Open Forum

------Original Message------

First thanks for your responses. The reason why we are seeking an estimate of value for our museum is that it is a private museum and the owners want to pass the museum to their beneficiaries. Given that beneficiaries do not always carry on the processed provided to them-rather than continue operating the museum-they may choose to sell it as an asset. As such the value of the asset should be documented via an appraisal of value. The lack of comparable information to substantiate a market value appraisal brings into being a move toward replacement value suggested by Susan's note of organizing your site in case of destruction by natural disaster. In effect how to prepare your site in case destruction occurs and what would it cost to replace the destroyed assets.







------------------------------
John Daab PhD
Director
Scansen173
Princeton Junction NJ
------------------------------

Original Message:
Sent: 03-18-2019 07:17 AM
From: Vivian Zoë
Subject: Appraising the value of a small museum

Dear John - You do not say why you (or your board) believe an appraisal is in order.  In general, it's not recommended that museum collections be appraised.  This should include what is often the largest single collection object - an historic site, structure, etc.

This is for three reasons:

1. Insurance companies assume that museum institutions are the lowest risk because it is, in fact, in their missions to preserve, protect, etc.

2. Museum institutions want to avoid any risk of the temptation to "monetize" the collection.  One needs only to look to some of the more publicized scandals (like at Brandeis and Thomas Eakins' The Clinic of Dr. Gross, which only narrowly escaped being sold out of Philadelphia).

3.  The "value" of your collection is inherently intrinsic... couched in the stories it can tell, not its market potential.

Vivian F. Zoë, Director
Slater Memorial Museum
108 Crescent Street, Norwich CT 06360
860-425-5560 vox
860-885-0379 fax

"Inspiration is for amateurs - the rest of us just show up and get to work," Chuck Close, 2003

Please note:  The information contained in this e-mail and any attachments hereto is intended only for the personal and confidential use of the designated recipients.  If the reader/recipient of this message is not the intended recipient, you are hereby notified that you have received this e-mail and all attachments hereto in error and that any review, dissemination, distribution or copying of this e-mail or any of its attachments is strictly prohibited.  If you have received this communication in error, please notify the sender immediately by e-mail and destroy the original message received.  Thank You.

Original Message------

Our small museum's collection has been appraised in the past but I have found little information on appraising the total value of the building, land,configuration of the land in terms of greenery, walking paths, ponds, eating and rest areas, gardens, and the many outdoor sculptures.  Any thoughts would be helpful.

------Original Message------


First thanks for your responses. The reason why we are seeking an estimate of value for our museum is that it is a private museum and the owners want to pass the museum to their beneficiaries. Given that beneficiaries do not always carry on the processed provided to them-rather than continue operating the museum-they may choose to sell it as an asset. As such the value of the asset should be documented via an appraisal of value. The lack of comparable information to substantiate a market value appraisal brings into being a move toward replacement value suggested by Susan's note of organizing your site in case of destruction by natural disaster. In effect how to prepare your site in case destruction occurs and what would it cost to replace the destroyed assets.







------------------------------
John Daab PhD
Director
Scansen173
Princeton Junction NJ
------------------------------

Hi John, 

To appraise the assets you're asking about, you'd need to hire both personal property and real property appraisers. To appraise everything, regardless of the appraisal's intended use, you'd likely need to utilize sales comparison, cost, and possibly income producing valuations approaches depending upon how you utilize your outdoor spaces. I can't answer much more without knowing the specifics of your need. That being said, it may not be necessary to appraise all the items you've listed above depending, of course, on the intended use of the appraisal.

------------------------------
Kaitlyn McElwee
Fine Art Appraiser
Charlotte NC
------------------------------

In Connecting to Collections Care, we just did a webinar, Planning for Natural Disaster Damage in Botanical Collections, that is not directly related to your question, but it does consider plantings, gardens, grounds and their value in emergency planning. YOU might find it helpful: Planning for Natural Disaster Damage in Botanical Collections



------------------------------
M. Susan Barger PhD
Coordinator Connecting to Collections Care
Foundation of the American Institute & Artistic Works (FAIC)
Washington DC
------------------------------