Reasons to have art and antiques appraised by a professional appraiser/valuer.
Buying and Selling
Never accept a verbal valuation for an antique, art piece or item of collectable value - Get it in writing.
When buying or selling and you have limited knowledge of the item in question, contact a professional appraiser/valuer. Remember, real investors will not put a cent down until they are sure of the value and what they investing in.
Ask an appraiser/valuer what their fees are, provide them with as much detail as possible, although appraisers/valuers prefer to see the item. Their fees must justify the item which you intend to sell or buy.
Tip: Not all dealers are qualified to appraise or value an item, they're in the business to buy at the lowest price and sell at the highest. Always use a qualified appraiser/valuer.
Two values are applicable to investment pieces:
"Fair Market Value", this is a value placed on a piece for "Tax Purposes", an example of such is when a piece is donated for charity.
"Replacement Value" which is for insurance purposes, this is the value which you will use to insure your piece with your insurance company.