If you want to protect your antiques, it’s crucial to know their actual value, and you’ll want some documentation to prove their value. As you likely know, this means having your antiques appraised. But, especially if you are not experienced in dealing with antiques, you may not be entirely clear on what this involves. So, here is some basic information about professional appraisals.
What Is a Professional Appraisal and Why Do I Need One?
A professional appraisal is an assessment done by a professional appraiser in which they assess your item by giving a full description of the item, describing the method they are using to estimate the value of the item, and giving an estimate of the current value of the item. The current value is the fair market value, which is basically what a professional buyer would pay for the item. This will all be recorded in a detailed written report which will likely take a month or more to complete.
However, it is important to obtain a professional appraisal for several reasons. If you decide to sell the antique, any potential buyers are going to want to know if the price is reasonable and how you determined the price.
Additionally, you will likely want the antique to be covered by insurance, and the insurance company will want an appraisal to establish its value. Also, if you inherited the antique, the IRS may require you to file a professional appraisal with the estate tax return.
Finding an Antique Appraiser
If you decide to have your antique appraised, you want to make sure it is appraised by someone who is reputable. You can do this by finding an appraiser through one of the associations that certify and accredit appraisers. These associations have websites that provide a list of their members along with the member’s certification level and background. Here is a list of some of these organizations.
- The Appraisers Association of America
- The International Society of Appraisers
- The American Society of Appraisers
Another potential source of reputable appraisers is auction houses. Some of these auction houses even have special events where you can bring your antique to be evaluated by a professional.
Choosing the Best Appraiser for Your Antique
After you’ve obtained the names of a few reputable appraisers, you could ask about their experience and the names of some past clients who might be willing to give them a reference.
Also, ask about how they want to be paid. Do they require you to pay first, or do they bill you? Will you be required to pay in cash?
It could also be good to find out if they belong to any appraisal societies. If they belong to one of the organizations listed above, it would be a good sign of their credibility.
Obtaining a Fair Appraisal
There are some things you don’t want to do if you want to ensure a fair appraisal. Make sure you don’t just ask a worker or owner at your local antique shop what the item is worth. Also, do not hire an appraiser who bases the fee on the value of the item, as that provides too much incentive to overvalue the item. Additionally, once you do obtain an appraisal, don’t assume that the appraisal was wrong because you can’t sell the item for the amount it was appraised for a few months later since the value of the item can easily change over time.
Final Thoughts
If you believe you have a valuable antique, it is definitely important to have it appraised. However, take the time to make sure you have it appraised by a reputable professional appraiser who can provide you with the appropriate paperwork to prove the value of your antique.
Contact Us
If you would like an accurate and professional appraisal of your antiques, contact Manzi Appraisers & Restorers. Our appraisal and restoration 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.
