The appraisal world has changed a lot since the heyday of famous appraisal shows, the last recession, and the rise of the internet. A pristine antique from the eighteenth or nineteenth century could have the same fair market value as a mint, sealed video game from the ‘90s. The algorithms we use daily to research prices have made everyone feel like an expert.
But the excitement that comes with discovering what your belongings are actually worth has not aged at all. An item that has been sitting in a closet for years could hold a story you never knew and a value beyond your wildest dreams.
To find out the truth behind your inherited or found treasures, you need a reliable appraisal conducted by a certified professional. Whether you own antiques, jewelry, collectibles, fine art, or personal property, understanding the appraisal process before you walk in the door will help you ask the right questions, get the right type of valuation, and make informed decisions about what you own.
What Is an Appraisal?
An appraisal is the process of determining the value of an item for a specific purpose. During a certified appraisal, a professional examines the item closely, assessing factors like:
- Age
- Condition
- Rarity
- Provenance
An accredited appraiser draws on their knowledge of history, art, and current market trends to arrive at a well-supported value conclusion. That conclusion matters more than most people realize.
An appraisal report is an official document that can be used for insurance coverage, estate planning, equitable distribution, legal proceedings, downsizing, or selling. The type of value assigned, whether retail replacement cost, fair market value, or liquidation value, depends entirely on the purpose of the appraisal, which is why it’s important to communicate that purpose clearly from the start. Ask yourself: “Why do I need this appraisal, and what am I going to do with it?”
As Paula Fox puts it: “What people think is valuable, many times is not, and what people don’t think is valuable, many times is.”
What Factors Influence Value?
While the types of items getting appraised have changed over time, the basic factors used to assess them have largely stayed the same. Understanding these factors can help you have a more informed conversation with your appraiser.
- Age and rarity – Both of these play a role, but neither tells the whole story on its own. An item that is scarce or one of a kind will often be worth more than a typical household item regardless of how old it is.
- Condition – Well-preserved items with minimal damage or alteration are generally more valuable than those showing significant wear, and any repairs or restorations should always be disclosed to the appraiser.
- Provenance – This is the documented history of an item. Bills of sale, receipts, catalogs, shipping labels, and historical records all contribute to a more complete picture. That said, it’s worth noting that appraisers are not authenticators, and provenance adds context rather than guarantees. Famous or infamous, the history of an item can certainly add value.
- Market trends – Demand for specific types of antiques, collectibles, and personal property shifts over time, and a qualified appraiser stays current with those changes to provide credible, up-to-date valuations.
How to Choose the Right Appraiser
Not everyone who calls themselves an appraiser is a certified one. Antique shop owners, jewelers, and online appraisal tools may offer opinions on value, but they are not the same as a credentialed, independent professional. Some online services advertise free appraisals or instant calculators, but these are often offers to purchase your items rather than honest assessments of their worth.
When looking for certified jewelry appraisers or personal property appraisers, start by checking credentials through recognized organizations such as the International Society of Appraisers or the National Association of Jewelry Appraisers. Ask your attorney, insurance agent, banker, or trusted friends for recommendations. Once you have a name, take the time to ask about their experience, their approach, and how they charge before committing to an appointment.
How to Prepare for Your Appointment
Once you’ve found the right appraiser, a little preparation goes a long way. Gather any documentation you have related to the item, including receipts, previous appraisals, insurance schedules, or historical records.
Make sure your items are clean and presentable, but avoid over-cleaning or attempting any repairs on your own, as this can affect the value. A gentle dusting is usually sufficient.
Most importantly, be clear about why you need the appraisal. The value assigned for insurance purposes is different from the value assigned for an estate settlement or a potential sale, so be sure to communicate your purpose clearly from the start.
Start With the Right Appraiser
Whether you are insuring a piece of jewelry, settling an estate, planning to sell an item, or simply curious about what you own, working with a certified appraiser is the best way to get an answer you can rely on.
Paula Fox brings more than 40 years of business experience to every appointment, serving clients throughout Philadelphia and the surrounding region, including Bucks County, Montgomery County, Chester County, New Jersey (including the Jersey Shore), Delaware, and Florida. Contact Paula today to schedule your appraisal and find out what your items are really worth.