Conference Sessions

This schedule is subject to change.

Monday, October 19

8:00 - 8:30am Introduction & Opening Remarks
8:30 - 9:30am Keynote Address:
Three Yards Up the Middle in a Cloud of Dust
G. Scott Clemons | Managing Director | Brown Brothers Harriman

Seven years into an economic cycle, the US is still trying to shrug off the malaise of constrained economic activity.  Easy monetary policy and low interest rates have helped, but that support is coming to an end as the Fed contemplates a move to more normal monetary policy, even as central banks around the world continue to push interest rates lower.  This discussion will consider the implications of divergent central bank action for interest rates, economic activity and financial market returns, and consider the risks facing investors, business owners and their advisors today.

9:35 - 10:35am
[Gems & Jewelry]
Recent Trends in Diamond and Jewelry Retail Markups
Lynn Baldwin | Business Coach and Director of USA Operations | USA Operations for Edge Retail Academy

This presentation will feature Data and Discussion of Contributing Factors, of a 3 year Trend in Achieved Markups of Diamond and related Jewelry, the data garnered from over 300 Progressively Managed Jewelry Stores.

[Machinery & Technical Specialties]
The International Professional Standards   
Mary Jane Andrews, FCA, FCBV, CA•IFA | Partner | KPMG LLP

The valuation profession has developed over the years according to culture, statute and convention. This has led to fragmentation by geography, discipline and varying qualifications of the individuals preparing the valuations. Diversity presents significant challenges in developing conformity in the valuation profession worldwide. The Professional Board of the International Valuation Standards Council is developing International Professional Standards (IPSs). The IPSs are international standards for learning and maintaining competence over the career of the professional valuer. The IPSs are the foundation of a respected global valuation profession.

This session will provide a preview of the educational concepts underlying the IPSs, starting with entry to the valuation education program through to continuing professional development, with a focus on the required professional skills and technical knowledge of the professional valuer. The IPSs will also profile the various capability and competency frameworks and demonstrate the knowledge requirement that is common to all asset classes.
 
[Personal Property]
Seven Things You Should Know about Casinos

David G. Schwartz, Ph.D. | Director | Center for Gaming Research, University of Nevada, Las Vegas

Where did casino games come from? What are the best odds in the casino? What are the worst? Did the Mob really run Las Vegas? Does card counting work? In this free-wheeling talk, Dr. David G. Schwartz, the foremost historian of gambling, shares some of the secrets of Las Vegas and casinos.
 
[Real Property]
Statistical Analysis and Hedonic Regression Applied to the Appraisal Profession

Ernest A. Demba, ASA | Managing Member | Demba Valuation Services, LLC

As both the availability of data and low cost computer power became peer expectations among appraisers, our appraisal users and reviewers began to expect more precession in our assignment results.  In the distant past, I would just report my final value “estimate” as, say $100,000 and all would be well.  Now, I report my “opinion” of my assignment results as: a normal probability distribution most likely centered at $100,000 with a 68.3% probability that the property value is between $82,300 and $117,700.        

I currently have more math tools to use, more words to describe my conclusions, and more numbers to describe my assignment results.  But, have I really reflected the market?  What have I actually done?  Have I helped the client?  Better yet, have I added a marginal value to the process?

This presentation will review the basic tools required to construct the final results as currently presented above, describe an analysis using a statistical tool for a valuation assignment, and discuss the application of the Hedonic Method within the Sales Comparison Approach, as an application of Statistical Analysis.  We will also discuss when and why to use statistical analyses and when it is not appropriate.   
 
[Appraisal Review & Management]
The International Professional Standards
   
Mary Jane Andrews, FCA, FCBV, CA•IFA | Partner | KPMG LLP

The valuation profession has developed over the years according to culture, statute and convention. This has led to fragmentation by geography, discipline and varying qualifications of the individuals preparing the valuations. Diversity presents significant challenges in developing conformity in the valuation profession worldwide. The Professional Board of the International Valuation Standards Council is developing International Professional Standards (IPSs). The IPSs are international standards for learning and maintaining competence over the career of the professional valuer. The IPSs are the foundation of a respected global valuation profession.

