to have specific knowledge, experience and judgment by their particular professional community.
Definition of collectables and personal use assets for valuation.
Collectables and personal use assets are:
- Artwork – including paintings, sculptures, drawings, engravings and photographs
- coins, medallions or bank notes – coins and banknotes are collectables if their value exceeds their face value
bullion coins are collectables if their value exceeds their face value and they are traded at a price above the spot price of their metal content
- postage stamps or first-day covers
- rare folios, manuscripts or books
- wine or spirits
- motor vehicles and motorcycles
- recreational boats
- memberships of sporting or social clubs.
Definition of private residence
A private residence includes all parts of a private dwelling (above or below ground), the land on which the private residence is situated and all other buildings on that land, such as garages or sheds.
A qualified independent valuer will be qualified either through holding formal valuation qualifications or by being considered to have specific knowledge, experience and judgment by their particular professional community.
A valuer is independent if they are independent of the interests of the fund. This means that the valuer should not be a member of the fund or a related party of the fund (for example, an investment partner).