Experts in this field are valuation specialists who have focused their studies on the monetary worth of personal property. Valuation is the process of estimating the worth of an item using professional knowledge, expertise and judgement. In this case, it relates to making estimations on the value of someone’s entire collection of items and movable (non-real estate) assets.
Valuation of personal property is generally performed for the purposes of insurance, sales or trade, taxation, or curiosity. It allows for a proper understanding of the owner’s wealth and estate value, and informs proper taxation amounts. Knowing the value of their items and assets also benefits the owner in that they can then adequately protect and maintain their investments, so that their value is preserved. Valuation of personal property is often performed upon the dissolution of a marriage or other partnership. Value is a somewhat nebulous thing, but can be determined by examining the condition, age, degree of wear, and functionality (especially with collectibles such as electronics or toys) of an object.
Experts in this area come from many professional backgrounds. Many will have worked in fields specific to a particular type of object, such as art or automobiles. Some will be trained valuation experts, or perhaps have worked in valuation for an insurance company. They may also be historians focused on the historical and cultural significance of particular objects. The specific specialisation and background needed in your personal property valuation expert will be determined by the matter which requires examination.
At the bottom of this profile are brief details of a number of the experts that Expert Experts represents. Call our office to discuss your requirements and to obtain a recommendation that suits your needs and budget.Expertise in Action
Experts in valuation as it relates to personal property can be called upon to assist in cases involving estates, taxation of complex collections, insurance matters, and many moreSample Reports
For some fields of expertise we have some sample sections of de-identified reports. Please contact our office if you are interested in a sample.Cost
The overall cost of expert opinion depends on the services required. Some of the key factors that affect the cost of advice include:
- The need for a view or inspection of a location
- The quantity of documentary material to be reviewed
- Whether there are reports of other experts to be reviewed and commented on in detail
- Whether there is a need for conferences with the expert either in person or by telephone/Skype
A comprehensive resource on how valuation is carried out on personal property.Family Law Valuation
An article addressing valuation and family law.Relevant Cases McDonald v O'Connor  NSWSC 261 (14 March 2019)
A case involving a deceased estate, where the value of personal property was a consideration.Mallet v Mallet  HCA 21; (1984) 156 CLR 605 (10 April 1984)
A divorce case in which the value of several pieces of personal property were called into question.Related Blog Articles
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