This session will provide a preview of the educational concepts underlying the IPSs, starting with entry to the valuation education program through to continuing professional development, with a focus on the required professional skills and technical knowledge of the professional valuer. The IPSs will also profile the various capability and competency frameworks and demonstrate the knowledge requirement that is common to all asset classes.
11:05am - 12:05pm
[Gems & Jewelry]
The State of the Diamond Industry - Assessing the Opportunities and Challenges in Today’s Market


The diamond industry is going through unprecedented change and is facing challenging times. It’s now more important than ever to understand the advancing technology, sophisticated diamond treatments, synthetics and how global market trends can affect your business. Trying times provide opportunities for those that can foresee the change and utilize all necessary means to survive and prosper. This presentation will give you the strategic insights you need to understand the market and hear about the outlook for diamond industry, while fostering practical solutions for improving your business. Don’t miss this opportunity to hear straight from Ezi Rapaport what is going on.
 
[Machinery & Technical Specialties]
The Art of Repossession

Nick Popovich | President | sage-popovich, inc.
 
[Personal Property]
Valuing Celebrity: Considering Added Value Due to Provenance

Catherine Williamson, Ph.D. | Vice President, Director of Fine Books and Manuscripts and Entertainment Memorabilia | Bonhams

Dr. Williamson will discuss the process used by auctions to estimate values for celebrity-owned property, explaining how the cultural significance of the celebrity and the centrality of the material to the celebrity’s life and work conspire to add value above and beyond the intrinsic fair market value of an item.
 
[Real Property]
Statistical Analysis and Hedonic Regression Applied to the Appraisal Profession

Continuation of previous session.

[Appraisal Review & Management]
International Ethics Coalition


1:30 - 3:00pm
[Gems & Jewelry]
The Over-The-Top Jewelry Collection of Vegas's Own Liberace

Jonathan Warren | Liberace Foundation for the Creative and Performing Arts

Liberace was a Midwestern child prodigy, the youngest-ever piano soloist of the Chicago Symphony Orchestra, who came to define Las Vegas and the showmanship of pop culture. His iconic life spanned 5 decades of show buisness, all over the world, from his base in Las Vegas. His name is mentioned over 3 million times on the internet, and is spoken in the lyrics of over 1,000 song lyrics from Tim McGraw to 50 Cent. Of the most famed features of Liberace's costumed act was his unprecedented jewelry. Gifts from hotel barons, royals, heads of state and governments, the journey of some of the pieces, and the controversy surrounding them, has added to the show. The Chairman of the Foundation Liberace left behind will narrate a showing of the Liberace Jewels, along with the newly uncovered information on a famous cat burglar theft of a famous Tiffany watch.
 
[Machinery & Technical Specialties]
The Changing Influence of Regulators and Policy Setters Across the Globe on the Valuation Industry – What May this Look Like?
Hakob Sarkissian, Ph.D., ASA, FRICS, MBA | General Director, Partner | Ernst & Young Valuation and Advisory Services
Robert J. Stall, ASA, MRICS | Principal | Ernst & Young LLP

Hakob Sarkissian and Robert Stall, Partners at EY will be discussing the changing influence of regulators and policy setters across the globe on the valuation industry.  The PCAOB, SEC, FASB and IASB along with the multitude of our professional organizations will likely adopt further controls and designations in the near future—What may this look like?—What influence as practitioners do you want to have?—How can our professional organizations support the needs and desires of both the members and the regulators, but most importantly our clients.
 
[Personal Property]
Just the Facts: Value Characteristics to Gather Before Consulting a Specialist

In this session hear from a variety of specialists in various fields who will provide checklists and discuss data for the appraiser to gather at object inspection in order to assist in analysis and valuation of the property.
 
[Real Property]
Preparing and Presenting Expert Valuation Testimony
Thomas A. "Tom" Countryman | Senior Counsel | Norton Rose Fulbright

Credible and convincing evidence of value is an essential factor in most tax controversies.  Whether in court, ARBs, negotiation or behind the scenes strategy and analysis, all sides can benefit from the early involvement of both expert appraisers and legal counsel.  Individually, but especially collectively, the effective use of appraisers and attorneys can give a case greater credibility and enhance persuasion while ultimately being more cost-effective for the client than not using such resources.  This session will address the benefits and processes involved in developing and presenting expert valuation testimony.
 
Learning objectives include; the selection of experts; data gathering and analysis, including document discovery and enforcing limits thereon; issue identification; Preparing written direct and rebuttal reports and related evidentiary objections, confidentiality concerns and privileges;  preparing and presenting actual expert valuation testimony; and the purpose and process of rebuttal.
 
