- What's the big deal about appraising? Isn't it all just a matter of opinion?
- How do you charge for appraisal work?
- Are appraisal credentials really worth anything? Isn't a gemologist enough?
- Why do you ask why I need the appraisal?
- What does a good appraiser do?
- What does a good appraisal look like?
- Will you appraise my jewelry while I wait? How long does an appraisal take?
- In the end, what is value?
Do you have a question? Please email me!
It's a matter of informed, disinterested opinion. Although you can't just look up in some central registry what most diamonds have sold for, in the same way real estate sales databases are maintained from public records, a good jewelry appraiser always looks for actual market activity. A good appraisal has to answer the questions "What is my client going to do with the information in this appraisal? And, given that situation, who and where are the usual buyers and sellers of the appraised item?" in every assignment. By researching enough actual prices, from advertisements, auctions, and appraisal clients' own sales records, patterns of value emerge.
How do you charge for appraisal work?
My fees are based on $125 per hour for written work, with a $125 minimum. Some specialized assignment are more per hour. This accounts for the time I spend studying an item's identity and quality, researching its value, and writing and producing the report. The amount of time required varies according to the need for the appraisal and the items themselves. Once I see what you have and learn why you need the appraisal, I quote a fee before any charges are incurred. There are no surprise costs later on. I never charge based on a percentage of an item's value, which is considered unethical. In some cases, I can provide oral consultation giving the range into which an item's quality and price fall. My charge for this service is $125 per half-hour.
Are appraisal credentials really worth anything? Isn't a gemologist enough?
Gemologists simply hold diplomas in the identification and grading of gemstones; valuation science is an entirely separate field of study. Good appraisal groups require that one learn basic principles through a university-level program and take part in ongoing education in one's area of specialty, as well as in valuation, and periodic testing in both areas in order to achieve recertification. Anyone can claim to be a personal property appraiser. Good, verified credentials are the best way to select a qualified appraiser.
Why do you ask why I need the appraisal? I just want to know my jewelry's value.
This is the first thing a good appraiser should ask. It's necessary in order to know the nature of the assignment, which can lead to different values for the same item. For instance, if you ask for an appraisal for insurance coverage but really intend to sell the item, there is a gap between the market represented on paper and the one you're really about to enter. In this situation, doing it the right way reflects the real world and still permits the negotiating process to take place by researching and reporting the most likely range of resale values. So, when you ask about your jewelry's value, the right response is, "Worth to whom, how quickly?"
What are some of the other things a good appraiser does?
First, do you really need an appraisal? Are you really looking for an offer to buy? We decide if an appraisal is necessary in that case. If you are obtaining insurance coverage, will the original seller provide you with an updated value for insurance free of charge? How much insurance coverage do you have without an appraisal? What risks are covered? What are both the per-item and aggregate limits to your unscheduled coverage? Then, I clean your jewelry in the safest manner and advise about any needed repairs. I ask how you want to handle jewelry that cannot be replaced identically because it is an antique or a discontinued style, such as a wrist watch. I test your mounted gemstones to identify and grade them and to determine if any treatments are present. I measure them to approximate their weight using volumetric formulae. Of course, your jewelry is insured while it is in my care. I preserve appraisal records for five years in a secure facility. I maintain absolute confidentiality, subject only to law and peer review by the appraisal societies to which I belong.
What does a good appraisal look like?
It gives detailed descriptions (with measurements) of jewelry. It supplies photographs of jewelry and plot diagrams of clarity characteristics in major gemstones. It sets out the grading scales for color, clarity and cut, so that you can understand them clearly. It describes the features of jewelry that contribute to its value, such as who made it (if trademarks are present) and how it was made (e.g., cast, die-struck, handmade), as well as the kind and fineness of metal. It gives some idea of how the value conclusions were reached, based on appropriate research. (This is called "scope of work.") It puts value into the context of a particular market (e.g., independent retail store, major retail chain, secondhand retail such as so-called "antique" store, private resale, auction, to name just a few), at a given time, based on a specific use of the information (e.g., obtaining insurance coverage, establishing estate tax liability, liquidating). If it is done in accordance with appraisal society standards (mine conform to the American Society of Appraisers rules) and the Uniform Standards for Professional Appraisal Practice, it says so.
Will you appraise my jewelry while I wait? How long does an appraisal take?
Yes, I will. This requires scheduling our time together, when I will perform the inspection and prepare the written report, if you need it immediately. If you don't wish to wait for the report, I can prepare it after you leave, and either hold it for you to pick up or mail it to you.
Rather than waiting at all, many clients wish to leave their items with me for a short time. In these cases, I point out some positively identifying characteristic about their jewelry, such as an inclusion in a diamond, which we view through my microscope. I show it to you again through the microscope when you return to pick up the item and the finished appraisal report. I know that people do not hand over their jewelry lightly. Working together in this manner to authenticate your jewelry is as important a part of my service as anything else I do, because this gives you firsthand knowledge about your jewelry. My whole procedure earns your trust, which is essential when working with subtle differences of quality in small objects of potentially great value.
In the world of gems and jewelry, there are six basic value elements. They are beauty, durability, rarity, demand (or vogue ), tradition, and portability. These are spoken of gemstones, but there are similar traits to compare with them for the precious metals.
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