The Hidden Value of Your Antiques
It’s not uncommon for people to have collections. Stamps, dolls, art, jewelry, coins, books, and sports memorabilia are just a few examples of the items that some people are proud to collect. Depending on your circle of friends, you may even know someone who collects antiques from a certain time period or era.
Sometimes, people end up having antiques in their home even when they didn’t actively put together a collection on their own. Well-meaning friends may give you antiques as gifts, for example. If someone close to you passes, you may end up inheriting the person’s antiques.
Reasons to Have Your Antiques Appraised
However you wound up having antiques in your home, it’s vital for you to determine how much they’re worth. Researching similar items online and assuming that your belongings are worth a comparable amount won’t cut it. You need to find a knowledgeable, reputable antique appraiser that will give you an accurate idea of what your possessions are worth.
Too many people make the mistake of thinking their antiques are covered by their standard homeowners insurance. While your homeowners policy may provide limited coverage for your antiques, it will generally only cover them up to a pre-set dollar amount that might be much lower than the value of your things.
When you have your antiques appraised, you’ll know how much they’re worth and how much insurance you’ll need to cover them. You may be able to add a rider to your existing homeowners policy or you might have to get separate coverage for every antique in your collection. Either way, you can only ensure you have enough insurance for your antiques by having them appraised.
Some collectors will simply agree to pay a quoted purchase price to close a deal but doing so blindly can cause you to overpay for an antique. When you know what your antiques are worth, you’ll know how much it’s appropriate to pay for similar items. This knowledge can also enable you to spot and capitalize on great deals for sought-after antiques.
If you don’t know the market value of your antiques, you cannot know how much you should sell them for. This puts you at risk for selling your antiques for too little. Collectors are typically willing to pay a fair price for the antiques they want so there is no reason for you to sell your belongings for anything less than what they’re worth in most instances. If the economy is uncertain or there is little demand for your antiques, you may find yourself having to discount your prices, however.
Blue Shelf Advisory
Since he was a child, Joey Chait has continued to expand his knowledge base and he’s now recognized as an expert in various specialties, which include Chinese ceramics, antiques, art and natural history items like meteorites and fossils. With his extensive knowledge, it’s no wonder that Chait is the director and lead appraiser at Blue Shelf Advisory in West Hollywood. And it’s not a mystery why so many people trust Chait to conduct antique appraisals for their most valuable possessions.
Chait is a highly respected antique appraiser who is USPAP compliant. For antique appraisals you can rely on, schedule a personal property appraisal with Joey Chait today.