Understanding Valuations

Valuations in CatalogIt help you track the monetary value of objects in your collection—and power features like the Leaderboard, which displays the total value of objects within a folder or across your entire Entries view.

This article explains the types of valuations you can record and how CatalogIt determines which value to use.

Types of Valuations

CatalogIt enables you to record different kinds of values depending on your needs. Common valuation types include:

• Appraisal – A formal, professional assessment of an object’s value
• Donor Estimate – A value provided by the donor at the time of donation
• Estimate – An internal or informal estimate of value
• Hammer Price – The final sale price at auction
• Insurance Value – A value used specifically for insurance coverage
• Purchase Price – The amount paid to acquire the object

You can also create your own custom valuation types to fit your workflows.

Using the Valuations Panel

Within an Entry, the Valuations panel is the place to fully document an object’s value over time. Here, you can:

• Select a Valuation Type (e.g., appraisal, insurance, estimate)
• Enter an Estimated Value
• Create a Formal Appraisal Profile for more detailed documentation
• Document the Estimator by linking to a Person Profile (e.g., appraiser, donor, staff member)
• Record the Date of the valuation
• Add Notes to capture context, methodology, or supporting details

By clicking “Add New Valuation” at the bottom of the panel, you can add a new, updated valuation or a valuation obtained by a different method than the previous one.

This flexibility allows you to maintain a clear history of how an object’s value has changed.

How CatalogIt Determines Value

For reports that include a value for an item or a group of items, CatalogIt uses a built-in algorithm to decide which value best represents the current value of an object. The system aims to use the most relevant and up-to-date information—not simply the highest number.

Key Principles

• Valuations (Estimated Values) are prioritized over acquisition prices
• The most recent value is typically used
• Each object contributes one value to the total

Value Selection Logic

• If valuations exist:
  The system uses the most recent valuation with an Estimated Value.
  If no dates are provided, it uses the most recently entered valuation.
• If no valuations exist:
  The system uses the Acquisition price (Amount Paid).
• If both valuation and acquisition data exist:
  • The most recent dated value is used
  • If no dates exist, the higher value is used (with acquisition preferred if equal)
  • If only one has a value, that value is used
• If no values exist:
  The object does not contribute to total value calculations.

The Leaderboard

The Leaderboard, the blue box that appears in the bottom left corner of All Entries and of each Folder, aggregates the selected value for each object to display:

• Total value of all items in a folder
• Total value across all Entries

Because CatalogIt selects a single, most relevant value per object, the totals reflect a realistic snapshot of your collection’s worth.

Best Practices

• Add dates to valuations to ensure accurate selection
• Use appropriate valuation types for clarity and reporting
• Update valuations regularly to reflect current market conditions
• Include acquisition prices as a reliable fallback