCY RULE and the JURISDICTIONAL EXCEPTION RULE for the entire assignment; and she must also comply with any applicable Rules and Standards if she performs an appraisal or appraisal review as part of the assignment.

On the other hand, if Marie provides litigation services as an advocate, then she is providing a valuation service outside of appraisal practice. When performing services outside of appraisal practice, Marie can act as an advocate and accept contingent compensation. The only USPAP obligation is that she not misrepresent her role. She must use care to distinguish her role from other roles that would carry an expectation of being impartial, objective, and independent, i.e., acting as an appraiser.

Marie may provide litigation services by either acting as an appraiser or acting as an advocate for the client’s cause; however, she must not perform both roles in the same case.

Plain English Please?
Sometimes, in the course of litigation, a judge will order an appraisal be performed of personal property. If you have been asked to provide an appraisal for litigation, then you must follow USPAP, specifically Standard Rules 7 & 8. Why? Because where the law requires an "appraisal" be done (for example, most states will require an "appraisal" by statute for probate), then you must act as an appraiser and follow USPAP. If you have been asked to review another appraiser’s appraisal report as an expert witness and submit that report in writing, you are also acting as an appraiser (See USPAP Standard Rules 3 & 4, the rules for Appraisal Review).

When acting as an appraiser, in either an appraisal or an appraisal review, you must maintain your neutrality. Being neutral does not mean that you cannot point out the flaws in another appraiser's report; in fact, that was what you were hired to do. Instead, it means that you must do so in a neutral and factual manner. If the other appraiser did not follow USPAP and claimed to do so in his or her report, simply state that. And, state how the failure to follow USPAP led to either flawed value conclusions or perhaps shows a lack of professionalism. Similarly, if providing values (i.e., an appraisal under Standard Rules 7 & 8), you can also remain neutral. One way to check yourself is to ask whether your final value conclusions would be different if you were working for the "other side." If your answer is no, then you are maintaining your neutrality.

Generally, if giving testimony or providing a written appraisal report that will be admitted into evidence, you should act as an appraiser and maintain your neutrality. First, expert witnesses are expected to be neutral. Of course, this does not always happen. But if the jury suspects an expert is acting as an advocate, their opinion will quickly be dismissed. Second, if a judge determines that the expert is acting as an "advocate" or "hired gun," the expert’s testimony will likely be disqualified. Finally, as an appraiser, and particularly as an expert witness, you have a reputation to protect. Every bit of testimony and every report that goes into a court can become part of the public record and available for anyone to see. That means when you get back on the stand in another case three years later, you should not be surprised if you are cross-examined on opinions that you gave in an earlier case. You cannot "flip" your opinion without good cause. The best way to do this is to remain neutral.

So, when would you be an advocate in litigation? In most instances you might act as an advocate (and NOT an appraiser) when you are acting behind the scenes and providing litigation services. For example, a law firm might hire you to give it opinions about an appraisal report, but not ask you to serve as an expert witness. An attorney might hire you to explain appraisal methodology to him or her and help draft cross-examination questions for an appraiser. Or, you might be hired to help one side develop a strategy for success in a complex case where the appraisal methodology might be particularly complicated. In these situations, you can act as an advocate. And, when acting as an advocate you CANNOT act as an appraiser because then you are not maintaining your neutrality.

Example 3

Chris Filo is an art appraiser and advisor who has an assignment to advise a client regarding a potential art purchase. The client has provided Chris with an asking price for the work. Chris has made the extraordinary assumption that the value provided is credible and will use that value as part of the analysis before making final recommendations. Which parts of USPAP apply to this assignment?

Answer: Chris must comply with the ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE for this assignment.

Because this assignment does not include an appraisal or appraisal review, neither the SCOPE OF WORK RULE nor the RECORD KEEPING RULE applies. In addition, there are no development or reporting standards applicable to this assignment.

What’s the message here?
Remember that if you are acting an appraiser and providing appraisal services (i.e. a valuation analysis without a full appraisal report), then you are still subject to the USPAP ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE. If you are an advisor and providing valuation services, then you must not misrepresent yourself.

Example 4

Jane Doe is an antique dealer who offers a variety of professional sales and advisory services to her clients. She is an antique dealer, consultant, authenticator, advisor, and is also a certified appraiser. Jane has been asked by a client to perform a service that is viewed by Jane and her client as a consulting service that relates to value, but is to be undertaken by her in the role of a broker/consultant, not as an appraiser. Which parts of USPAP apply to Jane in this assignment?

