It's worth HOW much?

[justginger]

Obviously, after a bit of angst, I just got all of my big tickets items appraised. Now...we all know appraisals aren't correct. Their values are inflated. I've heard this phenomenon takes place for a wide variety of reasons, from stroking the egos of clients, justifying outrageous local retail prices, to allowing for increase of prices over the years you don't get your items appraised.

But, how much off are they? Do any of you have a rough rule of thumb you've developed over the years? Do you think you can replace an item from a PS vendor for perhaps half the value outlined in your appraisal?

I must admit, I nearly fell over when I saw some of the numbers on these appraisals (not all, some seemed relatively close to true replacement value). I'm electing NOT to insure these items for full value. There's no reason to pay such huge premiums for numbers I know are seriously incorrect.

 

[missy]

I'm sure others will chime in with more knowledgeable info since I have only had my ER appraised.

I had my ER appraised for what I paid for it. I know that seems odd but I told the appraiser it was specifically for replacement value for insurance reasons and I did not want to overpay. The point (for me) was that if it was lost/stolen I could use the insurance money to purchase another and if I had to pay a little more to add to the insurance $$ that was fine. It was so I could afford to replace the ER if I had to. I could not afford to replace it from scratch but I could certainly pay a bit more if I needed to should the time come that I needed to replace it. I did not want to pay more than I had to re insurance cost and I hope I will never need to use it but it's insurance against having to pay the full amount. If that makes sense...

Sorry you had a bad experience with your appraiser Ginger.

 

[Logan Sapphire]

I had an opposite experience with some items I just had appraised as well. My Facets eternity ring appraised for less than it currently sells at. I don't know if this is common, but I was upset, as I feel like Facets is reasonably priced (or at least used to be).

 

[partgypsy]

Now, did you ask the appraiser for appraisal based on insurance replacement cost? That's what I did when I had them last appraised. The numbers are all high, but pretty consistent with what they would cost to replace at full retail.
I don't see why you can't insure for a lower amount than the appraisal however. Our house insurance reviewed our house and calculated a number to insured it at, which was pretty high. So I am insuring at a number between that and an appraisal (done for refinancing reasons) done the previous year, and they seemed fine with that.

 

[ame]

I had an opposite experience with some items I just had appraised as well. My Facets eternity ring appraised for less than it currently sells at. I don't know if this is common, but I was upset, as I feel like Facets is reasonably priced (or at least used to be).

I have a local appraiser who might not still be appraising that was I felt fair, if a little too conservative. I used an average of both appraisals and the receipts to get the insurance value. This time around I just used the one from GOG, and was planning to average with the amount paid but the insurance person gave me the amount I was paying if I just stuck with the appraisal information from Jon and the amount with the receipt, it was not far enough off to worry about it. My stone is kind of a needle in a haystack so to get a replacement of like kind, Id have to get a custom cut from a sourced stone.

Speaking of undervalued, a friend of mine used one of our often recommended and active PS appraisers on my recommendation a few months ago to reappraise her wedding set, including a very expensive designer setting that retails for over 8k by itself! The appraiser blew her off for weeks and when she FINALLY got her items and appraisals, he had valued her entire ring for in the $6k range, including her 1.5ct diamond in the $8K setting. She knew he was way off based on what she had paid several years before, for the setting and stone, she had even provided three vendors prices on that setting to prove her point, and enlisted at least two vendors in the value assessment of what that diamond would be purchased for today. She should not have had to do his job for him so I refuse to recommend this person to anyone again, because there is conservative valuation, and then there is WRONG and clearly rushed and unresearched work. There was always some excuse for why it was still not done, or why it was wrong or "hard to peg a price on". It just sounds to me like he either forgot about it, had no idea who to inquire with about such items which being on PS is really pushin' it, was busy with other stuff in his life or underestimated his backlog of work. But whats annoying is that I saw people say things about thanks for the quick turnaround for his appraisals that were received WELL after she sent him hers, and received back WELL before she did.