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Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estatetax or equitable distribution. Many insurance companies require a professional art appraisal to determine the appropriate coverage and premiums.
While it might be possible to scour the auction market for years searching for an offering similar to the lost item and then obtain that item at a much lower price, this is not the function of insurance coverage. The next level is Fair Market Value.
A qualified appraiser will examine your jewelry, determine its current value, and provide documentation of the results. This documentation is essential for insurance purposes, as it will help insurance companies determine the amount they need to provide you in the event of a loss, theft, or damage. What exactly is Fair Market Value?
Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance. For instance: Replacement Cost Value is used when a collector needs an appraisal for insurance coverage. These documents can be scanned and inserted into the appraisal report.
A professional appraisal ensures you have accurate documentation for financial and legal purposes. Common Reasons to Get an Appraisal Insurance Coverage If you own valuable artwork, having an appraisal ensures you have the right insurance coverage in case of theft, damage, or loss.
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