Professional Auctioneers vs. Appraisers: Determining Personal Property Values
Whether you're decluttering your space or selling the family home, chances are you may be going through quite a bit of your belongings to see what can stay and what needs to go. Among the choices you have when it comes to letting items go, you're able to toss them, donate them or even sell them if they're in quality condition. If you have some valuables that you may be concerned about, it may be time to get an appraisal performed on those items to get an idea of their value. So, how do you find the value of your treasured items? You may be torn between professional auctioneers and appraisers, not knowing which to choose. When it comes to determining personal property values, it depends on your situation.
What Is an Appraisal?
If you've ever bought or sold a home, you may remember an appraisal being performed to determine the value of that home, but what about your personal belongings? When you're wondering whether or not you should sell some of your valuable items, it can be helpful, depending on your situation, to know their worth prior to placing them for sale. And although you may view certain pieces as absolutely priceless, due to sentimental value, hiring someone to determine the objective value of your items is important. When you're looking to get items evaluated for insurance purposes, personal property appraisers are typically hired; however, if you're wanting to know the value of an item to sell, a professional auctioneer may be better suited to this task.
Professional Auctioneers vs. Personal Property Appraisers
When you're looking to place an item up for sale, it helps to know what the item is worth, so that you know you're compensated properly for it. Appraisers will give a value based on intent. For example, if it’s for insurance purposes, they will look at replacement value. If it’s for selling, they will look at the resale market. Appraisers are able to provide values like a professional auctioneer can; however, when it comes to selling, that's where an auctioneer is utilized more often. A professional auctioneer is able to evaluate items and provide you with values, based on the current resale market. They also know the trends of what is selling right now and what is not, making it easier to establish an estimate for a particular item, based on what similar items have sold for in the past. In a perfect world, sellers would be able to take their time to find the right buyer who will offer the right price for an item. However, when it comes to personal property, just like real estate, it's only worth what someone is willing to pay for it at a particular time. In our area, it's very difficult to find a personal property appraiser, which is also a disadvantage, especially if you're looking to sell your items as soon as possible.
What Items You May Consider Having Appraised
Like we mentioned above, not everything you own will warrant an appraisal; however, certain “valuables” should be evaluated professionally. These include:
Rare antiques
Some Vintage pieces
Fine jewelry
Paintings & other artwork
Certain Collectible items
The list can go on, and knowing the value of these items is key, especially when setting up a reserve auction, estate sale or a donation.
Your valuables may have been passed down to you from a family member or you may have been working on building your collection for years, which makes these items even more special to you. Be sure that whether you're looking to sell them or insure them, you have the right professional complete the appraisal task. And if you're looking for new owners for these items, be sure they're going into the right hands, those who can appreciate them.