This column originally appeared in the January 20, 2012 edition.
The question on the other end of the line is always the same. “Can you appraise my antiques?”
Often this is motivated from the passing of a family member, other times it is a case of downsizing, sometimes it is due to an insurance claim and there are also those times when it is just a matter of curiosity. Whatever you circumstances, there is one common bond among these different situations — the need to establish the “market” value of a person’s possessions.
It is important to understand that different circumstances require different types of assessment. In an effort to assist you, here are five ways to determine value as it applies to your specific situation.
• Certified appraisal — This type of appraisal is necessary for real estate. The only time that we recommend a certification for antiquity would be in the case of court litigation or for the sale of fine art. Since you are looking at a considerably charge here we do not recommend that you have this done to assist you in knowing the value of most items that you are wanting to liquidate.
• Household content appraisal — A complete inventory of personal property (contents of the home, cars, jewelry etc.) may be required by your attorney for estate settlement. This can be done by liquidation specialist or an auctioneer.
• Letter of valuation — This is commonly used for insurance claims. The letter will list all of the items lost or damaged. Several years ago I worked with a number of clients after tornadoes wreaked havoc in southern Marion and northern Johnson counties. A large number of the items we had to determine “fair market value” on were taken by the storm. In such cases your letter will be constructed based on pictures, remains of a piece, or from memory. For this reason a photographic record of your antiques is a very good idea.
• Household inventory — This type of valuation is helpful in the case of an estate where there are items to be divided among several family members. It is always best if this can be done while the owner of the property is alive. Often we do these for clients of advanced years so they can determine what to leave to each of their heirs. It can, however, be done after the fact, as a part of the estate settlement.
• Liquidation consultation — Some of the people that call our office for an appraisal are, in actuality, not in need of having their items appraised. They are rather wanting to know how to sell their items for a fair price. In this case we recommend an in-home consultation. This is simply a meeting to view the items and help the owner determine the way to sell them to yield the highest return. Auctions are a popular option as are online sales, and estate tag sales.
In an effort to economize, people sometimes attempt to value their antiques themselves. This often results in frustration, confusion and inaccuracy.
If you decide to take the “appraisal” process in to you own hands, there are three important things to remember. First, reference books are based on a national scale and in most cases will not give you the amount that your items will sell for locally. Second, if you’re trying to use eBay as a guideline, make certain that you are viewing “realized” prices, not “asking” prices. Third, when you use the prices you find at antique malls, remember that you are viewing the booths of many different dealers and pricing is left to the discretion of the individual. As a result you may find three identical items, with three totally different prices. Until next time . . . Linda
Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and may be reached at 317-258-7835 or lkennett@indy.rr.com
