| What type of appraisal is needed for insurance purposes? | Insurance or Replacement Value: This estimates the cost to replace your jewelry with a similar item, brand new, at retail price. It is the most common appraisal type. The insurer requires this report as it will be used as a purchase order for the replacement, serving as evidence of the item’s details, condition, and value at the start of the policy. |
| What type of appraisal is best when dividing estate property, for tax purposes, charitable donations, or divorce? | Fair Market Value (FMV): This is the estimated price a willing buyer would pay to a willing seller in an open market, assuming both have knowledge of the item. It is often used for tax purposes, charitable donations, or dividing assets in estates or divorces. Estate Evaluations often use “Fair Market Value” but also help in the distribution of assets, which can be worth more or less than expected. |
| What type of appraisal should I get before selling my jewelry? | Resale Value: This appraisal considers the price you could realistically expect to receive if you sold your jewelry to a dealer, private buyer, or auction house. It is usually lower than replacement value because it considers factors like current market trends, the piece’s condition, and marketability. The difference between genuine qualified Appraisal Services and a pawnshop Bid is critical when selling. |
| What is an Estate Value appraisal? | Estate Value: This term can be confusing and doesn’t necessarily reflect a professional estate appraisal. It is an estimated price a secondhand dealer might offer or what an heir might receive during estate distribution. |
| What is the purpose of a Damage Consultation? | Damage Consultations provide expert opinion on what is and isn’t a problem, what can be repaired, and what is worth restoring (e.g., whether an antique diamond should be recut). This is a specialized skill set useful before involving an insurance agent or making repair decisions. |
| What is the purpose of a Pre-Custom Consultation? | Pre-Custom Consultations assess the quality of workmanship and the condition of materials, often used to protect jewelers when setting stones they didn’t supply. It also dovetails well with insurance documentation on the completed item. |
| What is the purpose of an Antique Appraisal? | Antique Appraisals are used to establish the real facts about older jewelry, as family lore may or may not be reliable. They distinguish between genuine period pieces (like 1920s Art Deco) and modern reproduction |
