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hibidogrulez
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Joined: 25 Jun 2020
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Location: Europe
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 Posted: Sat Jul 11, 2020 12:41 am Post subject: Asking about monetary value of a horn but not selling it |
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...if I were to do that, where would I post such a thread?
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"Validate advice by its own merits rather than the person giving it."
"Music is not a competition."
Tpts: Olds Recording & Getzen 700 SP
Mpcs: AR Resonance MC 40 med & MS Lead 40 sm |
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James Becker
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Joined: 02 Sep 2005
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Location: Littleton, MA
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| Posted: Sat Jul 11, 2020 5:52 am Post subject: |
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For purposes of insurance it's common practice to get an appraisal of current replacement cost. For a fee Osmun Music can provide a document suitable for insurance coverage, with a sliding scale for multiple instrument appraisals. Please contact sales@osmun.com or phone Tim Cote at 978-823-0580 to get started on the appraisal process.
DISCLAIMER. In no way does an appraised replacement cost represent market value. As a rule of thumb we believe 2/3 of new, less the cost of necessary repairs is a good metric of determining fair market price.
A great resource for fair market value is ebay sales history. To paraphrase the old adage. "Market value is what a buyer is willing to pay".
I hope this is helpful.
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James Becker
Brass Repair Specialist Since 1977
Osmun Music Inc.
77 Powdermill Road Rt.62
Acton, MA 01720
www.osmun.com
Our workshop is as close as your nearest UPS store https://www.ups.com/dropoff?loc=en_US |
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hibidogrulez
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| Posted: Sat Aug 01, 2020 10:00 pm Post subject: |
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It is, thank you.
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"Validate advice by its own merits rather than the person giving it."
"Music is not a competition."
Tpts: Olds Recording & Getzen 700 SP
Mpcs: AR Resonance MC 40 med & MS Lead 40 sm |
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Richard A
Heavyweight Member
Joined: 11 May 2005
Posts: 689
Location: Rhode Island, USA
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| Posted: Sun Aug 02, 2020 7:49 am Post subject: Re: Asking about monetary value of a horn but not selling it |
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| hibidogrulez wrote: | | ...if I were to do that, where would I post such a thread? |
Following the reliable guidance of Revenue Ruling 59-60, comparable sales is the gold standard of valuation.
So follow eBay to collect comparable sales.
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Richard Ashmore
I am a Mechanical Engineer and have many years of Social Distancing experience. |
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Don Herman rev2
'Chicago School' Forum Moderator
Joined: 03 May 2005
Posts: 8745
Location: Monument, CO
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| Posted: Sun Aug 02, 2020 11:41 am Post subject: |
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Horns sub-forum
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"After silence, that which best expresses the inexpressible, is music" - Aldous Huxley |
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Crazy Finn
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Joined: 27 Dec 2001
Posts: 7439
Location: Twin Cities, Minnesota
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| Posted: Sun Aug 02, 2020 12:13 pm Post subject: |
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| James Becker wrote: | For purposes of insurance it's common practice to get an appraisal of current replacement cost. For a fee Osmun Music can provide a document suitable for insurance coverage, with a sliding scale for multiple instrument appraisals. Please contact sales@osmun.com or phone Tim Cote at 978-823-0580 to get started on the appraisal process.
DISCLAIMER. In no way does an appraised replacement cost represent market value. As a rule of thumb we believe 2/3 of new, less the cost of necessary repairs is a good metric of determining fair market price.
A great resource for fair market value is ebay sales history. To paraphrase the old adage. "Market value is what a buyer is willing to pay".
I hope this is helpful. |
The local retail / repair shop I worked at did this as well, occasionally. I don't recall charging anything, but they may already have had the instrument in the queue for work.
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