Expert: Jamie Novak - 10/26/2007

Question
I just finished reading your response to a lady in Maine that needed to liquidate/sell "a house full of things".  You provided her with a list of contacts in Maine.  I live in the Chicago area.  My situation is a little different.  I'm keeping everything, but in the execution of the estate I need to establish the fail value amount of the house contents so that I (Executor) can provide 1/2 of the cash value to the other heir.  It would be nice to have a single appraising resource to work with me but if I have to deal with multiple parties so be it. I am just about to complete an extensive Excel spreadsheet full of 'items of value' that include Books, 33 1/3 and 45 rpm records, audio tapes, video tapes, old Time/Life/Look/Nat. Geographic magazines, appliances, furniture, tools, clothing, and "items" that include an extensive ashtray collection, troll collection, lighthouse figurine collection, ceramic figurines, etc..  I am now looking for resources to help me establish that fair value so that I can get this done.  Can you provide me with a similar list of resources in the Chicago area?  If they belong to an association as in the Maine question can you provide me with that information as well?

Thx

Bill

Answer
Hi Bill,

Sorry about your loss. It seems like you have a great start with the excel spreadsheet. The first thing I’d suggest is you save one copy of the spreadsheet as a master for safekeeping. While working on the one version if anything goes wrong you’ll have a backup. (You may have already thought about this- but I just wanted to mention it.)

OK, about the valuation of the items.

There are great books in the reference section of the libraries, it’ll take time to look up the items but there is a lot you can do on your own.

I’m guessing your library has internet access. You can email yourself a copy of the spreadsheet then open it from the library that way you can enter the info. in on site rather than writing it down and entering it in at a later date.

Also I find Ebay to be a good source of valuation. You can search to buy the item to see who has one for sale and what they want for it.

Now there are professionals who do this type of work:

ASA Chicago Chapter (American Society of Appraisers)
Personal Property Section Leader
Patricia Atwood, AM 815-873-9710 x14
http://www.appraisers.org/chicago/
Pat’s email: patwood@timelyantiqueappraisals.com
1-866-261-0272 Chicago chapter main number

And companies:
AUCTIONBAY ESTATE SALES, INC.
4907 N. Menard, Chicago, IL 60630
http://www.auctionbay.com

(773) 545-1530
Products & Services:  
·   Aircraft
·   Animation Cells
·   Antiques
·   Art
·   Artifacts
·   Asian Art
·   Auctions
·   Autographs
·   Autos
·   Bankruptcies
·   Bankruptcies & Foreclosures
·   Boats
·   Boats & Watercraft
·   Books & Manuscripts
·   Buildings
·   Business Liquidations
·   Businesses
·   Carpets
·   Charity Auctions & Fundraisers
·   Clocks
·   Coins & Currency
·   Collectibles
·   Computers
·   Construction Equipment
·   Downsizing
·   Estate Sales
·   Furniture
·   Gemstones
·   Historical Documents
·   Industrial Plants & Machinery
·   Inventories
·   Jewelry
·   Liquidation Sales
·   Machinery & Equipment
·   Mobile Homes
·   Motorcycles
·   Moving Sales
·   Office Furniture
·   Office Inventories
·   Personal Property
·   School Surplus
·   Tools
·   Trailers
·   Tribal Art
·   Trucks
·   Vehicles
·   Watches

Best of luck to you, Jamie