| The value of vinyl records is very subjective and | | | | analysis, professional consensus, retail stores, auction |
| certainly up for debate. There are many elements that | | | | prices as well as record guide prices. The record price |
| go into ascertaining just how much a specific record or | | | | guides are a nice starting point, but they may not |
| a whole collection may be worth. Do you use fair | | | | reflect true value because of the variables just |
| market value, replacement value or record price guide | | | | mentioned." |
| value? As I found out, it all depends on the | | | | "Our first order of business in an appraisal is generally |
| circumstances, and the best way to achieve these | | | | to examine the physical items, if possible, and note the |
| objectives is to have your collection professionally | | | | condition, edition or other key points of recognition. |
| appraised. I had the opportunity to speak with | | | | Then we conduct extensive research to ascertain the |
| professional appraiser and music historian Stephen M. | | | | current marketability of the items. Our service |
| H. Braitman about the elements that go into putting a | | | | concludes with a certified document that details the |
| value on a record collection. | | | | estimated retail value and the current wholesale value, |
| But, first, let me introduce Stephen. He has been | | | | depending on the type of appraisal. We also include a |
| involved with records and music since the late 60's, | | | | statement of the overall quality level of the item or |
| writing and editing several entertainment and music | | | | collection, including condition, pressing edition or the |
| publications. He also has been a dealer, buying and | | | | cultural or historical desirability. This document exceeds |
| selling records, posters and related memorabilia | | | | the appraisal requirements of the IRS and the |
| throughout the years. His widely acknowledged | | | | insurance companies." |
| expertise in the marketplace for music and | | | | We discussed one of the most confusing and |
| memorabilia makes his appraisal services very | | | | subjective elements regarding vinyl records: grading |
| important for estate planning, charitable contributions, | | | | the vinyl. I asked Stephen what method he uses. |
| expert testimony and for insurance and coverage | | | | "It is actually a combination of many methods, including |
| claims. His many credentials include: passing the | | | | the Goldmine Standards that have been set up in their |
| American Society of Appraisers (ASA) Principles of | | | | many publications, the 'Good Rockin' Tonight'-formula, |
| Practice and Code of Ethics exam in 2004, completing | | | | and my own formula. I like to take it a step further and |
| courses on such subjects as the Uniform Standards | | | | use a 100-point scale, and deduct points for every |
| for Professional Appraisal Practice (USPAP) Personal | | | | flaw, not only on the record, but the picture sleeve (if it |
| Property Valuation, Methodology-Research and | | | | is a 45rpm), LP jacket and cover. I would like to see a |
| Analysis as well as the legal and commercial | | | | uniform standard set up sometime in the near future, |
| environment of appraisal. He is also a music analyst | | | | something that everybody in the industry could agree |
| with Gracenote, the digital music management | | | | on," said Stephen. |
| company. | | | | There are also a couple of ways to have your |
| So what does all this mean? Stephen M.H. Braitman is | | | | memorabilia or record collection documented and |
| a qualified, certified appraiser. Why is this unique | | | | appraised, as Stephen details: |
| service so important? As I discussed the details of his | | | | "We actually offer two distinct services, the |
| occupation with Mr. Braitman, let's explore some of the | | | | professional appraisal and a quick evaluation of your |
| details that go into a record collection appraisal and | | | | memorabilia or record collection. This entails you |
| how a record collection should be appraised. | | | | sending us a list of your items from which we provide |
| "This is a new service, a new genre so to speak," he | | | | a detailed document with a range of market values |
| said. "The service is being offered for those people | | | | based on comparables. You'll be able to tell whether |
| who may have large or small collections and have | | | | you have something worth $1.00, $10, $100, or more. |
| really no idea their worth. Unfortunately, there are no | | | | This process is quicker and less expensive that the |
| legal requirements to qualify as an appraiser except in | | | | formal appraisal and is most useful in estimating what |
| the real estate market, but the IRS and the Appraisal | | | | a sale to a dealer might bring," explained Stephen. |
| Foundation have led the way with the adoption of | | | | "Our service includes, not only the appraisal of records |
| nationally recognized standards that reputable | | | | and record collections, but posters, flyers, handbills, |
| appraisers in all fields use. The IRS, for example, uses | | | | programs, CDs, promotional items, tour books and |
| the concept of fair market value, meaning the | | | | other music collectibles. (I don't handle musical |
| agreed-upon price paid by a willing, knowledgeable | | | | instruments, which is a very different kind of specialty). |
| buyer to a willing, knowledgeable seller. One of the | | | | It is important to have your items or collections |
| reasons I entered this profession is, not only because | | | | appraised to gauge the potential replacement value, |
| of my love for music and music memorabilia, but | | | | assist in estate planning goals, tax elements and other |
| because I felt that the industry needs certified | | | | factors. I have much more information on my Website, |
| appraisers to provide critical assistance in defining the | | | | |
| values of collections for insurance purposes, estate | | | | As we wrapped up our interview, we talked about our |
| planning, tax donation claims, personal disputes and | | | | love for not only music, but the historical audio format |
| investments. Part of the job is also being called upon | | | | of, vinyl records. I asked Stephen about one of his |
| as an expert witness to attest and back up the values | | | | most memorable record collection appraisals. |
| set upon a collection. That's where I enter the picture." | | | | "I did an appraisal for a gentleman in Texas and he |
| When asked what exactly goes into an appraisal, | | | | had a wonderful and superb record collection. But, |
| Stephen explained: | | | | when he put on an old 78rpm of Robert Johnson and |
| "There are many variables that have to be recognized | | | | played it on his professional sound equipment, and as |
| when placing a value on a collection. It also depends on | | | | the music filled the room, you could have swore that |
| the purpose of the appraisal. For instance, the IRS | | | | Mr. Robert Johnson himself was playing for you right |
| uses fair market value in determining the value of | | | | then and there. It was a wonderful and enlightening |
| donated material. But, replacement value in insurance | | | | experience, and one I will never forget," recalled |
| cases different; it's higher because you'll be paying a | | | | Stephen. |
| higher cost to recover certain collectibles, let's say, that | | | | So, not only does Stephen M.H. Braitman offer valuable |
| may have been lost in a fire. So, the intent of the | | | | and unique record appraisal services, he also gets to |
| appraisal must be taken into consideration as well." | | | | archive, appraise and handle important parts of audio |
| "We research what are comparable items in the | | | | history, and gets to hear them as well. And that is a |
| current marketplace. There are several aspects to | | | | reward that you can not put a value on. |
| research that include recent and relevant sales, trend | | | | |