226 Cortese: Appraisal of the University of Tennessee Arboretum Holly Collection wholesale value was discounted by this amount to take into consideration the condition of the plants at the time of inspection and measurement. The determined average wholesale cost of each plant multiplied by the actual size of the holly plants in the Elmore Holly Collection resulted in a wholesale price of the collection. Summarizing these costs provided a whole- sale price of the entire collection. Multiply- ing the wholesale value by three, an industry standard conversion factor identified the retail replacement value of the collection (Table 4). RESULTS This study method determined that the El- more Holly Collection was valued at USD $138,597 in 2008, an average of $660 per plant. A subsequent assessment, indepen- dent from this initial study, conducted in 2010 showed a value of $140,841, an average value per holly of $671. This is a 1.7% in- crease from the first appraisal. This follow- up assessment used the same protocol as the 2008 assessment. New, 2010 nursery whole- sale price lists were ordered from the same and other nurseries in the McMinnville area, and all hollies were broken down and placed into the previously determined categories. DISCUSSION The Elmore Holly Collection is a significant property. The oldest tree in the collection is Ilex verticillata, commonly known as winter- berry. There are 216 holly species and cultivars in the collection: 18% are Ilex opaca; 15% are Ilex cornuta; 10% Ilex crenata; 8% Ilex aquifo- lium; 7% Ilex verticillata; and the other 42% is miscellaneous. Additional hollies planted cir- ca 1965 along the drive to the collection were not included in the appraisal of the collection. The second, follow-up assessment was attempted to see if the results could be replicated, and would be consistent with the first. The sec- ond effort generated a value within two percent of the first effort and had followed the same pro- tocol. This protocol was repeatable in this arbo- retum collection and could be used in others. The specific modification to the Replace- ment Cost Method of appraisal is the cre- ation and use of hypothetical plants instead of the actual plants in the arboretum collection. The analysis of nursery plants included stan- dard hollies and some rare species and cultivars. CONCLUSION Despite gaps of information regarding specific species and their values, the Replacement Cost Method, with modification, presented accept- able results. Another review two years later drew values that confirmed accuracy and ability to replicate the method in the future. The Uni- versity of Tennessee Arboretum offers sig- nificant research, education, and public ser- vice throughout its properties. The method applied in this appraisal proved to be reliable and provides a baseline for researchers to main- tain and improve the value of the collection. REFERENCES Council of Tree and Landscape Appraisers. 2000. Guide for Plant Appraisal, ninth edition. International Society of Arboriculture, Champaign, Illinois, U.S. 143 pp. Superczynski, D., W. Witte, and F. Scheidt. 2008. University of Tennessee Arboretum Holly Collection Condition Assessment. Personal correspondence. Table 1. Nurseries supplying plant dollar values (USD$). Nursery Location Bold Springs Nursery Cedar Row Nursery Creekside Nursery Don Yancey & Sons Nursery Flowerwood Nursery Hidden Valley Nursery Kinsey Gardens Little River Nursery Myers Cove Nursery Oak Brook Farms Shadow Nursery Shahan Brothers Nursery Tennessee Bush Farm Trivetts Nursery Wanamaker Nursery Additional 2010 Nurseries Odom Nursery Stewart Nursery Boyd & Boyd Nursery Hale & Hines Nursery Warren County Nursery Monroe, GA Knoxville, TN Morrison, TN McMinnville, TN Morrison, TN Viola, TN Knoxville, TN McMinnville, TN McMinnville, TN Morrison, TN Winchester, TN Tullahoma, TN McMinnville, TN McMinnville, TN McMinnville, TN Morristown, TN McMinnville, TN McMinnville, TN McMinnville, TN McMinnville, TN ©2018 International Society of Arboriculture
September 2018
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