A collectible item or an antique can have more than one value.
Fair Market Value – The price at which an item would change hands on the open market with neither party being forced to buy or sell. The fair market value is used by the IRS and other legal entities.
Replacement Value – This is the price put on an item so it can be replaced, if destroyed or stolen. Replacement value is used for insurance coverage and damage claims.
Market Value – The estimated price at which an item could sell on the open market.
Many people get these values confused, however they are crucial in understanding your appraisal.
Information You Need to Know
It is not ethical for an appraiser to take a percentage of the value of an item as a service fee for doing an appraisal for you. The charge for doing an appraisal includes the amount of time it takes to get to the items (its location), inspect the items, do research, and prepare the written appraisal document.
Always choose a qualified appraiser for all of your appraisal needs. We charge a professional fee for our appraisal services and would be pleased to discuss our current fees with you.