Answer: Individuals may fulfill different roles in different assignments. In general, USPAP applies only when an individual is acting as an appraiser. As long as it is clear that Jane is not performing as an appraiser, Jane’s only obligation when acting as a broker/consultant is stated in Conduct section of the ETHICS RULE, which states,


"An appraiser must not misrepresent his or her role when providing valuation services that are outside of appraisal practice."

What’s the take-home?
Remember that the "main purposes of USPAP are to protect the public and to promote public trust in the appraisal profession." This means that you must:

1. Make it clear up-front which hat you are wearing.
2. If you switch hats mid assignment, then it is a new assignment.
3. Properly advertise your services. If you currently advertise only as an appraiser, but perform other services, you should change how you are advertising your services. Why? Because if you advertise only as an appraiser, the public is calling you as an appraiser. If you then try to "switch hats," you will be misrepresenting yourself.

Meredith Meuwly, ISA CAPP,

Assets 2018: Spotlight on Sunday’s Program

Kathi Jablonsky,
ISA CAPP

You can achieve gold at Assets 2018 by attending our expert-led educational sessions around the theme "The Gold Standard: Innovation and Valuation." Here’s an inside look at our planned programming for Sunday, March 11.

Beyond Readily Apparent Identity
9:00-10:00am

Sunday morning starts off with "Beyond Readily Apparent Identity" by ISA CAPPs and past presidents Cindy Charleston-Rosenberg and Todd Sigety. Their presentation will explore situations where identity disclaimers can be used or when deeper work is required.

Following this session, you'll enjoy your choice of break-outs through the afternoon. You'll have a hard time choosing between our fabulous speakers.

Break-Out I
10:10-11:20am

• Session A: Art - A Source of Liquidity. Learn about evaluating art and other personal property assets to be used as loan collateral. Presented by John Arena, US Trust.
• Session B: Discovering California Pottery. Explore colorful and delightful mid 20th-century pottery with Bill Stern, book author and California Design Museum Director.
• Session C: New Appraisers Guide to the Galaxy. Kirsten Smolensky, JD, ISA CAPP, and ISA’s Core Course instructor will touch upon many of the key areas of appraising. New appraisers will find practical advice on building their practice.

Moon and Half Dome
Ansel Adams

Break-Out II: Good, Better and Best
1:05-2:20pm

• Session A: Ansel Adams Photographs. Be enlightened about the preeminent 20th century photographer of the American landscape, and compare valuation characteristics for his iconic works. This session will be led by Brittany Moorefield, Director of Photography Sales at Ansel Adams Gallery.
• Session B: American Furniture and Silver. Brooke Sivo, Director of American Furniture & Decorative Arts at Bonham’s, will teach us to compare and rate examples of furniture and silver based on design and craftsmanship.

Break-Out III
2:25-3:40pm

• Session A: Stop, Look and Listen: Using Connoisseurship to Navigate the Contemporary Art Market. Holly Sherratt, Director of Modern and Contemporary Art for Heritage Auctions, will inform us about the Post-War and Contemporary sector, which has been dominating the fine art market.
• Session B: Stay Golden! Explore What Glitters in Costume Jewelry. Discover costume jewelry makers and the current market in this dazzling presentation by Rosalie "Rhinestone Rosie" Sayyah.



Rosalie "Rhinestone Rosie" Sayyah

• Session C. The Intersection of Appraising and Wealth Management: Working with High-Net Worth Clients, Their Collections and Their Insurance Carriers. This session will be presented by AIG Directors Danna Kay and Barbara Chamberlain and moderated by Todd Sigety, ISA CAPP. Find out why a collaborative approach is necessary to work with high-net worth clients.

Break-Out IV
4:00-5:00pm

• Session A: Eight Street Artists to Watch in 2018. Investigate the major players in the contemporary street art scene and their place in the art market. Led by Tim Luke, CAI, BAS, MPPA, ISA AM, President, TreasureQuest Group, Inc., and Executive Director, Contemporary and Street Art for Julien’s Auctions.
• Session B: American Innovations: Studio Glass. Bruce Orr, Owner of Jaremos and art glass consultant, will lead us on a journey from the launch of the American Studio Glass movement in the 1960s through the explosion of studio glass artists and the current market.

