When do you need to get an online appraisal of your art and antiques?
There are many times in life when an appraisal is needed. If you inherit, during probate, if you want to sell or buy. If you need to satisfy your curiosity or you might be in need of an appraisal because of insurance. Settlement of an estate is also a big reason for getting an appraisal.
Here is a list of what to keep in mind when looking for a personal property assistant:
You might think that appraisers just come up with a number when they are appraising an item. In reality, the appraisers always work hard and they have a structured process for doing the appraisals as correctly as possible. First and foremost, appraisers rely upon the Uniform Standards of Professional Appraisal Practice (USPAP). It is the Congressionally applied standards for appraisers and adapted standard for personal property appraisers. Value is most often discovered by comparing results of similar items. This could result from auction houses or marketplaces. It is very important here that the characteristics of the item are determined so as similar items as possible is compared. The data sources include databases like www.worthpoint.com www.askart.com
The value placed on an item depends on what the appraisal is needed for.
Replacement value appraisal
If you need an appraisal for insurance purpose – the appraiser will base the valuation on replacement value. Which is the price of the item – if you should buy a similar item right now.
Fair market value appraisal
An appraisal related to donation and tax purpose – here the appraiser will apply the “fair market” appraisal. It will look at how much the object would sell for on average in the open market.
Typically the appraisal for replacement value will be higher than the fair market value. Especially for unique objects that are difficult to replace instantly.
In regards to online auctions and appraisals – different aspects are at play. Emotional factors can have a huge impact on the results of sale and not represent the general market value.
Some might be willing to pay a lot above the market value – if the item is unique and an emotional bidding contest begins. It is also possible that an item will not sell within the estimated appraisal – if e.g. the right buyers are not present – here people might be able to grab items below market value.
Appraisers do authenticate certain items like silver, jewelry, fashion, and paintings. However, in some cases, it might be a good idea to contact a gem expert laboratory or the special artist experts – that can authenticate a certain artist.
Cost for an appraisal
Many people expect an appraisal is free – after watching numerous tv-shows where people get appraisals for free. Auction houses also do it for free. But they appraise the value as what it can sell for at their auction house. An appraiser normally charges from $150-300 an hour – however, most places you can get an online appraisal from $15 to $80 – depending on what you need to be appraised.
Find appraisers near me
There are so many different specialists and you would also need to find an appraiser close to you – if you need one offline. If you search for an art or antique appraiser near me or in your city – you can look in the appraiser directories like the two mentioned appraiser directory.
Different other appraiser directories exist like the Appraisers Association of America, International Society of Appraisers, American Society of Appraisers.
All appraisers here have qualified and are certified to meet certain standards.