Furniture and Furnishings Appraisals Families acquire furniture and furnishings throughout lifetimes and sometimes through generations, some is purchased and some may be inherited. However it came to be in a household these antique and contemporary items have value. In order to discover the true value of the pieces, you can obtain an appraisal from a professional appraiser who is qualified to evaluate antique, vintage and contemporary furniture and furnishings. While hidden treasures are uncommon, once an appraiser evaluates an item, you may discover that the cabinet, desk or other item you acquired for a good deal or inherited from a family member is worth many times more than you thought. Know What It’s Worth Individuals who want to sell furniture and furnishings items should first learn their fair market value. Fair market value is the most common price paid by a knowledgeable buyer when the seller also knows what the item is really worth. It is not the highest price ever paid, nor is it the lowest but it is the fair price for the item. Appraisers will take specific characteristics into consideration when determining fair market value such as condition, age, rarity, origin, maker, style and provenance. Protect Your Valuables If you or your family has built a collection of valuable furniture and furnishings, you will want to have them insured against loss or damage. Insurance companies require that formal appraisals be submitted which catalogue the items and provide retail replacement values for them. Retail replacement value is the price you would have to pay to replace the item when you go to the most common market for it. The appraisal will consist of the professional antique appraiser’s examination of the items, or in the case of a loss, all documentation, photos and receipts which assist in determining what the item was worth prior to loss. Distribute or Settle an Estate In some cases, estates are liquidated in order to pay off debts or satisfy other demands, such as equal distribution of value as prescribed in a will or trust, divorce settlement or business dissolution. In order to ensure that the full value of sold, auctioned, or divided items is received, an appraisal is completed on all items of interest. In other cases, old and valuable furnishings are passed on to heirs and these inheritances often require documentation of total estate value from an appraiser to be submitted to probate or the IRS. Those wishing to donate furniture and furnishings to charities will also need to get an appraisal in order to acquire a tax deduction for the actual value.
Whether you require an appraisal of furniture and furnishings due to curiosity, estate liquidation, estate settlement, or charitable donation, an appraiser from Lynn Roberts Appraisals will provide the documentation you need to satisfy necessary requirements.
Lynn Roberts Appraisals PO Box 32518 Tucson, AZ 85751