Behind the Scenes

What to Expect from a
Canadian Antiques Roadshow
Appraisal

by Bill Brayley

Whether you are a viewer of the Canadian Antiques Roadshow or a client who has brought in an object for appraisal at one of our Canadian Antiques Roadshow locations, the following will give you an understanding of what you hear or are told on the show by the appraisers.

The aim of the Canadian Antiques Roadshow is to provide the following information:

1. An explanation of what the object is, its age, workmanship, materials and condition, what it might have been used for, the maker or artist, size, comparative quality, historical significance, provenance, etc., and how these factors may affect the value of the object.

2. A valuation – the applying of a price or value to the object being appraised.

There are a number of different reasons for appraising an object and in some instances, the reason will dictate the value applied. For example:

Fair market value for sale or distribution is usually looked upon as a determination of an object's value for liquidity or possible conversion to cash. Individuals usually want this type of value if they are considering selling an object. Situations where this information might be useful are

• Sale Value at Auction
• Estate Division
• Matrimonial Division

On the Canadian Antiques Roadshow, this type of valuation is usually qualified by an
appraiser saying "this item could fetch $1,000 to $2,000 at auction". Sometimes, they
may substantiate or support the appraisal by saying something to the effect that a
similar item sold for this price recently at an auction in Toronto, Montreal, Halifax,
Vancouver, London or New York.

Full market replacement value is usually looked upon as a determination of how an
object might be priced if you, as a buyer or collector, had to purchase it from a retail
establishment. This would cover the following:

• Retail Price
• Insurance Value
• Value for Cultural Property Purposes

On the Canadian Antiques Roadshow, an appraiser might qualify an object's value in
this respect as follows:

• "If I had this item in my shop, I would be selling it for…"
• "I saw a similar item in a shop priced at…"
• "I sold a similar item for…"

Individuals may indicate to the appraiser which of these types of appraisal might be
required. For example, they may say that there is a family or sentimental attachment
to the object and so there is no intention to put the object on the market. On that
basis, the appraiser will provide a full market replacement value.

People sometimes enquire as to why there is a difference between the fair market
value for sale or distribution and the full market replacement value. The reason is
that, as in all businesses, there is margin or markup between the wholesale
and the retail price. In this case auction value represents the wholesale price and
replacement or retail value represents the price a buyer might pay in an antique shop.

-- Bill Brayley