[Appraisal Review & Management]
The Changing Influence of Regulators and Policy Setters Across the Globe on the Valuation Industry – What May this Look Like?
Hakob Sarkissian, Ph.D., ASA, FRICS, MBA | General Director, Partner | Ernst & Young Valuation and Advisory Services
Robert J. Stall, ASA, MRICS | Principal | Ernst & Young LLP

Hakob Sarkissian and Robert Stall, Partners at EY will be discussing the changing influence of regulators and policy setters across the globe on the valuation industry.  The PCAOB, SEC, FASB and IASB along with the multitude of our professional organizations will likely adopt further controls and designations in the near future—What may this look like?—What influence as practitioners do you want to have?—How can our professional organizations support the needs and desires of both the members and the regulators, but most importantly our clients.
3:30 - 4:30pm
[Gems & Jewelry]
The Diamond Clarity and Color Grading Book Updates. Finally!
Gary Roskin | Roskin Gem News
 
[Machinery & Technical Specialties]
Grouped Asset Appraisals

Robert J. Zises, ASA | President, Senior Testifying Expert | NACOMEX USA, Inc.

Participants will learn why and how grouped asset appraisals should be incorporated into their professional lives and will demonstrate a way to value large inventories of assets faster and less expensively than using single-asset appraisals. Attendees will gain a better understanding of the benefits and the methodology for developing grouped asset appraisals.

The presentation will include an overview of grouped asset appraisals, comparison with single-asset and mass appraisals; when to use, advantages of use, grouping methodology, collecting data for scatter diagram, developing a trend line, dealing with outliers, achieving reliable, and credible value conclusions. Afterward participant will be better able to: explain the grouped asset appraisal process; explain the differences between grouped, single-asset and mass appraisal; provide guidance as to when, where and why grouped appraisals should be used; and describe the necessary requirements to achieve a reliable, credible value conclusion.
 
[Personal Property]
Where Worlds Collide: When Business Valuation Issues Need to be Discussed in a Personal Property Appraisal
Paul Drooks, ASA
Steven Schumacher, ASA
 
[Real Property]
Preparing and Presenting Expert Valuation Testimony

Continuation of previous session.
 
[Appraisal Review & Management]
There's More to Appraisal Review Than You Might Think
Z. Christopher Mercer, ASA, CFA, ABAR | CEO | Mercer Capital
Timothy R. Lee, ASA | Managing Director | Mercer Capital

What should every valuation report contain? Are the common mistakes those of omission or commission and what are they? What are the similarities and differences between internal reviews of reports at your firm (or your own reports!) and independent reviews of the work of other experts?  What is the appropriate “attitude” for a reviewer?  How can you test a valuation conclusion for reasonableness? How do you find mistakes, if there are any?

Chris Mercer and Tim Lee of Mercer Capital bring over 50 years of combined appraisal experience to the topic of appraisal review.  Chris is one of the nation's leading business valuation expert witnesses and Tim co-authored the book "A Reviewer's Handbook to Business Valuation." Together they will walk through excerpts from several valuation reports, highlight issues that are important for review, and share their experiences in reviewing hundreds of valuation reports.

4:35 - 5:35pm [Gems & Jewelry]
Color Change Magic Act of Alexandrite
Evan Caplan | Evan Caplan Company
 
Alexandrite is a rare gemstone named after the Russian tsar Alexander II (1818-1881). It was first discovered in April 1834 in the emerald mines near the Tokovaya River in the Ural Mountains of Russia. The discovery was made on the day the future tsar came of age therefore the stone was named Alexandrite. Since it shows both red and green, the principal colors of old Imperial Russia, it inevitably became the national stone of tsarist Russia giving it a noble history.

The magic act of changing color is what makes this stone so fascinating. While green or bluish-green in daylight, alexandrite turns a soft shade of red, purplish-red or raspberry red in incandescent light. This unique optical characteristic makes it one of the most valuable gemstones of all…. especially in fine qualities.
Evan Caplan is well known in the colored stone industry as a knowledgeable dealer in the upper end of the market. His specializes in fine alexandrite.  Be sure to attend this session to learn about the nuances in determining quality, old and new locations and what is going on in the alexandrite market.
 
[Machinery & Technical Specialties]
Semiconductor Equipment Liquidation: A Case Study
Kevin Otus, ASA | Senior Managing Director | Gordon Brothers Group

In 2009-10, Gordon Brothers Group and Emerald Technology (now a division of Gordon Brothers) marketed and sold Qimonda's 300mm semiconductor tool set with a cost basis in excess of $1.2 billion USD. This case study will examine the process and results of this historic liquidation sale.

[Personal Property]
"The Boston Raphael”, Finding the Story in a Family Archive
Belinda Rathbone

This session will offer a discussion of Ms. Rathbone’s new book “The Boston Raphael”. In organizing the family archives, she found a story to tell about her father, Perry T. Rathbone and his time as director of the Boston Museum of Fine Arts from 1955-1972. The book delves into the controversy surrounding his purchase of a painting which led to his resignation. Ms. Rathbone will discuss the challenges of organizing a family archive and the continued responsibility of maintaining the archive.
 
