April is National Home Inventory Month: Find out more
26 Oct 2017

Dynamic Art Market Requires Regular Value Updates

Autumn Leafs by Leonid Afremov
Autumn Leafs by Leonid Afremov

Most serious fine art collectors are aware that, for insurance purposes, their scheduled pieces require regular value updates to be compliant with their chosen insurer’s coverage policy. The art market is one of the most dynamic categories of personal property, if not the most. The market (collectors of art) are continuously monitoring auction events to determine a value basis for their next acquisition attempt. A motivated buyer, in a single auction event, can spur an upward value trend of impressive scale. Likewise, a single disappointing auction event can send ripples through the market, shaking the confidence of previously excited enthusiasts.

Insurers understand sometimes rapid fluctuation in values, as well as trending values over time. For this reason, insurers require regular value updates of items that have been scheduled. An update of your fine art is typically required every 2-4 years, depending on the insurer. It is important to understand, unless a piece or the collection has significant value, the insurer is unlikely to monitor and contact you to request the value update.

However, that doesn’t get you off the hook if you have a claim. Your claim will be submitted, and it is likely to generate a requirement from your insurer to “get an appraisal to determine the current value.” Of course, if you are submitting a claim it is probably because the piece(s) are damaged, destroyed, or missing – making a value update problematic and satisfaction of your claim problematic. The answer – understand your insurer’s value update requirement and adhere.

Nugent Appraisal updates the values of hundreds of fine art items every month, typically from previous appraisals the owners have. Insurers typically allow us to utilize the descriptions and images acquired by a previous appraiser to identify items. With this reliable information, we secure the latest market data to bring the values current and satisfy the insurers’ requirement. If a previous appraisal is not available because it is lost, then you certainly can secure the images and descriptions Nugent Appraisal requires. So, the next time you – the inventory professional – are in a home that has fine art ask the question “are your fine art insurance values current so there is no concern if you must submit a claim?”

Remember, you are adding value to your service by providing your client critical information while at the same time creating an additional revenue stream for your business. You will earn $25-$50 for each fine art piece that Nugent Appraisal updates.

You’ll never walk into a home and look at art the same way again!

 

20 Jun 2017

Indianapolis Inventory Professional Achieves Appraisal Examiner Certification

The National Inventory Certification Association congratulates member Jo Soard for achieving the designation of Certified Appraisal Examiner.

Jo SoardPRESS RELEASE – The National Inventory Certification Association™ (NICA) is pleased to announce that Jo Soard, owner of American Home Inventory Professionals, has earned the designation of Certified Appraisal Examiner (CAE).

 

The growth of the personal property inventory industry has created an opportunity for personal property inventory professionals to serve as an Appraisal Examiner. This certification provides the credentials to assist appraisers by collecting the required information they need to create an accurate Uniform Standards of Professional Appraisal Practice (USPAP) compliant certified report. The purpose of a CAE designation is to establish recognition for this specialized service, providing the opportunity for appraisal firms to locate certified, qualified examiners, and for Certified NICA members to grow their businesses through additional revenue opportunities.

 

When completing an inventory service for residential and commercial clients, the inventory professional is often asked if they know the value of items, or if they can refer an appraiser. The CAE designation signifies that these contents inventory professionals have the knowledge and information required to collect and provide the necessary information for an appraiser to assign value. This allows for a two-way referral opportunity between these two industries.

 

To help ensure that the inventory service provider is prepared to serve the appraisal industry, the NICA Education Committee determined the requirements to achieve an Appraiser Examiner Certification.Only those who have earned their Certified Inventory Expert (CIE) or Certified Inventory Specialist (CIS) designation can apply for this additional level. They are also required to successfully complete the Customer Service and Appraisal Examiner courses, plus an elective, chosen from the NICA curriculum. This Committee included Members of NICA, an established property appraiser, and the Association Directors.

 

Based in Indianapolis, Indiana, American Home Inventory Professionals offers residential and business asset inventory services to Indianapolis Metropolitan area. 

 

17 Mar 2017

Appraisal Examiner Certification

CertifiedOne of the topics that received a high percentage mark on last year’s survey was for the National Inventory Certification Association (NICA) to add another level of Certification to  the educational opportunities. Responding to this request, we are very pleased to announce that the Certified Appraisal Examiner (CAE) designation has been established.

We thank the committee members – Debra Palmer, Kate LeGrand, and Tricia Hoekwater, and Associate Member Ray Nugent for their input, time, and consideration that they gave as we developed the CAE program, which is noted here.

Certified Appraisal Examiner (CAE)

The purpose of a CAE designation is to:

  • Establish additional recognition and credibility to the home inventory industry.
  • Bring recognition to this specialized service.
  • Provide Nugent Appraisal and other appraisal firms with certified, qualified examiners.
  • Provide more value to your NICA membership.
  • Provide our members with additional revenue opportunities.

Requirements to earn the CAE designation:

  • Prerequisite: have achieved certification as a CIS
  • Successfully complete the following courses: Appraisal Examiner, Customer Service, and one elective from courses offered by NICA

Courses taken to attain the CAE can be applied toward the 5 Continuing Education Units (CEUs) required annually to retain designation(s). Both CIS and CAE can be renewed each year by achieving the 5 CEUs.

12 Oct 2016

Associate Member Nugent Appraisal

Associate members are companies that have products or services that are synergistic with the home inventory industry. Nugent Appraisal recognizes the opportunities to partner with home inventory professionals by working together to complete projects.

Introducing Nugent Appraisal

Nugent Appraisal is a family operated personal property appraisal firm that certifies the values of Fine Art, Jewelry, Collectibles, Memorabilia, and Residential Contents. The service was started by Ray Nugent Jr., in Naples, FL in 1976. His son, Ray Nugent III, joined the firm in 2001 and moved into the role of managing the daily operations seven years later. The firm now utilizes the talents of three generations of the family, when granddaughter and Appraiser/Gemologist Olivia Nugent joined the firm in 2012. Daughter Carolyn Nugent Olliff and daughter-in-law Gwen Chapman Nugent complete the 5-member family leadership appraisal team.

Talented appraisal professionals

The firm has added other talented appraisal professionals in order to deliver the highest appraisal standards in the six service offices throughout Florida. In addition to conducting onsite appraisal examinations in homes, offices, and secure facilities, the firm certifies the value of thousands of items every month from around the world from images, descriptions, and documents of origination. The firm serves as the exclusive independent appraisal service of a growing number of U.S. Department of Justice service offices and asset securement services for estates, trusts, and family offices.

Visit Nugent Appraisal’s website, where you can learn more about this professional appraisal company.