True antique collectors are probably already well versed in getting appraisals done but this is something with which everyone should be familiar. An appraisal is the act of having a professional appraise your goods as well as document their description, appraisal value, and the reasoning that went into that decision. This is the best way to protect your prized collection of antiques, sports memorabilia, or fine artwork.
The reasons why people get appraisals do vary, and we can explain some of the common reasons why people seek this service.
Did you know that most insurance companies will not cover you if you do not have proof of ownership for many high value items? By getting an appraisal done, you safeguard your fine jewelry, artwork, and memorabilia from any denied homeowners or renter’s insurance claim. The only way to ensure that you are covered would be to discuss your homeowner or insurance policy with your agent.
You may be covered for only basic items, with higher insurance plans available for those looking to protect higher valued goods. Discussing your options, such as having multiple policies in place, may be beneficial for you. You can speak with your appraisal agent for insight on what common antiques people appraise for insurance reasons.
By having a detailed record of the item and its appraised value, you can assure your potential buyer of the value and authenticity of your item for sale. By being reputable and upfront, you may find it easier to find a buyer for your appraised antiques.
When doing an estate tax return, the IRS has a requirement where some personal property must be appraised and submitted along with the return. Speak with your appraisal professional for questions regarding what items may be required for this.
When you are looking for someone to appraise your antiques, it is critical that you find a reputable provider. Companies such as New York Showcase Fine Art & Estate Buyers, who have been around since the early 1990’s speak for themselves. Finding a company with a history and good reviews will help you ensure a positive experience for both parties. If you are out of the Tri-State area, feel free to search on the website for International Society of Appraisers.
Once you find your potential appraiser, there are a few things to look for to ensure your appraisal is fair. Avoid anyone who asks for their cost to be a percentage of the item’s value, as they have ulterior motives to raise the appraisal.
You should also avoid going to your closest antique shop and asking them. Although they are familiar with goods, they may not be experts in appraisal. The last tip is to be timely. There is no reason to delay getting your items appraised, as these values can change over time. By getting appraisals often, you ensure you have accurate records should you need them.