[Real Property]
Preparing and Presenting Expert Valuation Testimony


Continuation of previous session.

[Appraisal Review & Management]
Red Flags in IRS Appraisals
Theresa Melchiorre, Esq. | Office of Chief Counsel | Internal Revenue Service

Tuesday, October 20

8:00 - 9:00am
Proven Networking Strategies to Maximize Referral Business Development
Dr. Bill Saleebey, Ph.D. | President | William M. Saleebey Consulting

In this enlivening and informational presentation, Dr Saleebey, author of “Connecting: Beyond the Name Tag” explains and demonstrates the prominent networking skills and underlying psychology in an experiential and interactive format. These immediately useful strategies and tactics can lead to effective business development and the dramatic increase in referral business. Participants will leave the session with a clear understanding of the networking process and the confluence of personal networking and social media.
9:05 - 10:05am
[Gems & Jewelry]
The AGS Laboratories Difference
Althea Inns, CGA | Director of Gemology | American Gem Society Laboratory
Jason Quick | Laboratory Director | American Gem Society Laboratory

AGS Laboratories, LLC was founded in 1996 to provide fast, consistent, and accurate diamond grading reports to the diamond manufacturing and retail jewelry communities. It is the only diamond grading laboratory founded on the principle of consumer protection.  The Laboratory is owned by the American Gem Society®, a group of over 1,200 retail jewelry retailers, suppliers, and sustaining members in the US, and worldwide.

Known for its pioneering work on diamond cut grade analysis, AGS Laboratories does things differently.  In the spirit of innovation, consumer protection, and providing accuracy and consistency in grading and light performance analysis, this session will uncover the AGS Laboratories Difference.

[Machinery & Technical Specialties]
Challenges with International Valuations: Facing Them Head On    
Christopher Sytsma ASA | Managing Director | Duff & Phelps, LLC
Jamie Allen, ASA, CMI | Director | Duff & Phelps, LLC

This session will offer an overview of the challenges faced with international valuations. Topics to be discussed include: cultural differences (Information gathering, Time zones and working hours and deadlines,  company provided data, understanding local accounting rules and FARs and expectation of data quality); analysis data (currency exchange, dealing with countries with historically volatile currencies, market data resources and local trends); local vs US trends as well as  asset location.

[Personal Property]
Regulated Properties: What the Law has to Say About Them
Michael McCullough, Esq. | Pearlstein & McCullough LLP

Mr. McCullough will address the legal issues pertaining to the trade in objects containing regulated materials and the impact of those regulations on valuation.

[Real Property]
The Secrets to Hotel / Casino Valuation
Lawrence J. Golicz, ASA, MAI | President | Vista Appraisal Services, Inc.
Raymond Rath, ASA, CFA | Managing Director | Globalview Advisors, LLC
V. Neil Thompson, ASA | President | Thompson Appraisal & Consulting Services, Inc.
Mary Ann Weidner, MPA, RES | Appraisal Analyst | Clark County Assessor

With the expansion of legalized casino-style gambling over the past decade, more jurisdictions are faced with the challenges of valuing these types of properties for tax purposes. This session will provide an overview of the valuation of Hotel Casinos from the perspective of Clark County (Las Vegas), Nevada. Though each jurisdiction may have unique market influences different from Las Vegas, this webinar is designed to provide a framework for getting started in Hotel Casino valuation.  This includes tracking and analyzing departmental revenue and expenses; reviewing and analyzing historical market transactions; and deriving revenues, expenses and cap rates necessary to make a valuation determination. Practical examples will be provided for review along with charts showing statistical analysis on historical data.

[Appraisal Review & Management]
Overview of IVS Standards and Their Use in Valuation Environment
Karin Lusnic, ASA, ARM | Director | KLBV Ltd.

IVS standards have been gaining global reach within the past years. Since 2011 when the format and the content of standards changed materially, the IVSC has been regularly revising and updating standards. As a consequence IVS 2011 was substituted by IVS 2013, including material amendments referring to appraisal report review and disclosure of certain information. Further reviews and amendments followed and IVSC is now ready to publish IVS 2015, which are expected to be in effect from 1.1.2016.

