What is an appraisal?
February 17, 2017
An appraisal is an estimation of value formulated by a certified gemologist who uses testable and traceable methods. Estate appraisals, better known as fair market value appraisals are defined as the amount that an item would change hands for, in its current condition, in its most common market, with neither the buyer nor seller being under pressure to buy or sell and both being aware of the relevant facts concerning the item. In most cases, insurance appraisals are written to reflect what a new item would cost. Therefore, the two types of appraisals can reflect very different dollar amounts for the same item.
We are happy to provide insurance replacement appraisals for items purchased at Abigail’s Jewel Box. We are also delighted to appraise your jewelry to settle property disputes or for estate tax purposes.
Appraisals should be “refreshed” every five years.