As an antique collector do you ever wonder how prices are set on certain items? Most antique dealers have the resources through books, the internet, other dealers and in many cases years of experience, to determine market value. And in those rare incidences when pricing an antique is out of their comfort zone, most dealers have antique experts or a professional appraiser they rely on.
Primarily appraisals are obtained for insurance purposes. Many times an insurance company will require documentation of an antique before insuring it. Also depending on the cost, age or uniqueness of an item, often a rider will need to be added onto a policy, specifically covering that particular antique.
Perhaps you have a substantial portion of your tangible assets tied up in antiques. Documentation is important, again for insurance purposes, as well as for estate planning and also if you intend to sell any of the items. Engaging the services of a reputable professional appraiser will ensure if there is a legal dispute over the value or condition of an item, you have written documentation based on current (at the time of the appraisal) comparable sales of the same or similar items.
When getting a written professional appraisal the document needs to include:
- A cover letter stating what the appraisal will be used for.
- Detailed information on the resources used to determine the value.
- Date and the location where the appraisal was done.
- A signed statement declaring the appraiser has no financial interest in the item appraised.
- A written statement describing the item in detail. A photo may accompany this statement but cannot take its place.
- The appraiser’s signature and a list of their qualifications.
For more information on antique appraisals, please stop by or call Landrum Antiques and Furniture Company today.