The presentation will provide overview of most recent IVS standards with references to technical information papers that were also issued by IVSC.
10:35 - 11:50am
[Gems & Jewelry]
Ayuravedic Gemstones
Jay Boyle  
 
Vedic Astrology is an ancient astrology system originating in India documented by sages in the Vedic scriptures. Also known as "Jyotish"-the science of light, Vedic astrology deals with astral light patterns that are thought to determine our destiny.
For over 34 years, Jay Boyle and Company has been serving the community of Vedic astrologers and their clients by providing top quality, natural gemstones for Jyotish (Vedic astrology) and Ayurveda. Jay travels internationally finding these gemstones - often directly at the mine source. He acquires the world's best selection of vibrant, finely cut stones, those with exceptional Jyotish Quality or those with a sweet, sattvic feel.

If you are familiar with the Hindu traditions of vedic astrology you will enjoy this session. If you just want to learn how gemstones govern your astrological sign you will enjoy this session. Or… if you are just curious this session is for you too.
 
[Machinery & Technical Specialties]
The Changing Paradigm for Manufacturing and Tooling Equipment
James Minchella | President/Senior Analyst | Micor Analytics, Inc.

Often called 3D printing, additive manufacturing technology is a "game changing" core technology that will be ubiquitous in manufacturing and tooling assets in a time of disruptive change. How does an appraiser address useful life, depreciation and all the other factors considered to render a supportable opinion? Challenges to well established protocols data appraisers rely on for manufacturing and tooling assets must be addressed. This presentation will look at how a similar transition took place in another market. We will discuss useful life and depreciation factors for this new class of assets as well as established assets it will challenge in manufacturing and tools space.

[Personal Property]
Using the Cost Approach to Value Public Art
Patrick Ela, ASA | Principal | Comprehensive Art Services, LLC
Lela Hersh, ASA | President | Museum and Fine Arts Consulting, LLC
Michael McCullough, Esq. | Pearlstein & McCullough LLP

The cost approach is rarely used in personal property appraisals.  In large and unique works, for which there are few if any active markets, and auction records are rare or non-existent, the cost approach can provide a path to concluding a credible and fact- based values. This path does not exist when using the income or market comparison approaches.  Using a variety of examples from public art and unique constructions, many of which are integral to the fabric of the buildings that contain or support them, the presentation will illustrate how the cost approach can be used for both market research and establishing credible values.  It will also point out certain pitfalls that one must consider in utilizing this approach. Michael McCullough will address Droit Moral and other legal issues pertaining to Public Art. Lela Hersh will discuss methods and best practices for appraising contemporary sculpture and the challenges that might arise. She will present a sample study from a recent case involving a sculpture and a billionaire developer - Donald Wakefield v. Igor Olenicoff, where an artist sued for copyright infringement.

[Real Property]
The Secrets to Hotel / Casino Valuation

Continuation of previous session.
 
[Appraisal Review & Management]
Data Science, Litigation Junk Science and Old Statistics
George Dell, ASA, MAI, SRA | CEO | Valuemetrics, Inc.

Big data is the reality of complete data sets, in electronic form, of most asset features that matter.  

Junk science in litigation is generally the result of imposing the inferential statistics model on a valuation problem which requires only description or prediction.  The error is found most easily in the assumptions, which are often buried and obscure in the text.  

Old statistics focused on statistical inference:  Summarize population features by showing features of a random sample taken from that population.  Sampling added to any unsureness of results.

Data Science is the cure for proper analytics.  This it does by reducing the valuation problem into component parts, to reveal and clarify the underlying misrepresentation.

This presentation summarizes the benefits of integrating data science methods and tools with traditional practices. It includes the relationship to review, audit, and portfolio management.
1:00 -2:30pm
[Gems & Jewelry]
(1:00 - 2:00pm)
Turquoise Types, Quality and Locations
Rob The Turquoise Chief | A Traders Turquoise Chief

You can’t come to Nevada without thinking Turquoise. Rob knows turquoise like no one else – he has been dealing in it for over 50 years. Rob will share traditional mine location along with ways to identify material from different mine locations. He will also share how he values turquoise. We will be able to handle turquoise samples to test our new found knowledge.
 
(1:00 - 1:50pm)
[Machinery & Technical Specialties]
Marrying Business and Tangible Asset Valuations
Simon James Mather
, ACA | Partner, Valuations | Deloitte Tohmatsu Financial Advisory LLC

Valuations of businesses in an M&A context are heavily weighted towards the income approach, most typically Discounted Cash Flow (“DCF”) analysis.  This analysis is typically based on target management’s business plan, without detailed consideration of underlying assumptions.  Consequently, appraisals are often performed without a detailed analysis of the stock of tangible assets, or the extent to which the condition of tangible assets is or is not consistent with the business plan and its capital expenditure (“Capex”) assumptions.

