Art, Antiques and Hurriances!

When homeowners prepare for hurricanes, often their art and antiques get overlooked. The Miami CBS4 Affiliate ran an informative and public service article last week; the article was authored by their reporter Jorges Estavez. Here’s a portion of his report:

“When you are preparing for a hurricane, most of us have the basics, like boarding up the house, putting up shutters and stockpiling items like water, batteries, and canned food, down to a science. But there's still the issue of protecting your valuables, the ones you can't lock up like expensive furniture or antiques? Porcelain figurines, ornate chairs, priceless decorations, these are the items on a new kind of hurricane check list.

One woman, who asked to remain anonymous, told CBS4's Jorge Estevez she doesn't want you to make the same mistake she did with her stuff which got ruined after Hurricane Andrew. "My feeling was I really wanted to make sure that I knew what the appraisal value was, God forbid something should happen again," she said. Ever since, she has had everything appraised and thinks everyone else should too.

So make sure and ask yourself before a storm actually begins to head for South Florida, are my antiques checked? An appraisal can cost a couple of hundred dollars, but it could help you save thousands in the future.”To see the entire article, see: www.cbs4.com/local.valuables.antiques.appraisal.2.1109336.html.

Here in North Carolina, we are exposed to potential hurricane and wind damage, even in the areas of Raleigh, Durham and Chapel Hill. It is important to remember that although your homeowners’ insurance may be adequate, it is the responsibility of the homeowner to provide proof of existence and valuation of all art, antiques and collectibles. Insurance companies’ claim policies have different provisions. Without an insurance appraisal, many homeowners have limited options after their loss, and some insurance companies only allow for decorative replacement valuation for art and antiques unless adequate proof of real valuation exists prior to the damage or loss. Investment in an insurance appraisal for your original art, high end collectibles, and period furniture is always a wise choice, especially after you spend a lifetime acquiring your collection.

I provide my clients with two signed original copies of their appraisal: one to retain in their home and one to be retained either by an insurance agent or to be stored outside the home in a secure location. In addition, I retain copies of the appraisal and my notes for five years. So, if a loss occurs, clients will always have access to copies of their appraisal document which not only provides value, but also has detailed item descriptions and photographs. If items have significant historical provenance, I include that information within the appraisal, as provenance can greatly impact value. And, because I have viewed the items included in the appraisal, I am a valuable resource for homeowners who need to prove that items actually existed within their home! For more information on insurance appraisals, see the insurance appraisal section of my website: www.TheAuthenticAppraisal.com/appraisals.php#insurance.

Another good altnernative to insurance appraisals are home inventories, especially when prepared by a professional. Again, you not only have the inventory in a formal document, but your appraiser is your best advocate in the event of a loss.

Vicky Nash Shaw, ISA AM
Accredited Antique and Art Appraiser

Missed Antiques Roadshow in Raleigh? Here's some Alternatives!

So, you could not get tickets to Antique Roadshow. Or, Antiques Roadshow is not scheduled to come to your area. If you have art, antiques or other collectibles that you would like to have valued, what are your alternatives? Surprisingly enough, there are lots of alternatives! And, of course, with each alternative, there are advantages and disadvantages.

First, you can research the item yourself. If you need assistance in item identification, there are lots of publications available through local books stores, Amazon, Collector Books and other sources. If you are looking for value, the internet has a wealth of information plus there are pricde guides available. The disadvantage to this approach is that if your item is not something that you are familiar with, obtaining reference material can be quite expensive. If you are trying to establish value, the different types of value can be very confusing and locating a similar item may or not give you the appropriate value you are searching for. The information in price guides is often dated, and may not be the type of valuation you need.

Another approach is to take your item to a dealer; some specialty dealers are knowledgeable, but if you are trying to sell your item, asking a potential purchaser to value your item is not a good idea. Plus, many dealers are not educated on the various types of values, including fair market value, insurance replacement cost, market value, etc.

You can hire an appraiser. For high end collections, unique items, decorative items, original artwork, period furniture, silver and other items, this is the best approach. Many appraisers provide not only written appraisals, but verbal approximations of value. A qualified appraiser can provide you with the valuation you need, plus help you understand what’s going on in the market. However, professional appraisers charge for their services. (That’s how appraisers make their living, so please don’t expect us to provide appraisals for free.) Services of a professional appraiser will normally give you all the information you need, and they will use current market information for the valuation. Appraisers often have access to multiple data bases which publish real sales prices on all types of items, and that’s how they develop values for appraisals. Be sure you find a credentialed and tested appraiser. (See my website at http://www.theauthenticappraisal.com/appraiser_selection.php for more information on how to select an appraiser.) Selecting a qualified and experienced appraiser is the best way you can insure you will receive a quality appraisal.

Local appraisal fairs are another alternative. With the popularity of Antiques Roadshow, these appraisal fairs are popping up in lots of areas. They are often fund raisers for non-profit organizations, and there is a charge associated with a valuation. Expect to pay around $10.00 for each item you would like valued. If you only need one or two items valued, this is a good approach. If you have lots of items or entire collections, you will soon be paying more than if you had hired an appraiser and paid an hourly rate. Plus, most appraisal fairs only accept items that you can easily transport and bring to the fair. One disadvantage of appraisal fairs is that often the “appraisers “ are not professional appraisers. Before you go, verify that the appraisers are credentialed appraisers, just like you would if you hire an appraiser. Remember that time is very limited in these fairs, and that the appraiser will not do any research before giving you a verbal approximation of value.

Talking about appraisal fairs, if you are near the Raleigh-Durham area, there is an upcoming appraisal fair being hosted by the Durham Regent Retirement Community. The event is scheduled for August 1 between 1:30 and 4:30, and proceeds go to purchase school supplies for under privileged children and to the local Ronald McDonald house. The location is 3007 Pickett Road in Durham North Carolina. For a $15.00 donation, you can get up to two items valued. And I am scheduled to work the appraisal fair. So, if you have silver, Chinese export porcelain, Asian bronzes, prints, paintings, and other collectibles and decorative arts, I hope to see you there!

©2009 Vicky Nash Shaw, ISA AM
Accredited Antique and Art Appraiser