Do you have a piece of heirloom jewellery sitting in your wardrobe for ages? Or an antique collectible that’s been there in your family?
Have you ever tried to determine the financial value of these items? Researching rare items on the internet often poses some serious limitations. The information might not be accurate or from a legitimate source.
This is why people opt for antique valuations.
Let’s have a closer look at the benefits of professional antique appraisals.
What is a professional antique valuation?
Professional or expert antique valuation is done by individuals or valuation companies to understand the current financial value of an item.
There are different types of antique appraisals like jewellery valuation, art valuation, watch valuation, etc. These appraisers examine the given item to give a fair market value of it.
Fair market value or FMV is requir-ed for a series of different purposes. After the valuation is done, a certificate and report are issued where the value and reason for it is justified.
Reasons for professional antique valuations
For insurance purposes
This is one of the most common reasons people opt for valuation. A professional valuation is often required by insurance companies as a part of a homeowner’s policy.
So, this includes any item of significant value. For instance, jewellery valuation for insurance purposes. Without a proper valuation report, you won’t get the correct reimbursement of your jewellery if it gets damaged or stolen.
For estate division
Estate valuation happens when a person dies leaving significant possessions and multiple heirs. This is when you need a probate valuation. Obtaining a professional appraisal of your items would help to create a proper will.
It also makes the inheritance process easier. For instance, a person has a lot of collectible jewellery. A probate jewellery valuation, in this case, would provide a solid documentation for dividing the estate between their children.
For tax compliance
For any charitable donation of a significant amount, you need a professional appraisal. Failure in the submission of the valuation report would lead to denial of tax deduction, financial penalties.
Additionally, the appraisal must be done by a well-recognised organisation to be considered a qualified appraiser.
Imagine you have an artwork that you sold in a garage sale at £100. Now after a few days, you learn that the same artwork was sold at an auction for £50,000. Think about the huge loss.
Without a proper valuation report, you might bear an enormous loss. Most of us don’t know the real-world value of old items. So, it is always better to get professional advice from people who actually know about antique things.
For divorce settlements
Legal separation is never without complications. Whenever there is estate or jewellery involved in divorce settlements, it is always best to get them appraised.
Determining the value of each item will help with property distribution when the assets are divid-ed between both parties.
For business dissolution
Business partnership always involves a risk factor. The market may go on a loss which leads to huge losses. One of the partners may opt out due to financial reasons or sudden demise. The pandemic has caused many businesses to dissolve for these reasons.
A professional appraisal is requir-ed in court for any shar-ed-part assets. This way each partner can get the estate legally divid-ed between them. For a sudden demise, the issues are related to inheritance.
Benefits of working with a professional valuation service provider
There is no match for a well-reputed company like Prestige Valuations and a DIY valuation done on the internet.
If you need a valuation done for financial or legal reasons, hiring a local company is a wise decision. There are online antique valuation services available. However, remember to research well before hiring a company. A professionally authentic report is detail-ed, certifi-ed, and accepted by a range of courts.