This may lead to significant misvaluations of businesses where inappropriate normalizing assumptions are utilized.  Many of us would acknowledge that the normalized Capex figures included in business plans are frequently inconsistent with the overall plan or the condition of the tangible assets. As a practical approach that may hopefully close the gap between business and tangible asset valuations, we set out a method that would reflect these differences between asset conditions and Capex plans as a one-off adjustment to DCF results.

(1:50 - 2:40pm)
Shale Oil and Its Effect on the Marine Transportation Market
Norman F. Laskay, ASA, NAMS-CMS, MRCIS | Of Counsel | Dufour, Laskay & Strouse, Inc.

The recent boom in shale oil production has increased the demand for immediate and cheap transportation and the marine industry was able to respond. However, it comes with a shakeup in some trading patterns and a questionable future.
 

[Personal Property]
Cataloging James Bond: Creating a Bibliography for Ian Fleming Novels
Lee Biondi, ASA | Proprietor | BIONDI Rare Books & Manuscripts

The speaker will discuss his experience in creating a catalog of Ian Fleming's works.
 
For the Record: Archivists Tips for Utilizing Archive and Museum Sources for Research
John V. Henley, ASA | Owner | John V. Henley, LLC - Moderator
Belinda Rathbone

Don't miss this enlightening panel discussion on utilizing archives and museum sources for research.

[Real Property]
The Secrets to Hotel / Casino Valuation
 
Continuation of previous session.

[Appraisal Review & Management]
Reasoning & Logic for Valuation Professionals
Richard Conti, ASA, ARM | President | Conti Appraisal Service

An outgrowth of the Appraisal Review Management program, this session explores appraisal arguments with USPAP in mind. It covers organizing thoughts and concepts with emphasis on how classification and arguments are linked. A review of the construction of propositions and assertions with a guide to avoid premise traps will conclude with argument construction and deconstruction. It will improve your writing of reconciliations and conclusions in narrative appraisal reports. Bring your thinking cap!
 2:00pm [Gems & Jewelry]
Off-Site Tours

Liberace Museum Installation at the Thriller Villa
We will tour a tremendous exhibit of Liberace artifacts from the Liberace Museum Collection on exhibit at Thriller Villa, the huge former home of Michael Jackson in Las Vegas. The exhibit will be in the subterranean artist’s vaults, where Jackson kept his massive art collection. It will include jewels, furnishings, stagecraft, costumes, fine art and more. It will be the most extravagant Liberace exhibit ever offered, in the rarest of private venues, not open to the public. Guest tickets: $45 per person.

Turquoise Chief's American Indian Jewelry Specialty Store
Before there was the Las Vegas Strip there was A Traders Turquoise Chief.  A Traders Turquoise Chief was one of a line of 12 stores that specialized in Native American jewelry on Las Vegas Boulevard South. Now they are the only store left. Rob is the owner and a master silversmith. There was a time when Rob traveled to Native American reservations collecting the jewelry he sells. Now Native American artisans come to him.
 2:40pm [Personal Property]
Off-Site Tours

UNLV Lied Library Archives
The Archives department includes collections on the History of Las Vegas and the Gaming Industry, the Liberace Foundation and other collections pertaining to local history. We will receive an archivists tour reviewing the holdings, reviewing archive standards and learning to use their digital database.  

UNLV Marjorie Barrick Museum
The Barrick Museum is one of the 50 museums housing a portion of the Vogel Collection. Attendees can choose between a curator led tour of Vogel Collection works housed at the Barrick, or a curator led tour of the Amerindian holdings.

Art Encounter Gallery & Reception (optional)
Art Encounters is a local gallery that specializes in the Las Vegas market. Attendees will have the opportunity to speak with gallery staff and review works in the gallery. Refreshments provided.
3:00 - 4:00pm
[Machinery & Technical Specialties]
The Fundamentals of Estimating Economic Lives of M&E
Stephen L. Barreca, ASA, CDP, PE | Founder & President | BCRI Valuation Services

Examination of the fundamentals of economic life analysis of property, plant and equipment; and the objective techniques available to quantify the economic lives; given the reality of today’s rapidly evolving and technology driven environment.

[Real Property]
The Secrets to Hotel / Casino Valuation
 
Continuation of previous session.

