Buying Or Selling A Grandfather Wall Clock?
Great, is it time to sell that family heirloom, the antique grandfather wall clock, or buy a new family heirloom? Well your nearly done, have you had the antique clock or grandfather wall clock appraised? If not, do you know how to pick an appraiser? When looking for a professional appraiser, look for one who has an accreditation from a nationally recognized organization such as the “International Society of Appraisers (ISA)” or “American Society of Appraisers” or “Appraisers Association of America”. Appraises that don’t belong to one of these groups is not held to any ethical standard and maybe unqualified to appraise an antique grandfather wall clock.
A good appraiser will never be offended when asked for their qualification.
When asked for their qualifications, do they answer your directly and offer you written documentation? If not, find someone else. A qualified and accredited appraiser will have a formal background in appraisals and be up to date in procedures, the law and ethical practices. An accredited appraiser will have appraised more than a few grandfather wall clocks and have a thorough knowledge of grandfather wall clocks and how they were manufactured. When asked, they will be able to provide a resume and references.
Will any appraiser due?
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.
What appraisal society do they belong to?
If an appraiser belongs to one of the national appraiser societies, they will have a high ethical standard. They must maintain this standard to be in good standing with the society. If not, they may find themselves barred from the society and this will affect their ability to do business. This means that an accredited appraiser we have a set of standards set forth by the society they belong to and must adhere to them. On the other hand, an unaccredited independent appraiser will not be held to any standard and can say and do anything they want. Is this someone you would trust when buying an expensive grandfather wall clock?
How are they paid?
A proper appraisal of a grandfather wall clock is done by the hour, a flat rate or by the piece. A grandfather wall clock appraisal is never done by charging a percent of its value or a contingency fee or by someone who has a vested interest in the sale or purchase of the grandfather wall clock. These practices are usually conflicts of interests and you will not get a proper appraisal. If this occurs, the grandfather wall clock appraisal report will not be accepted by the IRS or an insurance company.
What should the appraisal report look like?
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.
If you are a buyer, this is for you.
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