Music Appraisal service From Scott Neuman of Forever Vinyl
Do you own a rare or collectible music item, record, acetate, mother or test pressing? Do you have music memorabilia such as dolls, autographs, gum cards, promotional items and music concert posters? Are you thinking of selling your collection and want top dollar? Did you lose your collection to a natural disaster or crime? Do you just want to know what is the fair retail or replacement value of your collection? You should get an appraisal. Knowledge is power when dealing with insurance companies, dealers or just collectors that know more then you do and not knowing what the value of your collection is, could cost you hundreds of thousands of dollars depending on the size of your collection and the items you have.
Thank you for considering us for a certified or verbal appraisal of your record or music collection. As you know, many records are now valued in the hundreds and thousands of dollars. Every day we receive 50 to 100 requests for appraisals. Because of the amount of appraisals that are requested per day, we've instituted a reasonable fee to cover our cost, time and expertise for these appraisals. Our current fee is $20.00 for the first item of the appraisal and $5.00 for each additional item. For collections with over 200 pieces, please call us directly at 848-333-8899 for adjusted rates. We accept material to be appraised in either text format or an excel spreadsheet (preferred) format emailed to firstname.lastname@example.org. We can take just about any text file and import it into a spreadsheet. We must receive payment for appraisals before any work can begin and payment may be mailed to the address below payable to "Recordweb Communications" or emailed via paypal.com for credit card to email@example.com. We also directly accept all major credit cards including Visa, Mastercard, Discover and Amex.
All information must contain the following information. Artist, Title, Type of item, Condition (1 - 10 is fine with 10 looking like it's brand new), Label and label number. If the item is a 45 single, does it have a picture sleeve? Also any other comments you'd like to make about the item. Examples could be if it's a promotional or "Not for Sale" copy, If it's a test pressing or acetate, If it's autographed and so forth.
If necessary, we can and will travel to your location. Our coverage area is the entire USA and Canada. For those of you with larger collections, We do work on a fixed hourly rate plus travel, food and lodging expenses if you need us to come to you. This is only by appointment. Many of our customers have used this service. Most collections that are under 10,000 pieces can be appraised onsite in one to two days.
If necessary, we can and will travel to your location. For those of you with larger collections, We do work on a rate of $200.00 an hour plus travel, food and lodging expenses if you need us to come to you. This is only by appointment. Many of our customers have used this service. A deposit of 50% of the estimated job time is required for us to travel to you. Balance due when you leave your premise. Final appraisal forms are mailed back to you within 48 hours or if possible completed on site.
We also can accept items shipped to us for appraisal. You will be paying for the shipping back and forth of the materials. We will charge your credit card for shipping at the time of appraisal. Sometimes it makes more sense to mail a collection then to spend the time to type out of the information or have us travel to you. It all depends on the size of the collection. Cost is also $200.00 per hour at our location or the $20.00 for the first item and $5.00 for each additional item. We calculate this on whatever is cheaper for you. Feel free to contact us for more information.
CASE STUDY ONE: one of our customers called and mentioned they had a record and picture sleeve on auction with Ebay. The item was about to end and they wanted me to appraise the item because someone had offered them $250.00 to end the auction early. Based on an estimate from a local dealer, they thought that was a fair offer. After reading the description and getting one more piece of information, I made an offer to find a buyer for it for $4500.00 and told the customer the correct retail and wholesale prices. She immediately canceled the auction because someone else had told her the maximum value was only $200.00 to steal the item.
CASE STUDY TWO: I've recently appraised some collections that were valued at $18,000, $86,000 and $295,000. Our appraisals have been used for charitable donations, estates, property damage and for resale. We know what the retail market is for pre-recorded music items. Do you know for sure what a record is worth? It doesn't have to be old to be valuable and even worn records might be worth money to a collector. If it is rare or collectible, we will know it. If you don't know the correct valuation for a record, it pays to contact us for an appraisal before selling a collection or donating it to a charitable organization. Let us know which way you'd like to proceed and we'll take care of the rest.
CASE STUDY THREE: I recently appraised a collection for property damage. A couple had their collection damaged by water from an upstairs neighbors pipes. The insurance company offered $1500.00 for about 1500 records. We traveled to the couples apartment and inspected each record and cover. All had some degree of water damage on the covers. Many were rare Jazz, Rock, and Soul items. Since you will lose almost 90% of the value because of this type of damage, our appraisal came in around $12,000. When presented with this information, the insurance company, rather then go to court with our expert testimony, offered to settle for $9000.00. Over $7500 more then the original offer.