[Appraisal Review & Management]
USPAP and Litigation
Jay E. Fishman, FASA, FRICS | Managing Director | Financial Research Associates

The Uniform Standards of Professional Appraisal Practice is the most well-known of the appraisal standards. Many think compliance with USPAP in a litigation context is problematic. This session which will be given by an appraisal who primarily performs appraisal assignments in litigation matters will discuss USPAP’s applicability in that context. Mr. Fishman, who is a former member of the ASB, will specifically discuss recordkeeping, the use of draft reports and other types of preliminary communications as well as the scope of work in calculation assignments.
4:05 - 5:05pm
[Machinery & Technical Specialties]
The Income Approach for Equipment & Facilities
Richard K. Ellsworth, ASA, PE, CFA, CCP | Director | Deloitte Transactions and Business Analytics LLP
Robert S.  Svoboda, ASA | Managing Director | Integrity Valuation

This session is designed to provide an introduction to the concepts and methodologies when using an income approach to value equipment.  Learning Objectives include: review basic techniques and terminology of an income approach; understand the relationship between income and value of tangible assets discuss the differences between business income and asset income; understand the basics of discount & capitalization rates; present the practical realities of valuing assets when using an income approach; and observe examples of using an income approach to value equipment and facilities.

[Real Property]
The Secrets to Hotel / Casino Valuation
 
Continuation of previous session.
 
[Appraisal Review & Management]
Appraisal Review and Court Expert Witness Testimony
Roger Durkin, FASA, J.D., M.S. | Durkin Law, P.C.

Maybe the title ought to be ‘where the money is” because appraisal review is a fast growing area in litigation related appraisal work. You ought to know something about how the rules of evidence and rules of civil procedure affect review appraisal expert testimony. There is a significant demand for real estate appraisal review defense experts in state regulatory actions; More commonly, trial attorneys are actively hiring appraisers to contest and counter opposing appraiser expert testimony. The Session is relatively short and therefore will address negative factors to avoid in report preparation, depositions, and testimony.

Wednesday, October 21

8:00 - 9:00am
[Gems & Jewelry]
Jewelry Terminology: Are We Speaking the Same Language?
Thom Underwood | CEO | QLSS, Inc.

Is your “tapered shank” my “flair shank”? Is that “omega” chain maybe a “cocoon”? “Costume jewelry” and “Fashion Jewelry” actually don’t describe the same class of jewelry to an Australian appraiser! Let’s explore this world of descriptive jewelry terms! Join us in this fun conversation where we as peers discuss the words we use.

[Machinery & Technical Specialties]
State of the Gaming Industry
Alan F. Gordon | Senior Vice President & Co-Director Gaming Industries, Global Commercial Banking | Bank of America Merrill Lynch

Discuss the current state of gaming, while looking back over the past 25 years to see how we arrived to this point in time. Finally a look into a crystal ball to see where gaming may go in the future.   
 
[Personal Property]
IRS: Blockage Discounts and Other Regulations Pertaining to Collections and Archives
Theresa Melchiorre, Esq. | Office of Chief Counsel | Internal Revenue Service

[Real Property]
What's New at Veterans Affairs?
Phyllis Chilton | Valuation Officer, Phoenix Regional Loan Center | Department of Veterans Affairs

Overview of latest VA appraisal policies and procedures.
 
[Appraisal Review & Management]
IRS: Blockage Discounts and Other Regulations Pertaining to Collections and Archives
Theresa Melchiorre, Esq. | Office of Chief Counsel | Internal Revenue Service
9:05 - 10:05am
[Gems & Jewelry]
Expert Witness Testimony: How to Educate the Jury
Nancy Stacy, ASA, GG-GIA, MGA® | Certified Insurance Appraiser | Jewels by Stacy Appraisal

This session covers a presentation prepared as a Power Point exhibit to the jury in a tort case. The jury was taught what they would need to know about diamonds, damage to diamonds, and the sales comparison approach to valuation in order to reach an informed decision.

In this session you will be presented with a method of organizing complicated information in order to quickly educate a very diverse group of people (the jury). Additionally, methods used to adjust sales of comparable items to compensate for differences from the subject will be covered. Analysis of the adjusted sales data to form an expert opinion will be explained.

[Machinery & Technical Specialties]
John Deere Corporate Archives - Its Historic Development and Corporate Uses
Richard-Raymond J. Alasko, FASA | The Alasko Company
Neil  Dahlstrom | Corporate History & Records Management Services | Deere & Company
Jacob Fish | Associate Appraiser | The Alasko Company
Brooks Rice, ASA | Appraiser | Saylor Rice Appraisals

A corporate archive is a complex of documents and artifacts – because of its use within the corporate life, ‘market’ valuation with traditional methods to value may be inappropriate and ineffective.  Neil Dahlstrom with describe the development, purposes, and properties at the John Deere Archive.   Richard-Raymond Alasko, Jacob Fish, and Brooks Rice will address the valuation challenges for corporate archive properties.

