Appraisal Services Offered
Obtaining a current and accurate appraisal is the most important tool in protecting a collection. Without an appraisal on art and antiques, most homeowner’s insurance policies will only reimburse a combined loss of $1,000. Even a small collection can easily have a value in excess of $1,000. Odds are that in the event of fire, theft, flood or other loss, unappraised or under-appraised artwork would not be covered under a basic homeowner’s policy. Additionally, a quality appraiser will retain a copy of your appraisal to serve as a backup in the event of loss or the filing of an insurance claim. In fact, appraisers are often called to testify in court in the event of a lawsuit. Having a solid appraisal in your records is like money in the bank.
Fees vary widely among appraisers. Some charge by the hour, with fees ranging from $25 - $300 per hour. Other appraisers, especially those working within a limited range of expertise, may offer a flat rate for a single appraisal. Do not hesitate to ask for a discount if multiple pieces of similar origin, style or period are being appraised. For those appraisers charging by the hour, a written estimate should be provided to the owner prior to the appraisal process beginning. No one wants to end up paying $500 for the appraisal of a $400 painting.
In Person or Online Appraisals
Ideally all appraisals would be done by first hand inspection and evaluation. However, sometimes it is impractical if not impossible for a qualified appraiser to perform an onsite appraisal. Fortunately, with the advent of the internet and digital technology, more appraisers are offering online appraisals. This is a great cost and time saver for the owner. A qualified expert can often accurately determine the value and or authenticity of an item without a personal inspection. In the case of doubt as to authenticity, condition or value of an item, a live evaluation and appraisal would become necessary.