What types of valuations/appraisals are available?
Valuations/appraisals can be prepared for a number of different purposes including:
- Retail Replacement Value: a detailed assessment that estimates the likely replacement price at a traditional retail shop. This type of valuation is often used by insurance companies.
- Auction Reserve: the minimum hammer price achievable in an ideal auction market, where time is not a factor. This figure does not include premiums or commissions which can vary at each auction.
- Non-Forced Sale: an estimate of a reasonable second-hand price between a willing buyer and seller in a fair or specialised market without time constraints.
- Forced Sale: the price that can be expected when an article must be sold within a short time frame in potentially non-ideal market conditions.
- Second Hand: a value for used items that takes into account the condition, desirability and collectability of the item.
- Private Sale: a fair and reasonable second-hand price when someone wants to sell an item to a member of the public. In such cases, the valuer acts as an unbiased expert and GST, sales tax or duty is not included in the valuation.
- Divorce Property Settlement: the Family Court may require a valuation of jewellery in a divorce settlement. Written directions are provided by the solicitors with the valuation usually based on “fair market value”, although this may vary.
- Deceased Estate: again, written directions are provided by the lawyer or executor of the will, with the valuation reflecting the current market value or the requirements of the will.
- Quality Assessment: A quality assessment report is prepared for people who require an accurate appraisal of jewellery without a value statement.