Frequently Asked Questions About Jewelry & Personal Property Appraisals
Who uses your appraisal services?
A reliable and confidential source for appraisal services for over 26 years, Adams & Associates Appraisers, Inc. serves individuals consulting about their property or planning their estate. Lawyers use our appraisal expertise for litigation support or when an expert witness is needed for testimony about the value of property. Estate and trust administrators and conservators integrate information we provide to support decisions or pay taxes for the clients they serve. Local and federal law enforcement agencies require our appraisals to identify and value the property they have seized as evidence. Insurance companies rely on our objective, supported values, after all, to insure property, adjust for a loss, settle disputes, and to litigate, if necessary.
Our appraisal reports are personalized to your needs and our service assures your privacy.
Why do I want an independent professional appraiser?
An independent, professional appraiser witnesses a property, identifies its quality, and provides an opinion of value that is unbiased. After all, actual sales that occur in the market for similar properties are facts analyzed to conclude value.
Is your appraisal certified?
Our appraiser is accredited. Successful completion of education and years of experience in the appraisal industry culminated in the status of Accredited Senior Appraiser in the American Society of Appraisers (ASA) - www.appraisers.org. This followed testing and a rigorous process of peer review. Vickie Adams is authorized to use the Master Gemologist Appraiser® mark.
How may I rely on the appraisal report?
Reports communicate the appraisal process. They are as good as the methods used and the support offered in the document. Our appraisal reports detail the type of value for a particular use by a specific user on a specified date. You may rely on the document and the conclusion presented when the report contains all the pages listed in the table of contents.
What questions does an appraisal answer?
Each appraisal report is advice tailored to answer a question. Examples of inquiries are:
- How much insurance coverage do I need?
- What amount of tax will the estate owe?
- What equal way can we divide the property?
- How much should I pay to buy it, or what should I receive if I sell it?
- How did its value diminish by damage?
- What is the value of my gift to charity?
How much does an appraisal cost?
Our fee basis is hourly without consideration of the value of the property. Our minimum fee for two hours of appraisal service is $400. This includes the time required for consultation and the evaluation of property. Other fee arrangements may include per diem or by fixed arrangement for particular large assignments.
Why do I need an appraisal for insurance?
Replacement values for insurance matters fall into two categories. One states the current value to replace a similar property. The other explains the value before a loss or damage, as well as the loss in value from damage.
Replacement value appraisals document your property, its quality and its condition, in addition to stating the cost to replace the property with another similar property. This information supports your request for insurance coverage.
Do you appraise property for tax matters?
Treasury regulations rule, among others activities, two appraisal situations that include: 1) property remaining in an estate and 2) property donated as a gift to charity. In both cases, our appraisals conform to methods and rules dictated by governing law when completing a Fair Market Value appraisal.
What are other reasons for an appraisal?
Marriage or business dissolution looks to an appraisal for equitable division. Civil and criminal litigation requires an independent appraisal to report the dollar value of damage. Appraisals may support litigation, help resolve disputes, estimate loss when damage occurs, and explain the value of a property in exchange. Property seizure, probate, and estate planning are other reasons for an appraisal.
What other services are offered by Adams Appraisers?
Consultation
Expert Witness
Litigation Support
Inventory
Must I bring all my jewelry to your office?
Our certified, portable, gemological laboratory and accredited appraiser travel to you at your home, office or bank to inspect and evaluate your jewelry. Of course, you may also observe the inspection process in our office.
What is the appraisal process?
Through research, the appraisal process generally develops in three stages.
First, identification of the property
- Interpretation of the hallmarks, trademarks, backstamps and signatures
- Recording of the metal fineness marks, model numbers and serial numbers
- Identification of materials, construction techniques and craftsmanship
Next, evaluation of the property
- Observation and/or tested using instruments
- Notation of measurements, weights, quality and condition
- Consideration of style, aesthetic appeal and form
Finally, valuation of the property
- Research sales in the marketplace
- Adjustment of sales data for dissimilarities to the item appraised
- Form an opinion of value from the adjusted comparable sales