Most people can recall what they paid for their jewelry the first time they bought them. However, when the time comes that they need to sell them, their jewelry may not fetch the same price. Two possibilities may happen when people try to sell their prized jewelry; either the price would have gone up, or it would have gone down. Nevertheless, getting a good price for the jewelry will depend on what type of appraisal was given.
Two Common Types of Appraisals – If you are planning to sell your jewelry, you should be aware that when you have them appraised, the original price that you paid for them will rarely determine what their value is today. Two types of appraisal may be given to your jewelry: the insurance appraisal and the fair market value. Knowing the difference between these two types of appraisal may give you the opportunity of getting more money from your jewelry. Let us discuss both types of appraisals.
Boston Estate Buyers Provides Fair Market Value Appraisals
What is a Fair Market Value Appraisal? – The fair market value of your jewelry is determined using a sales comparison approach. This approach means that the person appraising your item will consider the actual price that the same item fetches in the current market. The fair market value appraisal is usually used during estate planning appraisals, where willing sellers appraise jewelry and family heirlooms in exchange for instant cash.
When you plan to sell jewelry that has been given to you as an heirloom, you may want to consider getting an appraisal using the sales comparison approach. With this approach, an appraiser will compare the prices that a willing seller and a willing buyer will agree on for a similar item.
Our expert appraisers will determine a price for your jewelry based on past auctions, sales, and current market prices. This appraisal is more reliable since your items may be valued depending on what the public is commanding the price of the items to be.
Fair market value also reflects the state of the economy, the trends in style, and the additional values given to non-tangible elements of your jewelry. For example, your jewelry may be given a higher value because its style matches the current fashion trend. Likewise, if your items are considered rare, then their value may also be significantly higher.
Schedule an appointment to receive an appraisal for your jewelry, gold, or coins! 617-523-1193
We Do Not Offer Insurance Appraisals
What is an Insurance Appraisal? – An insurance appraisal is also called a “damages claim appraisal.” This appraisal uses a cost approach in determining the value of your jewelry. In this type of appraisal, your jewelry will be given a value based on how much it will cost to replace, restore, or reproduce a similar item based on the prevailing costs. For example, if you want to have a 14-carat diamond gold engagement ring appraised using the insurance appraisal, the value given to your jewelry will depend on how much jewelers will charge to create a similar 14-carat diamond gold engagement ring. However, an insurance appraisal may not consider non-tangible aspects of your jewelry, such as sentimental value, rarity, and the time and effort to create such an item.
So, if you plan to sell your jewelry items, it is important to get a fair market value appraisal from an expert jewelry appraiser.
At Bostonestatebuyers.com, you will be guaranteed that you will receive a top-dollar appraisal.