It is easy for people to think that antique valuations and antique appraisals are the same things, but they are not. They are used for different purposes and may give a different price or value. So, to help you understand these two terms better, we will explain some of the differences between them.
When To Obtain an Antique Appraisal
An antique appraisal is the best way to find out the value of an antique you own or are considering buying. But, to do this, it is essential to hire an ethical appraiser. If you want to find an ethical appraiser, you could start by asking friends and family members if they have had any items appraised. If they have and are happy with the appraiser, you could ask for the appraiser’s information. It would be a good sign of the appraiser’s trustworthiness if a friend or family member had a good experience with them.
What Is an Antique Appraisal?
An antique appraisal is actually a legal document that you can use for insurance or tax purposes as well as for wills or estate planning. It is often used for items that are rare or of high value when obtaining insurance. The document can also be useful when selling an antique as an expert opinion on its value. Antique appraisals can take a good bit of time due to the research involved, so they tend to cost more than antique valuations.
When To Obtain an Antique Valuation
If you are planning on selling an antique, in most cases, an antique valuation will be sufficient. This valuation will give you a basic idea of what your antique is worth, which will likely be enough to allow you to sell it. With an antique valuation, you might get a document stating the estimate, but often it is just a verbal estimate.
Insuring Your Antiques
If you decide to insure your antique, you may be able to do so with just an antique valuation instead of an appraisal. It really varies from insurance company to insurance company. Some may insist on an appraisal, whereas others may be satisfied with a valuation. Also, some insurance companies may just add the antique to your homeowner’s policy, and others may have you purchase a separate rider.
Although, even if an insurance company is willing to accept an antique valuation for obtaining insurance, you might want to consider getting an antique appraisal anyway if the antique is of high value. If you have a rare or particularly valuable antique, it is always best to have it appraised. This is crucial for protecting your investment should anything happen to the antique.
Final Thoughts
Antique appraisals and antique valuations are generally used for different purposes. If you need a legal document for insurance, taxes, or another purpose, you will need an antique appraisal. Also, if you have an antique that is rare or highly valuable, you will probably want an antique appraisal. But, if you want a more informal valuation or are just trying to get an idea of what an antique is worth, an antique valuation should work fine. You can always get an appraisal after the valuation if you find out the antique is highly valuable.
Contact Us
If you would like an accurate and professional appraisal of your antiques, contact Manzi Appraisers & Restorers. Our appraisal professionals have been trusted for more than 20 years to assist with the valuation of antiques. Call us to schedule an appointment at 617-948-2577 and connect with us on Facebook.
