Why Get an Appraisal?

Appraisals of jewelry can be very useful and necessary when you are planning to sell, consign, or trade an item, are settling an estate, or are distributing property in a divorce.

An appraisal is a physical document that describes and assesses the quality, characteristics, and value of a piece of jewelry.

Most appraisals are for insurance. We figure the item at an approximate replacement value. This is basically what the average jewelry store would sell the item for as a new piece of jewelry. The item is photographed, and all pertinent information is included to properly describe and evaluate the jewelry. We do not do "feel-good appraisals." These are appraisals we often see with a high, inflated valuation.

Over insuring a piece of jewelry just costs you extra money. Having an insurance appraisal and insuring your item(s) allow you to be reimbursed if your jewelry is lost, stolen, or damaged. The first appraisal is $125, with each additional piece of jewelry costing $95. (Simple items that are just evaluated by their metal weight, like simple necklaces and charms, cost less.)

We recommend Jewelers Mutual.

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Another type of jewelry appraisal is for fair market value. Fair market value reflects the item’s value in its current used condition. For example, if you were to sell the item on consignment.

Lastly, there is a jewelry appraisal based on liquidation value. This is basically what you can get if you want to get cashed out immediately for selling the items.

We normally combine fair market and liquidation appraisals in one document when we appraise estates for individuals, law firms, and banks. We charge $125 an hour with a minimum of one hour charge, and because we do this often, we are very fast. On large estates, depending on complexity, the per-piece charge runs around $10 – $20 each.

Humphreys & Son Jewelers offers a free liquidation evaluation on items you’re looking at selling.

Clients we have done appraisals for:

• Most local law firms
• Most local bank estate departments
• Council on Aging
• CPA firms
• Churches