Liquid Assets: Wine Investment and Appreciation
5:00-6:00pm

Sunday’s educational programming will conclude with Liquid Assets, by Amanda Crawford, Director of Fine and Rare Wines for Heritage Auctions. Find out about wine investment and appreciation while tasting delectable California wines.

View the full conference program.

Read the first part of our deep dive into Assets 2018 programming, focused on Saturday's educational offerings.

If you haven’t already, register today to attend Assets 2018. It will be ISA’s first conference in the golden state, and you don’t want to miss it!

Kathi Jablonsky, ISA CAPP, is co-chair of the ISA Annual Conference Committee.

Submit Your Nominations for ISA Awards

Libby Holloway, ISA CAPP
Awards Committee Chair

Once a year, ISA’s members are asked to help identify those in the organization who have inspired them by an accomplishment or act of service. ISA is a volunteer-run organization with many members who spend hours contributing to the good of the entire membership. There are others who use their gifts to inform the general public about the importance of using professional appraisers through speaking or writing. Recognizing these people is one of my favorite parts of Assets.

I’m sure you can think of members who seem to be especially generous with their time and who certainly deserve thanks. There are some familiar faces who always seem to be involved. To me, it is really exciting when someone is awarded who is either new to the organization or who has been working quietly for a while and has never been recognized.

I challenge all of you to spend a little time thinking of members you know who deserve recognition and to nominate them this year. You can also promote your chapter by nominating it for Chapter of the Year.

Spend a few minutes looking through the award descriptions and see who you know who fits each one, and submit your award nominations through our online form. The deadline for submission is Friday, January 26.

This year, awards will be given in the following categories:

• Lamp of Knowledge - Awarded to one ISA member for a singular outstanding educational work product pertaining to the appraisal profession as a whole or in a specialty area.
• Leadership - Awarded to one ISA member in a leadership position for outstanding service above and beyond what is normally expected.
• Rising Leader - Awarded to one ISA member who is new to a leadership position for outstanding service above and beyond what is normally expected.
• Distinguished Service - Awarded to one ISA member in each of the following four categories: Antiques, Furnishings + Decorative Arts; Fine Art; Gems & Jewelry; and Machinery & Equipment for outstanding achievements or participation in the appraisal profession.
• Chapter of the Year - Up to two awards available: one for chapters in existence more than three years, and one for chapters in existence three years or less.
• Service - Awarded to two outgoing ISA members who have held volunteer leadership positions in either the Board Member or Committee Chair categories.
• ISA Instructor Distinguished Service - Awarded to one instructor for outstanding appraisal instructional achievements in and beyond the physical classroom; positive reviews from current and past students; and for inspiring appraisal methodology excellence within our membership.

It is now easier than ever to make nominations by filling out the short form. You may make more than one nomination but must revisit the form for each. Awards are given based on merit rather than frequency of nomination so please be detailed when you are describing your nominee’s accomplishments.

All of you who do such a great job representing the spirit of ISA and our industry every day deserve a big thank you. Keep up the good work!

Remember to put registering for Assets 2018 in Pasadena on your holiday to-do list, especially before prices increase on January 31. I’ll see you there!

Libby Holloway, ISA CAPP, is chair of the ISA Awards Committee.

Assets 2018: Spotlight on Saturday's Program

Suzanne Houck, ISA CAPP

The California gold rush started with the discovery of just two gold nuggets. After that, prospectors tried to figure out the best way to not only find the gold but to find the most gold.

Almost 170 years later, the theme for Assets, ISA’s annual conference in Pasadena, California is The Gold Standard: Innovation and Valuation because as appraisers we want to know what can help us find not only more jobs but the best jobs. We want to learn about innovative technology, expand our knowledge in our selected fields and advance our professional appraisal skills and report writing, and we know that the best pricing happens when we register in advance! Register here for Assets 2018.

After the stimulating pre-conference tours on Friday, March 9, conference attendees will take their seats on Saturday, March 10 and begin absorbing the messages and information from a diverse slate of speakers.

Want to learn about California design? 

Don't miss "California Dreamin' ...Missions to Modernism," Saturday 9:15-10:15am.

California photographer
Ansel Adams

While in California, it is only natural to want to learn about creative California design and understand how these designers have shaped and celebrated our modern lifestyle. We’ve lined up Staci Steinberger, the Assistant Curator of Decorative Arts and Design at the Los Angeles County Museum of Art, the perfect person to present a survey of distinctive California Design by visionary artists, designers and craftspeople.

