Replacement Value
Replacement Value is a common term used in art and antique appraisal that refers to the amount of money it would cost to replace an item with one of similar quality and characteristics in today's market. This is different from market value or insurance value. When someone mentions replacement value in their resume, they're showing they understand how to determine what it would cost to replace art pieces, antiques, or collectibles if they were lost or damaged. This skill is particularly important for insurance purposes and estate planning.
Examples in Resumes
Conducted over 200 Replacement Value assessments for high-net-worth clients' art collections
Specialized in determining Replacement Value and Current Market Value for contemporary art pieces
Developed standardized procedures for Replacement Value calculations across multiple categories of fine art
Typical job title: "Art Appraisers"
Also try searching for:
Where to Find Art Appraisers
Professional Organizations
Job Boards
Professional Networks
Example Interview Questions
Senior Level Questions
Q: How do you handle complex replacement value assessments for mixed-media art collections?
Expected Answer: A senior appraiser should explain their systematic approach to evaluating different materials, considering current market conditions, and using multiple valuation methods. They should mention documentation practices and how they stay current with market trends.
Q: Describe a challenging replacement value assessment you've handled and how you resolved it.
Expected Answer: They should provide an example that demonstrates their problem-solving abilities, knowledge of the market, and how they handled client communications throughout the process.
Mid Level Questions
Q: What factors do you consider when determining replacement value versus market value?
Expected Answer: Should explain the difference between retail replacement cost and market value, and discuss factors like condition, rarity, market availability, and insurance requirements.
Q: How do you stay current with market prices and trends?
Expected Answer: Should mention specific resources, databases, and networks they use to track current prices, auction results, and market trends.
Junior Level Questions
Q: What is the basic process you follow when determining replacement value?
Expected Answer: Should be able to outline the basic steps of examination, research, documentation, and calculation of replacement value.
Q: What documentation do you require to perform a replacement value assessment?
Expected Answer: Should mention essential documents like previous appraisals, provenance records, condition reports, and purchase receipts.
Experience Level Indicators
Junior (0-2 years)
- Basic item examination and documentation
- Understanding of appraisal terminology
- Knowledge of common valuation methods
- Basic research skills
Mid (2-5 years)
- Independent valuations across multiple categories
- Market analysis and trend identification
- Advanced documentation practices
- Client relationship management
Senior (5+ years)
- Complex collection assessments
- Expert testimony experience
- Team leadership and training
- Advanced market analysis
Red Flags to Watch For
- No formal appraisal training or certification
- Lack of knowledge about current market values
- Unable to explain different valuation methods
- No experience with appraisal documentation
- Poor understanding of insurance requirements
