Date of Award

1-1982

Document Type

Thesis

Degree Name

Master of Arts in Valuation Science

First Advisor

Richard Rickert

Second Advisor

Elizabeth M. Blagbrough

Third Advisor

Patricia C. Soucy

Abstract

This study explores the complexities and methodologies of personal property appraisal, with a focus on how “value” is defined, measured, and applied in practice. Using the example of Tea Leaf ironstone china, the paper illustrates the ways in which appraisers must differentiate between various value concepts—such as true value, market value, and replacement value—depending on the intended purpose of the appraisal. Central to this discussion is the recognition that value is not a fixed quality inherent to an object but rather a function of context, grading, and classification systems employed by appraisers.

The work emphasizes the scientific parallels in valuation, framing appraisal as an interpretive discipline that combines both empirical data and professional judgment. Grading systems, such as distinguishing between “excellent,” “good,” or “fair” condition, serve as structured yet inherently subjective tools that influence the ultimate value assignment. In addition, the paper examines how market forces, buyer perception, and comparative sales data contribute to the variability of appraised outcomes.

Through the case study of Tea Leaf china, the paper demonstrates how collectors and appraisers navigate rarity, demand, and condition factors to establish meaningful value estimates. The study underscores the tension between standardized methods designed to ensure fairness and consistency, and the inevitable subjectivity that arises in practical application.

Ultimately, the paper positions appraisal as both an art and a science—requiring technical knowledge, sensitivity to market dynamics, and a disciplined framework for evaluation. By analyzing how concepts of grading and classification interact with broader theories of value, the study contributes to a deeper understanding of the appraisal profession and its role in mediating between objects, markets, and cultural perceptions of worth.

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