If you ask 10 people what a particular item is worth, you will likely get 10 different answers. After all, there are different values for insurance, asking prices at an antique store, estate sale values, auction values, pawn shop values, internet auction values, wholesale values, national values and local values. Jewelry will even have scrap value. This is why you need an appraiser.
An appraiser is someone that knows the value, history and desirability of a particular item. Most appraisers start by being collectors or dealers in a certain area, such as Roseville pottery. After many years of research and investigation, he will be well versed in the history, values, and products in his field of expertise. A person cannot simply decide to start doing appraisals without such experience because he would have no knowledge to offer his clients.
Most personal property appraisers do not belong to any professional or national organizations. Although there are several national appraisers associations, the only requirement to joining is paying the $400.00 yearly dues and they will accept anyone even if that person has never done an appraisal. These organizations add no credibility to an appraiser. Even the title “certified” is given by completing a simple correspondence course and does not reflect actual knowledge. The knowledge that an appraiser has cannot be learned through a school or a program. It takes years of actually handling the items and the experience of buying and selling them.
When deciding on an appraiser to use, you should always pick the one that specializes in the actual item you need appraised. If you are having jewelry appraised, you should have a qualified jewelry appraiser do it. Remember, a qualified jewelry appraiser may be good for your jewelry, but may not be the right person to appraise your tools or pottery. A competent appraiser should inform you if the item is out of his area of expertise. We are part of a partnership program with other appraisers. If an item is out of our field of expertise, we may consult with appraisers or experts in that field. If we cannot adequately appraise it, then we will refer you to someone that can.
Questions you should ask a potential appraiser are:
¨ How long have you done appraisals?
¨ Before you became an appraiser, how long were you in the business of buying or selling in this particular field?
¨ If you were not in business of buying or selling, how did you get the knowledge and expertise?
¨ Have any of your appraisals been rejected by courts or insurance companies?
¨ Are you willing to defend the appraisal in court if the need arises?
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Insurance Appraisals
An insurance appraisal is needed if you are adding an item to you insurance policy or if you are trying to get an insurance company to reimburse you for an item lost or destroyed. An insurance appraisal often states an item is worth more than local retail values of a particular item. This is justified if an item is not available locally and must be purchased from a more expensive market, or in the case of jewelry, when there are sometimes costly customizing charges. That buffet you bought for $200.00 at the garage sale down the street may indeed cost $1500.00 to replace from an antique store in New Orleans.
We start an insurance appraisal by examining the items included in the report. We look at condition, age, quality, and signatures, among other details. We obtain measurements and take photos to be included in the report. In the event that the item cannot be examined because of total loss, we may be able to use past photographs to determine value.
After the initial examination, we start researching each item. This includes authenticating signatures, verifying dates, researching marks, and consulting any expert as needed. After we have determined exactly what you have, we then try to find an item the closely compares with yours either for sale or that has been sold. These may be auction records, store inventories, or items for sale on the Internet.
The finished report will include:
¨ The type of value being sought and how the appraisal is to be used
¨ The appraiser’s qualifications
¨ A statement disclosing any interest the appraiser has in the property
¨ The date of the appraisal and the date the values are effective.
¨ An itemized list of each item in the report
¨ Photographs of each item appraised
¨ An accurate description of the each item appraised
¨ The sources relied upon to determine value, age, and authenticity
¨ Names and credentials of other experts used in the appraisal process
¨ An appraisal must be signed to be valid
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Market Value Appraisals
Market value appraisals are less formal appraisals used by families or courts to determine the fair market retail value of particular items. This is commonly used when an estate is being divided among family members and can help disclose true values of some or all items in the estates. The advantage of a market value appraisal is that they are less time consuming and are less expensive to create. They provide non-biased values and can be one of the most effective tools for a fair settlement in estate dispersement.
Market values appraisals are usually done in a list form, much like an inventory. Each item is briefly described and a value is assigned that is either what an item should readily bring at an estate sale or an online auction service.
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Verbal Estimates of Value
In the event that your do not need a formal written appraisal, we can provide verbal estimates for you. These are can be useful when you need to know general pricing on many items and are on a budget. This is ideal to do before you have a garage sale and you are afraid of selling a $500.00 teapot for $10.00 or just to satisfy your own curiosity about something you inherited or found at a garage sale.
Verbal estimates are not admissible in court nor are they usable for insurance purposes. They are meant to give you a general idea of values and may reveal that an item needs further research |
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