Art & Antiques by Dr. Lori

Death, Divorce, Donation: When do I need an Appraisal?

I know from experience that Americans enjoy appraisals. People like to tell and listen to the stories of family heirlooms, the art history of an old painting, and the value behind an antique yard sale find. I know this because I conduct more than 100 public appraisal programs every year nationwide where I teach art history, share museum practices and preservation techniques, and provide appraisals of objects. Along with my in-home appraisal appointments where I conduct appraisals for clients, I review about 20,000 objects every year for clients who want to know the truth about what they have and what it’s really worth.

Many people never realize that at certain times in their lives, they need a confidential, unbiased, and formal appraisal. There are three major occasions in life when you need an unbiased appraisal, that is the type of appraisal you can only get from an expert who is not interesting in buying (dealer or reseller) or selling (auction house or consigner) your valuables.

Times of Change

The times when you need a personal property appraisal are times of change. You need an appraisal when you have experienced a death in your family prior to liquidating, donating, or distributing any art work or antiques to family members. You need an appraisal if you feel that you may soon experience or are in the midst of a divorce in order to protect yourself. Although feuding couples will appraise their real estate and cars, both men and women rarely realize that they need a personal property appraisal of all the property purchased during the marriage. Community property will become a point of interest during a divorce. Also, you need an appraisal when you are downsizing or making a charitable donation. The three Ds--death, divorce, donation--are the most common times when you need an appraisal.

Many people obtain appraisals to update their insurance policies in order to protect their personal property with all risks coverage. Appraisals are a good idea to maintain proper insurance for art and antiques which are NOT covered under regular homeowner’s policies in your new home.

Many elderly parents tell me that they are interested in obtaining an unbiased appraisal for family heirlooms that they are handing down to their children. They tell me that they want to be fair. They don’t want one child to end up with a very valuable piece just because the parents didn’t know it was more valuable than the item that was gifted to their other child.

Didn’t think you needed an appraisal? Think again.

As seen on Comcast CN8 TV, Dr. Lori is an antiques appraiser with the Ph.D. in art history. For information, visit www.DrLoriV.com or call (888) 431-1010.