Artwork and other antique items such as jewelry have both intrinsic and financial value. People who love art have a personal connection to their art collection, and they cherish their pieces of art. However, it is not a straightforward process to tell the market value of certain artwork and antique pieces. That is why people search for antique appraisers near me, to help them establish the market value of their artwork.
These are professionals who conduct in-depth research on all the aspects of an antique item, and then use the information to come up with the financial value of the items. These items may be artwork, furniture, jewelry, watches, and other collectibles. Art appraisers and antique appraisers study the items they are valuing to know the rarest details. They establish the origin, ownership history, color, age, finish, materials used, level of craftsmanship, and the condition of the antique items. This helps them know the true value of the item and determine how much they are worth in the market.
You might be wondering what the benefits of antique appraisers near me are, and when you should seek their services. Here is all you need to know.
1. For Insurance Purposes
To keep your antique items safe, you should have them insured. Insurance companies will have to know the financial value of the antique items before settling on the premiums or even agreeing to insure them. After an antique appraiser completes the valuation process, they document it under an official Appraisal Report. The report indicates the current value of the item and also outlines the variables that may influence the future value of the antique item. With an Appraisal report from a certified antique appraiser, your insurance company will have enough information to conduct their evaluation.
2. During Estate Division
When writing your will, you will need a collectible appraiser to help you determine the market value of all your antique items before dividing them among your dependents. If, for instance, you own several pieces of fine artwork, your dependents should know their market value so that they can take care of the artwork after you are gone. It is sad to see people who have inherited some antique items, take eggs for money, when they decide to auction them. You can avoid and prevent such scenarios by engaging antique appraisers near me and leaving the documented value of each piece to your dependents.
3. For Business Purposes
If you earn a living by collecting and selling art and antique items, then you will always need to establish the exact value of a piece of art before buying or selling. You can only rely on certified fine and decorative art appraisers to provide you with the most accurate market value. Additionally, you will need the Appraisal Report when filing your taxes. As such, you have to engage a certified antique appraiser to do good business and remain on the right side of the law.
4. During Divorce
You and your partner might have collected several antique items during your marriage. However, after divorce, you may not agree on who gets what, as you are not sure of the market value of some of the antique items. An antique appraiser will help you identify the financial value of the items, and you can then divide the items peacefully.
The arts industry in the U.S. contributes immensely to the economy as there are 113,000 nonprofit arts organizations that employ 2.2 million artists. Antique appraisers play a significant role in the art industry because they are responsible for documenting the financial value of various pieces of artwork and many antique items.
Some of the exquisite artworks fetch millions of money in the market. Today, Salvator Mundi, by the great Italian artist, Leonardo da Vinci, is the most valuable painting, having been valued at $450.3 million in an auction. Given the intrinsic and financial value of artwork and antique items, ensure that you work with certified antique appraisers when searching for ‘antique appraisers near me’.