Do you want to expand your appraisal practice, set yourself apart from others in the appraisal field and get quality jobs from previously unexplored areas?

If this is you, it's time to create some new connections during "The Gold Standard of Leadership," Saturday 10:15-11:15am.

To help you, Melody Kanschat, Executive Director of Executive Education for Museum Leaders at the Getty Leadership Institute will give insight into working with museums, curators, collectors and collection managers, and insurers.

Do you shy away from tax-use appraisals?

If so, you need to attend "Avoiding Errors and Omissions that Raise Flags in Tax-Use Appraisals," Saturday 11:15-11:45am.

This discussion will show you how to avoid common errors and omissions in what can often be complex and challenging appraisals. You’ll leave with much more confidence in handling these types of appraisals, especially in regard to fair market valuations. It's time to have the IRS help you make more money!

Do you have or want to have clients who could benefit from art risk advisory, especially in the areas of art, antiquities and collectibles?

Explore new technologies at "Tracking and Verifying Assets: Better Authenticating Through Technology," Saturday 2:00-3:00pm.

Jordan Arnold, Senior Manager of K2 Intelligence, New York and Los Angeles will cover new and emerging technological advancements that are making an impact on the verification and security of asset class collections. These advancements affect areas familiar to appraisers like provenance and establishing clear title during sale or acquisitions, identifying fakes and frauds, advancements for maintaining physical security during storage, display and transport, and resolving complex frauds and disputes.

Do your clients have celebrity-signed or owned items they need appraised?

Join the conversation about valuation and the celebrity factor at "From Dylan to Marilyn: The Value of Celebrity," Saturday 3:30-4:30pm.

You’re in California, playground of celebrities, and Laura Woolley is the one to inform you of the many value characteristics that can turn an intrinsically inexpensive object into a cultural treasure. She has served as COO of Julien’s Auctions, a premier auction house for high profile celebrity and entertainment, and now manages sales and appraisals of memorabilia of well-known celebrities at own appraisal company, The Collectors Lab in Los Angeles, California, that focuses on Hollywood and rock and roll memorabilia.

Copies of handwritten lyrics by Bob Dylan
recently went up for auction in Los Angeles.

See you soon in California! And don't forget to register for Assets today!


About the Author: 
Suzanne S. Houck, ISA CAPP, B.A. and M.A.L.S., is Vice President of ISA and Chair of the ISA Annual Program Conference Committee.

Filling in the Gaps with USPAP's Competency Rule

Steve Roach, JD, ISA CAPP

"Whatever the medium, there is the difficulty, challenge, fascination and often productive clumsiness of learning a new method: the wonderful puzzles and problems of translating with new materials." - Helen Frankenthaler

After doing something for a while, it's easy to get into a comfort zone that can be hard to leave. It is even easy to forget that as appraisers we enjoy one of the most interesting professions around, with each day providing the possibility for a new client, a new challenge and a new area to learn.

Saint Jerome as Scholar, 
El Greco, c. 1610
(Metropolitan Museum of Art)

Several years ago, I decided to become certified by The Appraisal Foundation to teach the 7-hour and 15-hour Uniform Standards of Professional Appraisal Practice courses. USPAP provides a solid framework for ethical, competent appraisals and I wanted to demystify USPAP and help students see how the principles and guidelines of USPAP could enhance their appraisal practice. As some have told me, making USPAP interesting while teaching is more of a challenge than learning USPAP in the first place, and I keep that in mind.

My favorite rule of USPAP (yes, I have a favorite USPAP rule) is the Competency Rule which states, "An appraiser must: (1) be competent to perform the assignment; (2) acquire the necessary competency to perform the assignment; or (3) decline or withdraw from the assignment. In all cases, the appraiser must perform competently when completing the assignment."

USPAP's Competency Rule requires that an appraiser both identify the problem to be addressed and to have the knowledge and experience to complete the assignment competently.

However, USPAP also provides for "on-the-job learning" if the appraiser follows these steps: First, they must disclose the lack of knowledge and/or experience to the client before accepting the assignment or, at the point during the appraisal process when an appraiser realizes a lack of knowledge or experience. Second, an appraiser must take all steps necessary or appropriate to complete the assignment competently and finally, the appraiser must describe in the report the lack of knowledge and/or experience and the steps taken to complete the assignment competently.

