antique collecting Menu

 

 

Tips on when and how to have an item appraised

Tips on when and how to have an item appraised

 

Due to the increasing popularity of the television program Antique Roadshow, many people are now looking closely at the objects that are found in their attics and basements. Many are hoping that the heirloom that their great grandmother gave them is worth a lot of money. However, not everybody is given an opportunity to have his or her valuables appraised at the show. Thus, many people with old items on their lap would like to know when and how to have such items valued and appraised.

 

There is really no rule with regard to when you need to have an item or object appraised. Usually, an item is appraised because of personal reasons. Here are some of the reasons for appraising an item:

 

Curiosity

 

The number one reason why people want to appraise something is curiosity. They want to know if the item that is long hidden in their attic or the couch that they bought at a flea market is valuable or not. Aside from curiosity, people also want to know whether extreme care is necessary in maintaining such items.

 

However, if curiosity is the only reason you want to have an item or a collection appraised, then it would be more practical if you just ask fellow collectors, read books or seek alternatives to a formal appraisal. You don't want to spend a lot just to realize that something you thought was valuable is really worth nothing.

 

Tax and inheritance matters

 

Another popular reason for appraisal is estate or tax matters. You can't rely on ballpark figures or estimates when it comes to such legal matters. If you are appraising something for inheritance and tax purposes, you need to hire a specialist or an expert in the field because you need the price or value of the item, but also the description and other important matters about the object.

 

Insurance

 

Most people who seek appraisal for insurance purposes somehow have an idea that the item or items in their collection is really worth insuring. For such a purpose, you can have a formal appraisal if your value of your policy is high. However, if the policy isn't that expensive, some insurance companies accept online appraisals.

 

Possible sale

 

The first rule in hiring an appraiser is that you should never sell the item to the person who is appraising it. You have to realize that antique dealers make money by buying things at a low price and selling them at exorbitant prices. Most professional appraisers won't attempt to buy the item they are appraising. However, there are instances when people get tempted when they see a very valuable and rare item.

 

If you want to sell the item, you probably need to do some Internet research or ask around for an estimate of the value of the item. Some collectibles, even if they are 200 years old, may not be valuable so you don't want to spend money hiring a specialist for a two-dollar vase. You should go to a specialist or appraiser if your collections are more valuable than the price for the appraisal.

 

Types of Appraisal
There are many ways in which you can have an object appraised or valued. Usually, the type of appraisal you will need is dependent on the reason for having an item or a collection appraised.

 

Formal Appraisal

 

If you need to know the value of an item due to legal purposes, then you need a formal appraisal. This type of appraisal is usually very expensive. Experts charge per piece and by the hour. Thus, the item you need to have formally appraised should be really precious.

 

Documents that are included in a formal appraisal usually include a detailed description of the object, information about the methods used to appraise the item, and the reason for the appraisal. The document should also include all the names of the people who handled the item or the collection. Of course, a formal appraisal document should contain the value or price of the object that was checked.

 

Professional Opinion of Value

 

This is an informal type of appraisal. This is probably what you need if you want to know if an item is valuable or not. Since this method of appraising is causal and doesn't follow the rigorous methods of appraising, it can be considered as just an estimate and can't be used in legal proceedings.

 

Online Appraisal

 

Some antique collectors frown upon the idea of having an item appraised via the Internet. They believe that an item, in order to be appraised correctly, should be scrutinized and checked in person. Sometimes, however, if you are just curious about the value of the heirloom or the grandfather clock that your mother or uncle gave you, it is ok to have it appraised online. Just make sure that you give the appraiser a detailed description, including marks, chips, color and material, so that he or she can have a reliable estimate of the item.

 

 



Digg itDiggfurlFurlredditRedditdeliciousdel.icio.us

RSS