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Different appraisers may have expertise in specific types of art, such as paintings, sculptures, or antiques. Ensure the appraiser is willing to explain their methodology and valuation process in a way you can understand. It is essential to have an accurate valuation of your fine art.
I’ve seen martini glasses placed on a Donald Judd sculpture by unaware party guests. A sculpture shouldn’t be cleaned with all-purpose cleaning spray, for example. These types of valuations are not accepted. I have colleagues with expertise in jewelry, boats, yachts, and classic cars, as well as engineers and risk managers.
For example, one can purchase a policy to cover their fine art collection , or purchase a valuable items policy designed specifically for jewelry , or for wines , antiques , automobiles , luxury goods such as handbags and a litany of other categories. is the big question collectors need to ask.
In the event of theft however, other item categories like fine art, jewelry, and furs, have classification limits varying from $500 to $5,000 per category depending on the policy. These categories are individually identified in the policy and often include collectibles such as fine art, currency, coins, stamps, and jewelry.
Your insurance agent has suggested that you need your art or jewelry appraised in order to put them under rider coverage. The standards include the need for the appraiser to have no financial interest in the outcome of the valuation. A jewelry appraiser would normally handle all appraisals of items with precious metals and stones.
The key, of course, is to know what appraisers look for before you ask for a valuation of your antiques and collectibles. That is the death knell for a high valuation. Anyone who has decided to sell an antique knows that there are ways to increase its appraisal value, just as there are ways for an appraiser to minimize its value.
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