As a USPAP comment clarifies, "Competency can be acquired in various ways, including, but not limited to, personal study by the appraiser, association with an appraiser reasonably believed to have the necessary knowledge and/or experience, or retention of others who possess the necessary knowledge and/or experience."'

What happens if you cannot acquire the necessary competency to complete the assignment and deliver credible results? You must decline or withdraw from the assignment.

Over the last year, I taught my first 7-hour and 15-hour USPAP courses for ISA and worked with Meredith Meuwly, ISA CAPP, and Cathy Peters, ISA CAPP, to prepare to teach the ISA Fine Art course.

Teaching provides a meaningful way for me to connect with other ISA members, but also helps strengthen my own skill set. I was so nervous the night before the first USPAP class I taught online that I couldn’t sleep! Would I be able to connect with students that I couldn’t see? How would the online platform interact with my PowerPoint? How could I facilitate student engagement to help students build their own skill sets with a 7-hour USPAP update course that most see as a chore? How could I add value to the course so that even experienced appraisers could feel like participating the class was worthwhile? In other words, I looked at how I could acquire competency to teach USPAP in a credible manner and came up with a plan to tackle the challenge.

The Competency Rule in USPAP provides guidance for appraisals, but it goes further than that, reminding us all that learning is an ongoing process and that with a plan, you can acquire the competency needed to handle challenges that might be thrown at you.

Stepping outside of your comfort zone is a challenge. As Frankenthaler said in the opening quote, there’s a clumsiness that’s inherent in trying new things. But there are also “wonderful puzzles” that make the effort rewarding and worth it.

Steve Roach, JD, ISA CAPP, is an appraiser and an instructor for both the 7-hour and 15-hour USPAP courses.

ISA offers online and in-person USPAP courses throughout the year. See the full educational calendar for 2018.

Ask an Instructor: Office Hours and Appraising Experience

ISA members are invited to send in their questions on all things appraising and education to ISA's instructors. One of ISA's instructors will share answers on the ISA Now Blog. Please send questions to directorofeducation@isa-appraisers.org.


Question: When is the next Office Hours webinar?

Answer: The next Office Hours with the Director of Education will be held on December 5th at 2pm CST. It’s a free webinar open to all ISA members for a lively question and answer session on the topics of your choice. Mark your calendar now!

Question: I’m having a little bit of trouble obtaining my 700 USPAP-compliant hours to reach the ISA Accredited Member (AM) level. Any suggestions for ways to gain more appraisal-specific experience hours?

Answer: Yes! I can certainly help. There are lots of ways for you to gain qualified hours. Remember that the hours must be towards the development and report of a USPAP-compliant appraisal. Thus, the hours can be your actual time spent performing the appraisal, both billable hours and non-billable (gratis) hours. Contact me today at directorofeducation@isa-appraisers.org to discuss a plan of action that would work best for you

- Meredith Meuwly, ISA CAPP
Director of Education

California, Here We Come!

I am delighted to invite you to my home state of California, March 9-12, for the International Society of Appraisers’ annual conference: Assets 2018 - The Gold Standard: Innovation & Valuation.

California’s mild climate and bountiful landscape are as appealing as the full slate of exceptional educational opportunities being offered. With in-depth and hands-on presentations, Assets 2018 is designed to both enrich and strengthen our professional appraisal practices.

K2 Intelligence’s Senior Manager, Jordan Arnold will share innovative technology and advancing new standards related to authenticity and provenance; Los Angeles County Museum of Art’s Decorative Arts and Design Assistant Curator, Staci Steinberger will explore innovative California design from missions to Modernism; Heritage Auctions’ Director Holly Sherratt will discuss Post-War and Contemporary Fine Art trends; and Brooke Sivo, Bonham’s Director of American Furniture and Decorative Arts will provide an analysis of good, better and best examples in American furniture and silver.

Do not miss Ansel Adams Gallery Director of Photography Sales, Brittany Moorefield’s good, better and best discussion, Bruce Orr’s talk on studio glass, Tim Luke’s expertise on Street art and Rosalie Sayyah, aka Antique Roadshow’s Rhinestone Rosie’s guidance on costume jewelry. These are only a few among many other worthwhile presentations scheduled for conference.

