1. Why should I have my jewelry appraised?
Appraisals serve many purposes. Clients often ask, “What is it worth?” We ask, “For what purpose?”
A piece of jewelry may have many different values according to the purpose of the appraisal.
Types of appraisals include:
- Replacement Value for insurance scheduling
- Fair Market Value for estate tax determination
- Fair Market Value for divorce or equitable distribution
- Fair Market Value for charitable contribution
- Cash liquidation value (for quick sale)
- Orderly liquidation value (broker, auction or independent sale)
- Market comparison for pre-purchase appraisal/consultation. Are you getting a fair deal?
- Hypothetical appraisals for loss of undocumented items
We also offer gem identification: usually a verbal report - not an appraisal.
Concerning insurance appraisals: Most insurance policies provide for replacement of the lost, stolen or damaged item rather than monetary reimbursement. In the event of a claim, a professional insurance appraisal will provide the insurance underwriter with a complete description and analysis. Specific criteria must then be adhered to when the insurance company replaces the item. In addition, jewelry and gemstone prices are volatile. An old appraisal could leave you substantially underinsured.
