| With the popularity of "The Antiques Roadshow" and programs hosted by the Kovels, interest in the value of art and antiques has risen to an all-time high. I cannot tell you how many calls my office receives from people who begin with, "I have something that I saw on the Antiques Roadshow," and that is usually followed by a six figure number. |
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| I am not going to deny that many "attic" finds truly are treasures, but just as many are not going to lead to early retirement. A professional appraisal is definitely recommended to differentiate between the two. Below I have listed a few "Do's and Don'ts" of Appraisals. |
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• Do a little research on your own. There are vast resources to begin your research, including reference books and the Internet.
• Don't have an appraisal without knowing your reason for the appraisal. There are different types of appraisals for different purposes. If you have an item whose value you are unsure of or if you are looking for a general value to sell it at, you would need to know the fair market value. The FMV is basically its worth on the current market between a willing buyer and seller who have a general knowledge of the item. If you are going to insure your items or are filing a claim, you would need the insurance replacement value. That tends to be a little bit higher than the FMV, but is solely for insurance purposes.
• Don't use an appraiser that charges their fees based on a percentage of the item's value. If that was the case, everyone would own a $15,000 velvet Elvis painting. Professional appraisers charge an hourly fee. The fee is based on the time for inspection, research time and preparation of a written report.
• This is a double "don't." Don't rely on a free appraisal. If all appraisers provided free appraisals, they could not stay in business – unless they have ulterior motives. That leads to the second half of this "don't." Don't sell your items to an appraiser who has appraised your items. That would be a conflict of interest and chances are, it is in their best interest. Some appraisal firms offer consignment services for appraised items. |
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| Keep these guidelines in mind when seeking to have an appraisal. An appraisal can be one of the best investments you can make. Knowing what you have can give you peace of mind as well as help you safeguard your valuables. |
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