Consider signing up early for a one-day Advanced Appraisal Methodology Course. This fresh and compelling new class is being prepared and presented by ISA’s Director of Education, Meredith Meuwly, ISA CAPP and ISA’s Core Course Instructor, Kirsten Smolensky, JD, ISA CAPP with focus on relevant personal property case studies. And while in California, you may also wish to enroll in ISA’s onsite 7-hour USPAP Class and/or our two-day onsite Requalification Course, both available immediately following conference.

Gardens at the Huntington Library

Customized tours include exploration of one of the world’s great cultural, research and educational centers, The Huntington Library, Collections and Botanical Gardens. Tour the Gamble House, an outstanding example of American Arts and Crafts style architecture with house and furnishings designed by architects Charles and Henry Green; or see the acclaimed exhibit: Taking Shape: Degas as Sculptor at the Norton Simon Museum, an institution known for its encompassing collections of 19th and 20th century art.

I know you will enjoy the quintessential California style and surroundings in Pasadena at the Westin, near stunning gardens, first-class art and historic architecture. Pasadena is within proximity of Los Angeles, Beverly Hills and Hollywood; and not too far from the beach communities of Santa Monica, Venice and Malibu. It is a perfect venue to network with fellow colleagues, friends both old and new, as well as industry experts.

Please take a moment to look at ISA’s comprehensive Assets 2018 program and to register early for savings.

Looking forward to seeing you in California. Don’t forget to bring your sunglasses!

-  Perri Guthrie, ISA CAPP, Vice President of ISA

Ask an Instructor: Updated USPAP Standards and Webinars

ISA members are invited to send in their questions on all things appraising and education to ISA's instructors. One of ISA's instructors will share answers on the ISA Now Blog. Please send questions to directorofeducation@isa-appraisers.org.


Question: To which USPAP standards do I write if I start an assignment in the Fall of 2017, but my final report is completed in January 2018?

Answer: Thanks for asking a great question. This is a very common question we instructors receive every fall/winter when the USPAP standards change. Even if your assignment starts in 2017, even if your effective date is in 2017, and even if your inspection date is in 2017, if the issue date of your report is in 2018, then you must write to the 2018-2019 USPAP standards. You are responsible for knowing and abiding by all of the 2018-2019 standards as of January 1, 2018, regardless if you have taken the USPAP update course or not and regardless if you have in hand the current manual or not. But don’t panic yet! Your ISA Education team will make sure you are aware of the changes coming so that you will be prepared.

Question: What are the webinars being scheduled for 2018? Have you thought about having one about (fill in the blank)?

Answer: We have six webinars being scheduled for 2018 that can be on a variety of topics. Have a specific topic or speaker in mind? Let me know! Want to present a webinar for the organization and earn more Professional Development Credits (PDCs)? Let me know too! Our best presentations have been recommendations from the membership, so let me hear from you.

- Meredith Meuwly, ISA CAPP
Director of Education

Everything You Always Wanted to Know About Becoming an Appraiser (But Were Afraid to Ask)

Jillian Van Volkenburgh

I must preface, I am not an appraiser… yet. I just completed Module 16 of the Online ISA Core Course in Appraisal Studies. I am officially past the halfway point!

Are you thinking about becoming a personal property appraiser? That was me a few months ago – I’m relocating to the East Coast and wanted to begin a career I could take with me. I would like to share my recent entrée into this new chapter of my life with ISA.

Education is an Investment 

I am currently the Director of Education for a large art nonprofit in Northwest Indiana. I am often asked to speak to students about creative careers. The one thing that I stress is that education, regardless of your area of study, is an investment. To invest in your “future you,” you also must invest two incredibly valuable things: time and money. (I know I am not an appraiser yet, so this is not a formal valuation on time or money).

When I made my first steps into researching ISA, I called their headquarters in Chicago. I wanted to know two things: how long the course would be and how much it would cost.

As I mentioned, I work for a nonprofit, so cost was a determining factor for me. And as an adult with full-time adult responsibilities, making a new commitment can be harrowing. Luckily, I found that ISA’s courses and education materials are not unreasonably priced, and that the time I have to complete the coursework is absolutely manageable. But I was definitely nervous about that time commitment before I started!

