On average, Americans spent $886 on Christmas gifts in 2020 of which 41% were willing to go into debt to accomplish their gift-giving goals. Come January, New Year’s resolutions shift focus to finances in that 44% of Americans think about economic goals such as saving money. If you are an investor, here is how you can use new year resolutions to give your antique or fine art collections a lucrative new beginning.
Why Should Investors Get or Update Fine Art or Antique Appraisals?
As the new year is all about a new opportunity to start fresh, it presents the perfect time for investors to look at how to improve portfolios. One way is to find new ideas for fine art or antique investments. A second, and simple way to increase worth, is to renew antique appraisals based on current market values. Here are tips from our experts at Manzi Appraisers & Restorer to get your new year started right.
- Invest in Fine Art or Antiques
Popular antiques that are causing a stir among buyers and sellers are mid-century modern pieces as well as antique marble and travertine tables, antique lighting, ironstone, kitchenware, and fireplaces. Whether you are in the market as a buyer or a seller, antique appraisals ensure an antique or fine art piece is genuine and both the buyer and seller are safeguarded while the transaction is taking place.
Fine art and antique appraisals also identify the current market happenings that factor into a piece’s current value. If you are selling a piece, the value may have increased above your asking price. As a buyer, you also want to ensure a historically advertised product is as described and worth what the seller is asking for it. It also helps insurance companies quickly add a piece to an existing property policy.
- Update Fine Art or Antique Appraisals
Whether you own or collect antiques or fine art, the new year is the perfect time to ask Manzi to update antique appraisals as the market has recently begun to appreciate certain types of collectibles because of an interest in economic stability and personal collector activity. While some antique or fine art collectors want to liquidate items, it also promotes sales buzz that causes a shift in appreciation.
There can also be significant shifts between initial market value and appreciating value, which many forget to update steadily. As an example, a silver collector in Europe spent a lifetime amassing what was equivalent to a million dollars in property. After his home was robbed, he filed an insurance claim and found that his appraisals had not been updated for decades, which caused a massive fiscal loss.
You are probably thinking that insurance companies use arbitration to rectify this, right? The actual answer is no. When insurance policies are written, the policy owner and insurer agree to a value of possessions. When a theft occurs, the insurance companies rely on the valuations submitted at the time of the policy renewals to reimburse owners. Therefore, you must update fine art or antique appraisals.
Why You Should Call Manzi for Fine Art & Antique Appraisals Before Acquisitions & Appraisal Updates
It is important to have a fine art or antique expert on your side, regardless of whether you are buying or selling, starting a collection, or updating old appraisal information. With over two decades of experience serving our clients, we know firsthand how critical it is to have reliable and up-to-date information before making any type of financial transaction. You also want a trustworthy source you can turn to for advice.
To talk to any of our experts at Manzi Appraisers & Restorer, call our office at 617-948-2577 or visit us on Facebook at https://www.facebook.com/ManziAppraisers/ to send a direct personal message.