Appraisals
Appraisals
Appraisal Functions
The most common type of appraisal is the Insurance Replacement appraisal. This is a detailed description of the item with replacement values based on current market conditions for the value of a like and kind item. This should be updated with your Jeweler and Insurance agent every two years. This is a record of value in case of theft or loss. Levy’s staff of GIA trained Professionals and Graduate Gemologist do thousands of appraisals a year.
Probate/Inheritance Tax Appraisal
A probate/inheritance tax appraisal is necessary to determine inheritance taxes on an estate. This appraisal requires special knowledge of research values.
Collateral Appraisal
Bank loaners often ask for a collateral appraisal so that they know the value of a piece before they loan money for it.
Divorce Settlement/Dissolution of Marriage
In states that hold community property laws, all property is divided equally according to market value. In states holding equitable distribution of property statutes, judges award each party a percentage of the value of all combined holdings.
Liquidation Appraisal
This allows an owner to determine a value for a piece when they decide to convert the item into immediate cash.
Comparison Appraisal
A comparison appraisal is used when a client brings in an item or jewel to verify its quality or identity.
Estimate to Replace
This is an appraisal used to find the value of a previously undocumented item, usually when it is lost or stolen, and is hypothetical, based solely on information or photographs from the client.
Damage Report
This appraisal is used to find the difference in value after a piece has been broken or damaged. These include the cost of removing, recutting and resetting the stone.