Those That Appraise Together, Stay Together: Commitment 

Two of the best decisions my husband and I made jointly were getting gym memberships and joining ISA. You thought I was going to say getting married, right? As I alluded to in the previous paragraph, commitment, eh… scares me a little bit. Well, he convinced the girl who vowed never to marry, well, to marry. That was the very best decision that I reluctantly agreed to - now we are on this journey of life, love and appraising together! And I’m glad I have committed to ISA as well.

Joining ISA as a team has many advantages. My husband and I have different strengths and areas of interest. We can discuss the coursework and bounce ideas back and forth. We have ultimately become study buddies. (Yes, I just typed that and he will be mortified for calling him that.) We can challenge each other and celebrate our successes. It even has upped our texting game beyond “Want to get dinner after work?” or “Did you feed the cat?” to “I passed my assignment!”

One important thing to remember, even though I just spent two paragraphs explaining the benefits of joining ISA with my spouse… 

You May Be Unattached, But You Are Not Alone

Even if you haven’t joined ISA with your spouse, that does not mean that you will be alone in your journey toward becoming a professional personal property appraiser. One of the many amazing benefits of joining ISA is that they are setting you up for success. Failure is not their goal. Unlike a certain sadistic college professor that we all have had, they don’t want you to fail. ISA has a number of resources put in place to ensure that you succeed.

First of all, for the online course, you work directly with an instructor via email. The instructor is there not only to evaluate your assessments, but also to answer any questions. Also, you can work with an ISA Ambassador when you first join. Ambassadors are seasoned ISA appraiser that will offer guidance for the year following your completion of the Core Course. There is also a great toolkit - the ISA Means Business! Toolbox - on the ISA website with valuable resources on how to build your business.

As we all know, the Internet is also a social network. Take advantage of it. One site that I have found useful is LinkedIn. I already used LinkedIn for my professional position, but I have extended my network to include ISA appraisers throughout the country. I sent out short messages saying, “Hey, I just wanted to introduce myself. I am becoming an appraiser through the ISA and I wanted to connect with you.” This has opened up dialogue with a number of appraisers who have specialty areas outside of my purview, so they could potentially become great resources in the future.

I Am a Student Again at 40

They say a lady never tells her age, but I will be ethical and truthful in this blog post. I am a few months shy of my 40th birthday. When I was in undergrad, we did not have the option for online learning. I enjoyed academia and being in the classroom and I was not sure if online coursework was for me. I was wrong. I LOVE IT! With a full professional and social schedule, I can dictate when and where I learn. I might be in the comfort of my office or at my local coffee shop. It is fantastic option.

The online lectures are very straightforward and thorough. The instructor gives great examples to illustrate the discussed topics to make them relatable and easy to understand. As a side note, the online proctor is unintentionally funny. His dry humor comes through ever so slightly and unexpectedly.

Read the Chapters First!

The instructor states that at the beginning of each module, you should read the chapter first and then listen to the online lecture before taking the assessment. For the first module, I was like…. oh, I will just listen to the lecture and take the test. When I reached the point to take the assessment, it took me three attempts!

No matter how confident of a person you are, when you see "Failed" in red on your screen, you squirm a bit. Reading the chapters prior to the assessments is critical because the online lectures may not cover everything in the chapter. Always take your instructor’s advice!

A Highlighter is Your Friend 

One study tip I might suggest is making a review packet. Most chapters have a page of review at the end. I made copies of each review sheet and then compiled a quick study packet. Spoiler alert! There is no review for one of the longest chapters in the Core Course Manual, Chapter 12. So l recommend taking notes as you go along and highlight key points through the entirety of the manual.

Find Some “Me Time” 

I recently read a study on the brain and memory retention in Forbes about how multitasking can cause diminished long-term memory and decrease productivity. Even though society commands your attention in every direction with 24-hour ticker tapes on the screen and constant weather/coupon/news updates on your phones, we have to relearn to focus.

Make time to study, especially when you are doing distance learning or the online course. You should set aside time that works around your child/dog/work/Roomba chasing schedule. Give yourself quiet time to absorb the information. Listen, take notes and find a study pattern that works best for you.

Wish Me Luck!

