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Appraisal Services 2017-12-15T12:25:08+00:00

Consultation

Free
  • 20 Minutes Evaluation
  • Item Identification
  • Possible Value Estimation
  • Free Consultation

Insurance

From $99
  • Detailed Item Description
  • Retail Replacement Value Estimation
  • High Resolution Photograph
  • A Pre-requisite for All Insurance Purposes

Attorneys

Varies
  • Estate Planning
  • Asset Distribution in Divorce
  • Bankruptcy
  • Tax Purposes

Consultation (Free)

Free 20 minute basic identification consultation. You will be asked to provide any previous documentation if available. Based upon the data provided and the complexity of your jewelry, we may be able to provide you with a ballpark estimate of its value as well.

Appraisals for Insurance (from $99)

The jewelry insurance appraisal is the most common type of jewelry appraisal. Most standard home owner’s or renter’s insurance policies set limits on coverage of jewelry, both in the amount covered and the types of loss covered. A typical homeowner’s policy will only cover jewelry up to $1,000 and only cover loss from theft. For this reason, most people with jewelry of value choose to add an additional rider to their policy or purchase separate jewelry insurance. Insurance companies require an appraisal of the jewelry in order to take out this extra coverage.

The jewelry insurance appraisal protects all parties involved. It gives the insurance company an accurate value for the jewelry so that they don’t insure it for, and potential pay out, more than the piece is worth. It protects the owner by making sure that in the event of a loss, they get a fair settlement. Without an appraisal, the insurance company may estimate on the low side and pay less than the jewelry is actually worth. An accurate jewelry insurance appraisal allows for claims to be paid more quickly and easily.

Because market values are constantly changing, we suggest you have a jewelry insurance appraisal performed every three years to ensure your jewelry is adequately insured in the event of a loss.

Appraisals for Legal Purposes (Price Varies)

Estate Planning
In estate planning or distribution, you will want to take into account that one individual might receive jewelry, while another might receive china, art or real estate, and the appraisal should facilitate a fair division. In such a case the estate will often use the fair market value (cost of purchasing similar items) for distribution. In other cases, some people may be receiving jewelry while others are receiving cash or cast equivalents. In those cases it might be preferable to distribute property according to its marketable cash value-actual cash in hand after selling costs. When planning your estate, these issues should be addressed with your estate planner before engaging the appraiser.

Asset Distribution in Divorce
Jewelry is very closely tied in to emotions, and both parties are likely to have an inflated idea of the actual current value of marital jewelry. Divorce is traumatic and expensive enough without fighting over the jewelry. I say, let him keep the big-screen TV and the sound system, and she gets the jewelry! Actually, how marital property will be divided is governed by state law and varies from state-to-state, so it is impossible to generalize. I suggest you not get an appraisal for divorce purposes until so advised by your attorney. Then, be sure the appraiser understands the measure of value to be used. It might be beneficial for both parties to hire the appraiser jointly to appraise both his and her jewelry-that way you can be sure the same standard of measure is being used for both.

Bankruptcy
When an item of jewelry part of a bankruptcy estate, an appraisal may be required. The value to be used for  reporting is most commonly the fair market value. This is defined as the price that a willing buyer and willing seller would agree upon.

An example of fair market value might be the price that an item sells for at a local auction. Rarely is this price a full retail price. Depending on the condition of the item and the desirability of the item, the fair market value might be as low as “scrap” value or rarely, as high as retail value.

Tax Purposes
When an item of jewelry is being donated to any charitable organization, an appraisal may be required. The value to be used for tax reporting is most commonly the fair market value. This is defined as the price that a willing buyer and willing seller would agree upon.

An example of fair market value might be the price that an item sells for at a local auction. Rarely is this price a full retail price. Depending on the condition of the item and the desirability of the item, the fair market value might be as low as “scrap” value or rarely, as high as retail value.

If planning a donation or estate contact the IRS via their website www.irs.gov for more information regarding appraisal expectations.

MOST INSURANCE COMPANIES REQUIRES YOU UPDATE YOUR APPRAISAL EVERY 2-5 YEARS.