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Stephen M.h. Braitman-Putting A Value On Your Vinyl Collection

Tags: vinyl records, vinyl appraisals, Stephen Braitman, record collection value, record collecting

The value of vinyl records is very subjective and certainly up for debate. There are many elements that go into ascertaining just how much a specific record or a whole collection may be worth. Do you use fair market value, replacement value or record price guide value? As I found out, it all depends on the circumstances, and the best way to achieve these objectives is to have your collection professionally appraised. I had the opportunity to speak with professional appraiser and music historian Stephen M. H. Braitman about the elements that go into putting a value on a record collection.

But, first, let me introduce Stephen. He has been involved with records and music since the late 60 's , writing and editing several entertainment and music publications. He also has been a dealer, buying and selling records, posters and related memorabilia throughout the years. His widely acknowledged expertise in the marketplace for music and memorabilia makes his appraisal services very important for estate planning, charitable contributions, expert testimony and for insurance and coverage claims. His many credentials include: passing the American Society of Appraisers (ASA) Principles of Practice and Code of Ethics exam in 2004, completing courses on such subjects as the Uniform Standards for Professional Appraisal Practice (USPAP) Personal Property Valuation, Methodology-Research and Analysis as well as the legal and commercial environment of appraisal. He is also a music analyst with Gracenote, the digital music management company.

So what does all this mean? Stephen M.H. Braitman is a qualified, certified appraiser. Why is this unique service so important? As I discussed the details of his occupation with Mr. Braitman, let’s explore some of the details that go into a record collection appraisal and how a record collection should be appraised.

“This is a new service, a new genre so to speak,” he said. “The service is being offered for those people who may have large or small collections and have really no idea their worth. Unfortunately, there are no legal requirements to qualify as an appraiser except in the real estate market, but the IRS and the Appraisal Foundation have led the way with the adoption of nationally recognized standards that reputable appraisers in all fields use. The IRS, for example, uses the concept of fair market value, meaning the agreed-upon price paid by a willing, knowledgeable buyer to a willing, knowledgeable seller. One of the reasons I entered this profession is, not only because of my love for music and music memorabilia, but because I felt that the industry needs certified appraisers to provide critical assistance in defining the values of collections for insurance purposes, estate planning, tax donation claims, personal disputes and investments. Part of the job is also being called upon as an expert witness to attest and back up the values set upon a collection. That’s where I enter the picture.”

When asked what exactly goes into an appraisal, Stephen explained:

“There are many variables that have to be recognized when placing a value on a collection. It also depends on the purpose of the appraisal. For instance, the IRS uses fair market value in determining the value of donated material. But, replacement value in insurance cases different; it’s higher because you’ll be paying a higher cost to recover certain collectibles, let’s say, that may have been lost in a fire. So, the intent of the appraisal must be taken into consideration as well.”

“We research what are comparable items in the current marketplace. There are several aspects to research that include recent and relevant sales, trend analysis, professional consensus, retail stores, auction prices as well as record guide prices. The record price guides are a nice starting point, but they may not reflect true value because of the variables just mentioned.”

“Our first order of business in an appraisal is generally to examine the physical items, if possible, and note the condition, edition or other key points of recognition. Then we conduct extensive research to ascertain the current marketability of the items. Our service concludes with a certified document that details the estimated retail value and the current wholesale value, depending on the type of appraisal. We also include a statement of the overall quality level of the item or collection, including condition, pressing edition or the cultural or historical desirability. This document exceeds the appraisal requirements of the IRS and the insurance companies.”

We discussed one of the most confusing and subjective elements regarding vinyl records: grading the vinyl. I asked Stephen what method he uses.