This is is my first of hopefully many blog posts of my adventures in the world of personal property appraising for the ISA website. I will now minimize this screen and begin Module 17. Wish me luck! To be continued…

 - Jillian Van Volkenburgh

Jillian Van Volkenburgh is an aspiring ISA appraiser, currently enrolled in ISA's Core Course in Appraisal Studies. The ISA Core Course is the “original” complete appraisal methodology course for personal property appraising. Its thorough scope includes appraisal objectives, intended uses, market identification and analysis, research methods and skills, ethics and professional conduct, and a detailed presentation of report formats and checklists. Students enrolled in ISA’s Online Core Course program use the same text materials as the onsite course offerings coupled with a series of interactive learning exercises and open book quizzes that must be completed as the course progresses. Learn more about the Online Core Course, our Onsite Core Course, and about becoming an ISA member.

Design Patent in a Nutshell

Valerie Hale, ISA CAPP

When working with 20th-century design items, it's important to know how design patents and trademarks work and to use the correct terminology when describing these items.

Designers hold a bundle of rights to their designs, including intellectual property rights and the right to sell. Typically, production licenses are sold to large manufacturers, though the designer will still be able to control who produces the item and at what cost. Designers also hold trademark rights to their designs, which typically are renewable every ten years for an indefinite period of time. Most collectors of original modern design honor the creative process and want to own a quality item in its true form - these items are known as the "antiques of tomorrow."

When researching or reading a description for a 20th-century design item, you may encounter various terms categorizing the item. This article seeks to provide a quick reference guide for the meaning of these terms. When comparing items you also need to ascertain that you are comparing correct "vintage" or design type.

Original Issue

A design item that was manufactured during the initial period of production in the first conceived state.

Later Issue

An original design by the original manufacturer or currently licensed manufacturer, with minor modifications.

Example: The Eames molded chair has undergone some alterations over the years: the removal of rope edge, the curve of the back has become more inclined, upholstery is now glued to plastic shell. Also, since people are generally larger than they were in the 1950s, the Eames Lounge Chair is now available in the “big & tall” version, which is two and a half inches taller overall with an added seat depth of 1.75 inches. It's important to capture these design details to determine whether you are appraising an original issue item or one manufactured after a certain date.

Reissue

An item issued after the original production period, typically for a specific reason or period of time. There are a few different categories of reissues:

• Special edition: A reissue by a specific authorized entity of a design when the original edition is not longer in production or when there has been a slight change to the design or manufacturing process, for example, in the color of materials used. Special editions are usually marked in a way that denotes the reissue, depending on the manufacturer. They are known in the market as a unique entity, and hold value as a reissue or special edition.
  
  Example: The Isamu Noguchi Cyclone Rocking Stool produced by Vitra Design Museum, ca. 2001. In the original conceived form, very few of these items were produced. The design was subsequently altered to make a small table with a circular vs. rocking base point.





• Retired design: A design that was previously retired, but is now being produced and issued again.
• Emerge from retirement: A return to an original trait of an original design, now a reissue, or to be more technically correct, a later issue.
  
  Example: The Eames molded chair stopped production due to hazardous materials (fiberglass straws) and disposal issues in the late 1980s. The chair has recently been reintroduced, due to improved manufacturing and material safety. In between, Modernica as well as others produced unauthorized replicas or knockoffs.

Knock-off

An item that apperas, especially at first glance, to be the original item. Retail cost is often substantially less due to cheaper materials, cutting corners in construction, and design variations. Due to differences in construction from the original, knock-offs typically do not violate design patents.

Reproduction

In the general world of furniture and decorative arts, a reproduction is an exact duplicate executed with the intent to deceive. Sometimes, the term is more loosely defined to fit the user’s purpose. Sometimes used interchangeably with "copy" or "replica."

Replica

The same concept as a reproduction minus the intent to deceive. However, retailers may use the terms "replica" and "reproduction" more loosely or interchangeably. A good replica is made with the same instructions, material, and care as the original. Also known as a "copy."

Style of

Denotes an item that is made or appears to be like the work of a specific maker or designer. It can also apply when the item produced is close to a stylistic period or region. In 20th-century design, some replicas will be denoted as “Style of Marcel Breuer’s Wassily Chair.”

Manner of

An item that appears similar to a specific designer or school of designers, that reminds the viewer of that designer or school.

Tribute

An item that is made or manufactured in honor of a designer or design. For instance, Knoll issued an 18k gold plated Bertoia Diamond Chair (ca. 1952) to honor the designer’s 100th birthday in 2015. The chair was developed in conjunction with the 50th (golden) anniversary of the Platner Collection. Tribute pieces are generally only available for a limited time. See also: Special edition.

- Valerie Hale, ISA CAPP