Why You Should Consider An Appraisal ?
Many people who own art objects do not bother to get them appraised and often end up regretting it. There are several very good reasons why you should get your treasured works appraised:
1. Casualty Loss Recovery – due to fire, flood, theft, breakage, vandalism or other mishaps
An appraisal will help provide you with the documentation you will need to file your insurance claim. Insurance companies usually provide limited coverage for casualty losses under your home owner’s policy. However you will have to prove that you actually owned the object and defend its value.
2. Tax Write Off
In the event of an uninsured casualty loss you can still deduct your loss from your income taxes. Once again a written appraisal will help you to justify your loss deduction from state and federal income taxes.
3. Donation Valuation
Many times art objects are difficult to sell for their full market value even though they have a very high appraised/replacement/insurance value. If you donate such works, you are usually able to deduct the full appraised value from your income taxes. For highly valuable objects it is always best to consult your accountant before making the donation.
4. Insurance Valuation
Most art works are not insured under a normal home owner’s policy beyond the limits of the policy which are usually only a total of a few thousand dollars. Insurance of art works normally requires a special rider to your policy. An appraisal should give you a good idea of how much to insure your art treasures for.
5. Estate Settlement
At some point your heirs may need to be able to evaluate the proceeds from your estate for probate purposes. Appraisals of art works may help simplify this process.
6. What’s it worth? Your own Antique Road Show Experience
Satisfy your curiosity or see if you own a hidden treasure. On occasion we have pleasantly surprised owners holding items that were enormously more valuable then they realized.