The Seasoned Appraiser Behind Novotny Appraisals
Novotny has 40+ years of personal property valuation experience in Los Angeles
William Novotny has 40+ years of personal property valuation experience in Los Angeles and nationwide. This experience includes over 20 years as an antiques dealer, over 25 years as an estate sale agent, and 25 years as an antiques and personal property appraiser. He can find and appraise your rare objects and your complete residential contents and household goods. personal property generalist appraiser that is experienced in multiple market levels.
In 2002, he was the first personal property appraiser in the USA to be certified by the Appraisal Foundation as an AQB Certified USPAP Instructor. He has taught the Uniform Standards of Professional Appraisal Practice (USPAP) and USPAP 7 Hour Update classes ever since. USPAP establishes the minimum standard for ethical and competent performance for all appraisers in the USA.
Novotny has been an Accredited Member (AM) of the International Society of Appraisers (ISA) since 1996. Professional appraisal society membership provides proof of training and testing prior to achieving an "Accredited" designation. ISA establishes minimum experience requirements to become a candidate, then requires in-depth study of appraisal theory, methods and practice, and report writing (required course work). All candidates are tested for proper understanding and then required to pass the difficult 15-hour USPAP class. An ISA Accredited Member designation requires compliance with their Report Writing Standards, Code of Ethics, and USPAP. Object knowledge is the result of extensive experience and study.
William Novotny’s Valuation Background in Sales and Buying
In 1979 Novotny opened a 21,000 sq. ft. general antique store in the heart of Glendale California. In 1987, he moved nearby to an 8,000 sq. ft. general antique and rare records store with over a quarter-million records. Seven years later, he opened a general antiques stores on Melrose in West Hollywood and then Novotny's Antique Mall on Lake Ave in Pasadena until 1999. He has provided appraisal services since 1993.
For his first 20 years, he was an antiques and general personal property dealer acting in multiple market such as a multiple malls dealer, Rose Bowl Swap meets, high-end antique shows (such as Bustamante's for years), and then in the early 90's he branched out into estate sales and appraisals. He attended weekly and monthly local auctions where he both bought and sold (1979-1999). He has bought, sold, traded, and consigned most types of antiques, fine art, decorative art, Native American and Asian objects, rare records (a quarter million 78's, 45's and LP's), most types of collectibles (dolls, toys, memorabilia, etc.) and general residential contents. He bought and sold jukeboxes, Victrolas, cylinder players, scientific instruments, sports collectibles, rare objects, and much more.
Retail Market Level (Relevant to Insurance Work)
He regularly exhibited at Bustamante Antique Show for many years and other antique shows and at several Los Angeles area antique malls including the Cranberry House, King Richards, Antique Alley at the LA Farmers Market, Kaleidoscope, Pasadena Antique Center as well as the monthly RC Canning Rose Bowl Swap Meet. Novotny retired from retail sales as an antiques dealer in 1999.
When a homeowner or renter purchases a high-value insurance policy, they seek to ensure they are sufficiently covered to purchase like kind and quality replacement objects in a convenient market and time frame. This requires a personal property appraisal. Novotny is well suited to appraise rare and high-valued objects of most types. Replacement value appraisals can be more challenging than determining fair market value.
Orderly Liquidation Market Experience (Relevant to Fair Market Value)
Novotny's experience in the orderly liquidation market has been intense and continuous for over 28 years. Since 1979, for 20 years, he purchased most personal property types at Los Angeles and Southern California weekly, monthly, and quarterly auctions. More often than not, he purchased enough to fill his pick up, and often his large furniture moving truck. During the early years, there were few yard sales and estate sales and few dealers large enough to purchase an entire houseful. Novotny was able to purchase dozens of complete house and apartment residential contents as well as all types of rare and special objects which were more plentiful then. It was a wonderful time to be in the antiques business.
Novotny's understanding of how typical buyers react to the various property types in the orderly liquidation market is also based on performing as an estate sale agent in the complete liquidation of household contents since 1989. His residential contents liquidations discovered many rare paintings, historical documents, important silver, fine jewelry, pottery, and all kinds of other objects. He was a very active estate sale agent and liquidate the complete contents of many dozens of homes throughout Southern California.
Most residential contents, including used furniture, appliances, wall/floor coverings, lighting, kitchen and garage contents, etc. are common and typically found. Novotny has liquidated most types of property repeatedly over the years at his retail locations and at estate sales.
Formal Training, Independent Study, Publications, Object/Valuation Knowledge
In 1993, Novotny attended a weekend program at the College for Appraisers for a year during which time he studied many types of antiques, collectibles, and personal property including furniture, glass, pottery, metals, primitives, Asian objects, and jewelry. In 1997, he completed and passed the advanced six-day Antiques and Residential Contents Specialty Course produced by the International Society of Appraisers. See Novotny's CV for further information about his qualifications, related experience, and background.
In many litigation support appraisal assignments, the personal property is no longer available for inspection. Novotny brings substantial knowledge and experience to appraisal assignments in which he cannot, for many reasons, inspect the subject property. Many of Novotny's expert witness appraisal assignments are of this type. In 2008, Novotny published an article in the Journal of Advanced Appraisal Studies entitled "Equivalent Sampling" The Valuation of Loss Claims with Limited Property Descriptions.