“It is actually a combination of many methods, including the Goldmine Standards that have been set up in their many publications, the вЂ

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<h1>Stephen M.h. Braitman-Putting A Value On Your Vinyl Collection</h1><br />by Robert Benson<br />The value of vinyl records is very subjective and certainly up for debate. There are many elements that go into ascertaining just how much a specific record or a whole collection may be worth. Do you use fair market value, replacement value or record price guide value? As I found out, it all depends on the circumstances, and the best way to achieve these objectives is to have your collection professionally appraised. I had the opportunity to speak with professional appraiser and music historian Stephen M. H. Braitman about the elements that go into putting a value on a record collection.<br /><br />But, first, let me introduce Stephen. He has been involved with records and music since the late 60 's , writing and editing several entertainment and music publications. He also has been a dealer, buying and selling records, posters and related memorabilia throughout the years. His widely acknowledged expertise in the marketplace for music and memorabilia makes his appraisal services very important for estate planning, charitable contributions, expert testimony and for insurance and coverage claims. His many credentials include: passing the American Society of Appraisers (ASA) Principles of Practice and Code of Ethics exam in 2004, completing courses on such subjects as the Uniform Standards for Professional Appraisal Practice (USPAP) Personal Property Valuation, Methodology-Research and Analysis as well as the legal and commercial environment of appraisal. He is also a music analyst with Gracenote, the digital music management company.<br /><br />So what does all this mean? Stephen M.H. Braitman is a qualified, certified appraiser. Why is this unique service so important? As I discussed the details of his occupation with Mr. Braitman, let’s explore some of the details that go into a record collection appraisal and how a record collection should be appraised.<br /><br />“This is a new service, a new genre so to speak,” he said. “The service is being offered for those people who may have large or small collections and have really no idea their worth. Unfortunately, there are no legal requirements to qualify as an appraiser except in the real estate market, but the IRS and the Appraisal Foundation have led the way with the adoption of nationally recognized standards that reputable appraisers in all fields use. The IRS, for example, uses the concept of fair market value, meaning the agreed-upon price paid by a willing, knowledgeable buyer to a willing, knowledgeable seller. One of the reasons I entered this profession is, not only because of my love for music and music memorabilia, but because I felt that the industry needs certified appraisers to provide critical assistance in defining the values of collections for insurance purposes, estate planning, tax donation claims, personal disputes and investments. Part of the job is also being called upon as an expert witness to attest and back up the values set upon a collection. That’s where I enter the picture.”<br /><br />When asked what exactly goes into an appraisal, Stephen explained:<br /><br />“There are many variables that have to be recognized when placing a value on a collection. It also depends on the purpose of the appraisal. For instance, the IRS uses fair market value in determining the value of donated material. But, replacement value in insurance cases different; it’s higher because you’ll be paying a higher cost to recover certain collectibles, let’s say, that may have been lost in a fire. So, the intent of the appraisal must be taken into consideration as well.”<br /><br />“We research what are comparable items in the current marketplace. There are several aspects to research that include recent and relevant sales, trend analysis, professional consensus, retail stores, auction prices as well as record guide prices. The record price guides are a nice starting point, but they may not reflect true value because of the variables just mentioned.”<br /><br />“Our first order of business in an appraisal is generally to examine the physical items, if possible, and note the condition, edition or other key points of recognition. Then we conduct extensive research to ascertain the current marketability of the items. Our service concludes with a certified document that details the estimated retail value and the current wholesale value, depending on the type of appraisal. We also include a statement of the overall quality level of the item or collection, including condition, pressing edition or the cultural or historical desirability. This document exceeds the appraisal requirements of the IRS and the insurance companies.”<br /><br />We discussed one of the most confusing and subjective elements regarding vinyl records: grading the vinyl. I asked Stephen what method he uses.<br /><br />“It is actually a combination of many methods, including the Goldmine Standards that have been set up in their many publications, the вЂ<br /><h2>About the Author</h2><p>Author Robert Benson writes about rock/pop music, vinyl record collecting and operates <a href="http://www.collectingvinylrecords.com" title="http://www.collectingvinylrecords.com" target="_blank">http://www.collectingvinylrecords.com</a>, where you can pick up a copy of his ebook called "The Fascinating Hobby of Vinyl Record Collecting."</p> <br /><h3><a href="http://www.content4reprint.com/recreation-and-leisure/entertainment/stephen-m.h.-braitman-putting-a-value-on-your-vinyl-collection.htm" title="Stephen M.h. Braitman-Putting A Value On Your Vinyl Collection">Article Source:</a> <a href="http://www.content4reprint.com" title="Free high quality articles">Content for Reprint</a></h3>