Homeowners often inaccurately value their possessions by using original bills of sale or inappropriate previous appraisals, thereby under or over insuring their collection and contents. Feel secure knowing that your possessions are properly valued, documented and insured, only through the medium of a qualified appraisal.
Commonly years will pass, new objects acquired or possibly damage or loss occurs, before collectors realize that their objects are very undervalued or not covered at all. Generally, appraisals should be updated every five years, but if homeowners are avid or Blue-chip collectors, every three years.
True Story: A homeowner has a fire in the kitchen then feels compelled to get an appraisal to properly insure the art collection. There’s one drawing in the collection which is curious, Middle Eastern origin & signature, and of excellent merit. The label on the verso of the framing is from a gallery in NY. An appraiser in the 1980’s attributed the artwork to an anonymous artist and valued it at $350.00. Upon investigation some factors did not add up, such as, a gallery in NY cannot take up pricy wall space for a painting only offered at retail for $350.00. In addition, the merit was far greater than that sort of retail value, even in the 1980’s. Through the internet and persistent due diligence the artist data, signature, and comparable sales records were located at a major auction house in Tel Aviv. The drawing was correctly identified and valued at $75,000.00 for insurance purposes.