This article offers in-depth information regarding the relevant theory, methods, and the appraisal requirements that apply to a personal property appraisal in which the property is destroyed, stolen, lost, or converted and cannot be inspected. Such assignments have inherent limiting conditions and require assumptions that must be disclosed and that require different research techniques and analyses. He developed the paper while appraising the personal property of all the plaintiffs from the La Conchita landslide just outside of Santa Barbara that occurred on January 10, 2005.
When there are rare and unusual objects in an personal property appraisal assignment Novotny uses highly experienced and knowledgeable experts as needed. As often as not, he has had experience with an equivalent or comparable property type, based on past buying, selling, or researching, and has a basic understanding of how it performs in the relevant market. He may not, however, always be able to identify every critical value element for each unique property type. It is an important scope of work decision as to when to consult an expert that has the specialized knowledge regarding a subject properties characteristics. The appraiser must follow the appraisal process and do whatever is necessary to develop credible assignment results.
In April of 2014, he published two articles in the Journal of Advanced Appraisal Studies relevant to a Market Shift Factor that underlies a statistical mass appraisal approach. Novotny, with the assistance of a Ph.D. statistician, developed a mass appraisal, statistical solution for large losses of personal property when there are two discrepant value opinions for the same objects. Using the Stein equation in FileMakerPro, a powerful database, the mass appraisal approach, by randomly selecting a limited sample of sufficient size, using a value claim established in a competing market can predict the market shift to the larger population from which the samples were drawn with a statistically established 95% level of confidence that the values are within 10% of their true value. Such a mass appraisal approach provides significant savings in time and cost.
AQB Certified USPAP Instructor
The Appraiser Qualifications Board (AQB) USPAP Instructor Certification Program was implemented in February 2002 to certify USPAP Instructors to properly teach the Uniform Standards of Professional Appraisal Practice (USPAP). Since January 1, 2003, only AQB Certified USPAP Instructors have been permitted to teach the National USPAP Courses (15-hour and 7-hour courses) that are required of all appraisers. In 2003, Novotny became the first personal property appraiser to be certified as a National AQB USPAP Instructor. In October 2015, Novotny was recertified by the AQB through April 2018. He has remained current with his AQB Certification by recertifying for each new USPAP publication cycle since 2003.
Novotny has taught the Appraisal Foundation's National 15-Hour USPAP course or 7-Hour USPAP Update course yearly since 1997 for many professional personal property appraiser societies including ASA, ISA, ANA, the College For Appraisers, Appraisal Course Associates.
Novotny has presented personal property-oriented USPAP classes (15 Hour and 7 Hour Updates) in various locations including San Diego, Sacramento, Dallas, Baltimore, Lincoln, Chicago, Kansas City, and on multiple occasions over many years in Los Angeles. Contact Novotny to set up a 15-Hour or 7-Hour National USPAP class. He can immediately arrange for an approved USPAP Course Provider to put all of the pieces in place. Appraisers must take a 7-Hour USPAP Update Course every two years. Sign up now for a monthly 7-Hour USPAP Update Online Seminar.
Appraisal Studies Course Instructor
In 1996, Dave Maloney taught Novotny the basic principles of appraisal Theory, Methods, Practice, and Report Writing through the nine-day ISA Core Course program. Upon completion, Novotny was granted the title of an Accredited Member of the International Society of Appraisers (ISA AM). Ten years later Dave Maloney and Novotny formed a partnership called Appraisal Course Associates to offer USPAP related Courses.
David Maloney is the author of the award-winning 652-page Appraising Personal Property: Principles and Methodology – 7th Edition (Appraisers Press 2007-2016) — the only definitive, complete, and fully-indexed course book and reference guide to personal property appraising. For his efforts, he received the ISA’s Publication Award which is presented for the most outstanding written work involving the appraisal profession as a whole. In selecting Maloney’s book, consideration was given to the degree the work enhances the appraisal profession including the profession’s growth, credibility, and image.
On page -vi- of that publication Dave acknowledges Novotny's contribution:
"For the past many years I have engaged in some enlightening appraisal theory discussions and debates with my Appraisal Course Associates partner, AQB-Certified National USPAP Course Instructor Bill Novotny ISA AM, CGA. Bill has also offered valuable critique and recommendations regarding this work. His in-depth understanding of USPAP and its underlying appraisal theory has contributed greatly to the overwhelming success of this book. The Bill I owe a special thanks." David Maloney emailed Novotny on August 28, 2017: Attached are the two mentions of oral reports made in my book. The second incorporates your ideas regarding ensuring oral reports are not misleading and are understandable. Thanks for the input!
Find Out More About Novotny's Appraisal Services
Frequently there is a need for a fast-paced oral appraisal report only. See the extent of Novotny's experience with the many types of property for which clients seek a generalist appraiser. Novotny has provided oral appraisals regarding general antiques, collectibles, and residential contents for private clients as well as for nonprofit entities such as museums, libraries, special charitable events, and various cities.
Novotny has an expert fitness specialty background. Novotny has been deposed and has provided testimony at trial on several occasions.
Find out more about the types of intended uses of an appraisal.
Find out about distant/online appraisals.
Novotny's Service Area in southern California
CONTACT Bill Novotny now to solve your personal property valuation problem.