Horse appraisals help determine the value of an animal for insurance or other financial purposes
RED DEER — Tony Willing is a former philosopher who chose horse appraisal as a second career.
It is not a great stretch for the former professor from Huron University College because both fields involve critical thinking.
In fact, a Greek soldier and philosopher named Xenophon wrote a treatise on how to buy a horse without being cheated more than 2,500 years ago.
“Appraisers need to be able to think critically and clearly and should be aware of at least the basic principles of horsemanship,” he said.
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“A horse appraisal is an attempt to arrive at a monetary estimate of a horse’s worth on the basis of various facts.”
Willing, who is a horse owner and a certified member of the American Society of Equine Appraisers, offered advice on the business of trading and valuation at the annual Horse Breeders Conference held in Red Deer Jan. 9-11.
Professional appraisers must have substantial knowledge and experience with horses and should not be connected to the buyer or seller so that the value can be set fairly.
People generally over-estimate what their animals are worth, but many breeders are quite capable of putting a fair price on each animal.
“In the case of putting a price on your own horse without operating at arms length, in that case the asking price set by that seller might well be motivated by that seller’s motivation for profit,” he said.
“The value price may be perceived to be skewed. Documentation, because the appraisal comes with a detailed report, can be of advantage for someone wanting to sell a horse.”
The value of the horse depends on why the appraisal is needed. It could be for insurance purposes, equity estimates for a loan, a divorce settlement, bankruptcy, tax receipts or private sales value.
For example, an appraisal should be done on horses worth more than $1,000 if they are donated to a charity and the donor wants a tax receipt.
The court may require the value of the horse as evidence in cases of litigation.
Appraisals consider age, health, pedigree, conformation, performance records and quality of offspring, as well as the investment in the horse and the work required of it.
They require an on-site inspection, photographs and a full report on the value of the horse.
Appraisers also attempt to track comparable sales, although this is often difficult because many transactions are kept confidential.
As well, two horses may look comparable, but the underlying health issues may not be seen and one animal is worth far more than the other.
Veterinarian and farrier records are also added to provide a history.
A horse is treated like personal property for appraisal purposes. The emotional or sentimental attachment is not included in the value.
Changing economic times can raise doubts about the value of a horse.
Horses are sometimes given away because people could not afford to keep them anymore.
“If you really want to sell the horse, get realistic about what the market is telling you, and that is where professional appraisers can help.”
Certified appraisers have formal training in methods of valuation and are subject to a published code of ethics.
They are certified by the Uniform Standard of Professional Appraisal Practice, which was developed following similar principles used in the real estate industry.
No specific Canadian organization is connected to horse appraisal, but appraisers can train with the American Society of Equine Appraisers, which was established in 1985. It is a division of the American Society of Agricultural Appraisers.
