The OTE Methodology
The focus of O'Toole-Ewald Art Associates Inc. (OTE) is throroughly researched valuation since it is not associated to any auction house, and comes to its valuations free from any obligation.
For the staff of O’Toole-Ewald Art Associates, Inc., the methodology that is required of all professional appraisers is only the initial step in the creation of an appraisal. OTE adheres to an amalgamation of standards and regulations set forth in the three accepted sources for the highest appraisal requirements: the current volume of Uniform Standards of Professional Appraisal Practice (USPAP), the Appraisal Principles and Procedures handbook of the American Society of Appraisers; and the Red Book of the Royal Institute of Chartered Surveyors (RICS).
A credible appraisal, based on the credibility of the appraiser, is achieved when the methodology utilized is correctly applied to the particular assignment , i.e., identification of the appropriate market and time frame for the property being valued, description of the scope of work used to develop the appraisal, citation of any restrictions or encumbrances, and analysis of the relevant economic condition at the time of the valuation, as well as clear communication of what data was relied upon in reaching a conclusion of value, disclosure of any limiting conditions, and statement of the effective date of the appraisal and the date of the report.
To adhere to ethical rules, the document submitted by a professional appraiser must specify that the practitioner has no present or prospective interest in the property that is the subject of the report and no personal interest with respect to the parties involved; that compensation for completing the assignment is not contingent upon reporting of a predetermined value, and that analyses, opinions and conclusions were developed in conformity with USPAP.
Since OTE clients from around the nation are looking for an appraisal firm with ideas and innovative solutions for difficult valuation problems, OTE has always leapt a step beyond the prerequisites to provide relevant scholarly research combined with innovative approaches. This has resulted in proprietary rights for OTE’s professional approach to art leasing valuations, success in discounting of fractional interests in estate appraisals, and advanced techniques in damage/loss/fraud reports.