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Passion Assets: A True Love of Collecting

Art Peritus

However, the qualities that make passion assets so precious to collectors also expose them to unique risksrisks often not covered by standard homeowners insurance policies. Several nuanced factors determine the value of passion assets, including rarity, quality, condition, and provenance.

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How To Determine If You Need An Art Appraisal

Art Appraisal Resources

Understanding the artwork's potential worth allows you to make informed decisions regarding its conservation, insurance, sale, or donation. Appraisals can also assist in establishing provenance, which can significantly impact the value of the artwork.

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Understanding the Different Levels of Value: It’s Worth What Where and When?

Artifactual History Appraisal

It can sometimes be present in insurance policies, although in my experience it is much less frequently encountered. The best way to determine what level of value you have in your own insurance policy is to pull out and read your policy documents or call up your insurance agent to confirm.

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Why do you need to have extra insurance coverage for fine art & jewelry?

International Society of Appraisers

One question you should ask yourself is “am I properly insured if something catastrophic happens?” They consider factors such as an artist's reputation, rarity of the piece, quality of materials, provenance (history of ownership), and market trends. Their expertise ensures that the valuation is accurate.

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The Collector

Penrose Appraisals

A standard insurance policy written to provide replacement value for losses would perhaps go into the market to find out what the dress costs to buy new. Also, standard homeowners insurance policies may have maximum amount of coverage for certain categories. And some policies simply exclude art and collectibles outright.

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Protecting Your Collection and Your Wallet: What You Could Lose If You Suffer a Loss Without an Appraisal

McAllister Fossum Appraisal Services

Understand Your Homeowner’s Insurance Policy The biggest problem I see after a devastating loss is underinsurance, meaning that homeowners suffer a loss yet fail to recover tens of thousands of dollars just at the time when they have lost everything they hold dear. Keep a copy of the insurance policy handy too.

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Replacement Value Appraisal vs. Fair Market Value Appraisal: Understanding the Difference

ValuePros Appraisal Services

This method takes into account factors such as supply and demand, condition, age, and provenance of the item. – It takes into consideration supply and demand, condition, age, and provenance. – It takes into consideration supply and demand, condition, age, and provenance.