[Personal Property]
John Deere Corporate Archives - Its Historic Development and Corporate Uses
Richard-Raymond J. Alasko, FASA | The Alasko Company
Neil  Dahlstrom | Corporate History & Records Management Services | Deere & Company
Jacob Fish | Associate Appraiser | The Alasko Company
Brooks Rice, ASA | Appraiser | Saylor Rice Appraisals

A corporate archive is a complex of documents and artifacts – because of its use within the corporate life, ‘market’ valuation with traditional methods to value may be inappropriate and ineffective.  Neil Dahlstrom with describe the development, purposes, and properties at the John Deere Archive.   Richard-Raymond Alasko, Jacob Fish, and Brooks Rice will address the valuation challenges for corporate archive properties.

[Real Property]
What's New at Veterans Affairs?
 
Continuation of previous session.
 
[Appraisal Review & Management]
Expert Witness Testimony: How to Educate the Jury
Nancy Stacy, ASA, GG-GIA, MGA® | Certified Insurance Appraiser
 | Jewels by Stacy Appraisal

This session covers a presentation prepared as a Power Point exhibit to the jury in a tort case. The jury was taught what they would need to know about diamonds, damage to diamonds, and the sales comparison approach to valuation in order to reach an informed decision.

In this session you will be presented with a method of organizing complicated information in order to quickly educate a very diverse group of people (the jury). Additionally, methods used to adjust sales of comparable items to compensate for differences from the subject will be covered. Analysis of the adjusted sales data to form an expert opinion will be explained.
10:20 - 11:50am
[Gems & Jewelry]
Add a Little Vegas to the Appraisal Experience
Richard Huntington, ASA, MGA®, CGA | Hungtington Jewelers
 
MAKE THE APPRAISAL APPOINTMENT AN EXPERIENCE. This is what Pawn Stars does. This is why Antiques Road Show is so popular. Both give an “appraisal experience”.  They ask and answer questions, load the client up with information, and then finally… the price comes out.  The price isn’t always good – many times it’s disappointing but the client isn’t disappointed. The got much more than anticipated – they had an appraisal experience.

We do this. We display pictures of inclusions on the computer monitor, we draw pictures, we open books, and we tell stories.  We give an appraisal experience too. This experience sets us apart as professionals.  It will keep clients coming back and most definitely will result in the client telling their friends about us.

This is a member helping member session. All attendees are invited, asked, and encouraged to share during this session. Bring some of the simple props you use. Bring ideas. Tell us your stories. As a group we are an enormous collective source. Let’s share with each other.

[Machinery & Technical Specialties]
Off-Site Tour
Ritchie Bros. Las Vegas Auction Site

Don’t miss this one of a kind tour of the Ritchie Bros. Las Vegas auction site. Ritchie Bros. will present a “Global Perspective” of the specific industries served by RB and including 2015 YTD data from sales and trends we are seeing. We will also explain our sale site operations and capabilities as well as show one of our live auctions, if possible.  Equipment will be available onsite for inspection and we will discuss the factors affecting value that we consider.  Attendees will have the opportunity to part in a mock appraisal comprised of a variety of assets that will be sold in RB Q4 sales.  We will then track the sale of those items and present the results with the individual closest to the actual total selling price receiving a prize from RB.  Lunch will be provided.

Space is limited, please RSVP here.

 
[Personal Property]
Valuation Issues in Appraising Archives: Standards, Statistical Analysis, Differing Values for Personal Property
John V. Henley, ASA | Owner | John V. Henley, LLC - Moderator
Richard-Raymond J. Alasko, FASA | The Alasko Company
Jacob Fish | Associate Appraiser | The Alasko Company
Brooks Rice, ASA | Saylor Rice Appraisals

The members of the panel will share their methodologies when concluding value for archives.  The topics discussed will include the use of statistics, numerical averages, and the conclusion of value when archives contain a variety of subject properties.  The topics will also include discussion on standards and methodologies.

[Real Property]
Fannie Mae Update
Robert T. Murphy | Director, Property Valuation & Eligibility | Fannie Mae

This session will provide the audience with an update on Fannie Mae’s policies, processes, and requirements regarding appraisals and collateral valuation in general.

[Appraisal Review & Management]
Technology Use in the Management of Your Appraisal Practice
Matthew D. Kaufman, ASA | President | Spearhead Valuation Group

iPads, and cell phones and digital cameras, oh my.  During this technology primer we'll discuss the security of your data, are you violating client information using social media, and fraud. We’ll also discuss tools: electronic fax, iPads and MS Access and Mail Merge.