Case Study Four: One of my favorites. An attorney called us to place a value on a collection for estate purposes. This particular collection was owned by someone in the music business. For the most part, his estate didn't want the items which contained rare RIAA awards, autographs from artists, CD's, promotional records, bootlegs, test pressings and books. After appraising the collection for $80,000, we then suggested a consignment company to sell the collection for the estate. The total selling price of the collection via this consignment company was close to $75,000.
Many of our customers rather then sell their collections, donate them to charity. We know charities that will accept record collections and you can use our appraisal for this purpose. We follow all IRS regulations when it comes to appraising your collection. For more information, click here to visit the IRS rules for collections.
Internal Revenue Service requirements
The Internal Revenue Service (IRS) requires qualified appraisals by qualified appraisers for tax reporting purposes. Scott Neuman is committed to compliance with IRS appraisal standards.
-- Does the appraisal include quotes and sales records to support the stated appraised value?
-- Does the appraisal include the standing of the artist or maker in his or her profession and in the particular school or time period?
-- Does the appraisal outline the current physical condition of the item?
On the IRS website, you may view what they require of an appraiser and what needs to be included in an appraisal. The IRS also tells you who cannot be an appraiser.
You mentioned certified vs verbal appraisals? What is the difference?
-- A certified appraisal would be used for dealing with insurance companies for collections in a catastrophic loss. Most insurance companies will also want a certified appraisal when moving items from place to place and you'd want this before the move. We've had moving companies damage and misplace items in transit, (amazing but true). Donates to charities will need certified appraisals, Estates and estate planners should have certified appraisals for collections. Certified appraisals are also used to settle divorces and when you consider that a large collecting could be worth in the six figures or higher, this might be used to help settle property between the parties involved. Last, a certified appraisal could be used in the selling of the collection to another party. We receive phone calls from parties on a regular basis wanting to know if they should buy a collection and what to offer for that collection.
And a Verbal appraisal?
Imagine, you've lost a loved one. A neighbor or handyman offers $500.00 for your 5000 records. You know it's probably low but without a reference, you decide to take it since "Who buys records anymore?". In fact, a verbal appraisal will help you determine the value range of the collection or can help you decide how to split up the collection between family members. A verbal appraisal can also help to decide what might go to an Auctioneer and what might want to be kept between family members or even to help with downsizing with some of the collection being kept, some to auction and some to charity. If going to charity, that portion going to charity will need a certified appraisal.
-- Do you buy what you appraise?
-- Scott Neuman and Forever Vinyl will not buy a collection that we appraise. Think about it, most dealers don't want you to know the true value of a collection. They will always want to buy your collection at a much lower price then it's fair market value. While this is what being a dealer is all about, it's not great for you when there are better methods of reaching the true value. Appraisers that are dealers (and we are dealers also) have a conflict of interest, but when we are acting as a appraisers and you are seeking a certified appraisal, there is a huge conflict in interest if we are the buyers of your collection. When we are acting in the capacity as a certified appraiser, we are looking to show you a fair retail market value for your collection. This is to your advantage.
Recordweb Communications LLC
P.O. Box 526
Lakehurst, NJ 08733
Many customers ask about my background. I've been a long time collector, radio announcer, DJ and dealer since the early 70's when I opened Back Track Records in the Trenton/Ewing, NJ area. I was an original Eppraisals.com appraiser and Yahoo Music Expert. I'm a registered Ebay auction assistant and member since 1996. I currently hold one of the highest ratings on Ebay for buying and selling rare and collectible music items at over 99%. I'm a member of the Universal Autograph Collectors Club. I am a pending member of the American Association of Appraisers. I've been referenced on or in Oprah.com, Bankrate.com, Readers Digest magazine, Rolling Stones Magazine, and in many newspapers and magazines for my appraisal work and my online music store. I am the music collectibles trouble shooter expert for the Gannett Newspaper chain's Asbury Park Press. We've been hired by insurance companies for property damage claims, law firms for estate valuation, private companies that have taking items on consignment and want to create the maximum value for the collection in the market place, private individuals that want to put an insurance value on their collection, couples going through a separation that want to put a fair value on a collection and people that want to donate their items to charity and want to make sure they are donating at a fair market value. We've also been hired to place collections of value with the correct auctioneers that can move the collection without having to give it away.
I have a master website at: click here.
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