Fair Market Value
Fair Market Value is a key concept in the antiques and collectibles industry. It refers to the reasonable price that an item would sell for when both the buyer and seller are knowledgeable about the item and neither is under pressure to buy or sell. Think of it as the "real world price" - not the highest price you might see at a fancy auction, and not the lowest price from a rushed sale. Antique dealers use this term to show they can accurately price items, understand market trends, and make fair deals with both buyers and sellers.
Examples in Resumes
Developed expertise in determining Fair Market Value for 18th-century furniture
Conducted over 200 Fair Market Value assessments for estate sales
Trained junior staff in Fair Market Value evaluation techniques for vintage jewelry
Typical job title: "Antique Appraisers"
Also try searching for:
Where to Find Antique Appraisers
Professional Organizations
Online Communities
Industry Events
Example Interview Questions
Senior Level Questions
Q: How do you determine Fair Market Value for a rare item with few comparable sales?
Expected Answer: A senior appraiser should discuss using multiple valuation methods, including researching auction records, consulting specialist databases, considering condition and provenance, and analyzing market trends for similar items.
Q: How do you handle disagreements about Fair Market Value with clients?
Expected Answer: Should explain their process of documenting research, providing comparable sales evidence, explaining market conditions, and maintaining professional relationships while standing firm on well-researched valuations.
Mid Level Questions
Q: What factors do you consider when determining Fair Market Value?
Expected Answer: Should mention item condition, age, rarity, market demand, recent comparable sales, authentication, and provenance as key factors in determining value.
Q: How do you stay current with market values in your specialty area?
Expected Answer: Should discuss following auction results, networking with other dealers, attending shows, subscribing to price guides, and maintaining databases of sales records.
Junior Level Questions
Q: What's the difference between Fair Market Value and retail price?
Expected Answer: Should explain that Fair Market Value is typically lower than retail price and represents what buyers and sellers would agree to in a normal market transaction, while retail includes markup for profit.
Q: What resources do you use to research Fair Market Value?
Expected Answer: Should mention price guides, online databases, auction records, and consulting with more experienced appraisers.
Experience Level Indicators
Junior (0-2 years)
- Basic item identification
- Using price guides and databases
- Understanding market trends
- Basic condition assessment
Mid (2-5 years)
- Detailed market analysis
- Network of industry contacts
- Specialization in specific categories
- Advanced authentication skills
Senior (5+ years)
- Expert-level market knowledge
- Complex valuation cases
- Training and mentoring others
- Extensive dealer network
Red Flags to Watch For
- Unable to explain how they determine values
- No knowledge of current market trends
- Lack of proper documentation methods
- No understanding of authentication processes
