When it comes to jewelry, getting an appraisal is a crucial aspect of valuing your most precious pieces. However, the process is often shrouded in mystery and misconceptions. In an industry where knowledge is an essential part of owning the jewelry itself, understanding appraisals is the first step to making informed decisions about your collection.
Here, we debunk five pervasive misconceptions about jewelry appraisals that you shouldn’t believe.
What is a Jewelry Appraisal?
First, some context: a jewelry appraisal is a professional estimation of an item’s value. It provides a detailed description of the jewelry, including the type of metal, the quality, and size of stones, and the craftsmanship involved. The practice dates back to ancient civilizations where jewelry held significant cultural and monetary value and has since been standardized to provide consistency.
The primary purpose of an appraisal today is to determine the retail replacement value, often for insurance purposes (for second-hand jewelry, this often ranges from 20%-60% of retail value). However, appraisals can also be used for estate planning, resale information, or simply to gain a better understanding of one’s collection.
Now, let’s dive into some common appraisal myths!
Misconception 1: Appraised Value Equals Market Value
The Truth: The value assigned to a piece of jewelry in an appraisal does not always equate to the price you could sell it for. An appraised value is an estimate of what the item would sell for in an appropriate market, and this can be influenced by multiple factors such as buyer and seller negotiation, market conditions, and the actual demand for the specific piece.
There is often a difference between the retail replacement value assigned in an appraisal for insurance purposes and the price a jeweler would buy or sell the item for. Jewelry appraisals are a starting point for negotiations, not the final word on value.
Misconception 2: Appraisals Represent the Piece’s Authenticity
The Truth: Appraisals typically focus on the value of the materials and the piece’s craftsmanship, not its provenance or historical authenticity.
This distinction is essential for buyers of vintage and estate pieces, as an appraisal will not always guarantee that the piece is an original or that it’s been handled by a specific designer or famous figure. Verifying authenticity often requires additional documentation and could involve other expertise.
Misconception 3: Appraisals Are Permanent
The Truth: The value of jewelry can fluctuate over time due to changes in the market, fashions, and the availability of materials. As a result, jewelry appraisals should be updated periodically to reflect these shifts.
Most appraisers recommend updating appraisals every five years, but this can vary depending on the item, its place in the market, and your individual circumstances. A “static” value could leave you over-insured or, worse, under-insured if it comes time to make a claim.
Misconception 4: Online or DIY Appraisals Are Reliable
The Truth: The convenience of online or DIY jewelry appraisals can be tempting, but it is important to recognize that these are not as reliable or useful as in-person assessments by a trained professional.
Online appraisals usually depend on the submission of photographs and limited information and are susceptible to inaccuracies due to the difficulty of assessing minute details remotely. DIY appraisals are even riskier as they may not adhere to the legal and ethical standards set forth by professional appraisal organizations.
Misconception 5: All Appraisers Provide the Same Quality
The Truth: The competency of jewelry appraisers can vary drastically. Not all appraisers have the same level of expertise, training, or experience.
To ensure accurate valuations, it’s crucial to select an appraiser who is qualified and recognized by a reputable appraisal association. Look for professionals who continue their education, specialize in the type of jewelry being appraised, and have a good standing in the industry.
Choose Jewelry Artisans for Professional Appraisals
For the most accurate and reliable jewelry appraisals, trust the experts at Jewelry Artisans. Our team of certified professionals has a combined expertise of over 100 years, ensuring that you receive precise valuations for your most treasured items. It’s not just a piece of paper; it’s about ensuring that you have a realistic understanding of your jewelry’s worth and, ultimately, peace of mind.
Don’t fall for these common misconceptions about jewelry appraisals. Arm yourself with knowledge and partner with Jewelry Artisans to get the most out of your prized possessions. Don’t hesitate—contact us today and schedule an appointment to have your jewelry appraised by the best in the business!