Let's face it: bad things happen. An appraisal ensures that your insurance premiums and payouts are based on accurate estimated values. Our estimates reflect competitive and realistic replacement costs, so that your insurance premiums aren't inflated. An appraisal eases the settlement process, which is important during an already difficult time.
Retail replacement valuation is the most common appraisal needed. The purpose of the appraisal is twofold; first the item value is used to set your insurance premiums, and second, the documentation is used to replace your item, if necessary. An accurate appraisal will provide specific details such as metal content, weight of the item, color, clarity, carat weight of any diamonds, and accurate identification of gemstones in the item. It also includes detailed professional photographs of the item. This will help protect you, so that the insurance company replace your items as similarly as possible.
In most cases, the replacement item should be an exact replica. A qualified craftsman should make the replacement, using the same materials and construction techniques as the original. An item that is signed and authenticated has only one replacement level, and that is from the original signed source. If the item is irreplaceable, a current retail market value of a comparable item is used.
Fair Market Value
Fair market value is the realistic price an item would change hands for, in its current condition, in its most common market. Fair market value assumes that neither the buyer nor seller is under pressure to buy or sell, and both are aware of the relevant facts concerning the item.
A fair market value appraisal establishes a basis for equitable distribution of assets, estate tax preparation, dissolution of marriage asset assessment, and pre-sale valuations for auction and other secondary markets. Our appraisals comply with IRS requirements and meet the highest professional standards.
When appraising for fair market value, many factors are taken into account, including:
- Recent auction values. - Secondhand market information. - Relevant pricing guides. - Information from stores or dealers selling similar items.
Liquidation or Scrap
If you need to sell for quick cash, then you need a liquidation or scrap value appraisal. This appraisal provides the value for which the item can be sold quickly, without the time to research the best source or wait for an auction. This exemplifies selling under duress. A bankruptcy court could force someone to sell their goods without them being a willing seller.
Specific Types of Appraisals
Insurance Replacement Appraisal
Documents the quality and states a value opinion to obtain insurance coverage on new or existing personal property. The appraisal report informs insurance companies of the quality of an item and its current replacement value.
Get an unbiased and transparent verification of quality, material, and value for an item, so you can make a smart purchase at a fair price.
If you have or are considering purchasing an important stone that does not have a labratory report, you will want to verify the authenticity and value of the stone. Whether for curiosity or for resale documentation, we can provide an accurate value along with a detailed identification.
When a collection of jewelry must be split among heirs or a divorcing couple, Purple Creek organizes & accurately gives fair market values to your jewelry for equitable distribution. We supply reports simplifying the analysis of the subject items, so you can easily understand the value conclusions in the report. After distribution of the items, that report can be converted into individual insurance appraisals for the heirs.
Purple Creek works with attorney's to handle probate cases. We understand the sensitive circumstances surrounding estate appraisals and work quickly to document the values of the items. When the estate is settled, we can assist in the equitable distribution to heirs, or in the liquidation of the assets. Estate tax is levied on the Fair Market Value of an item on the date that the owner relinquishes possession, which is generally the date of passing.
These are normally used during bankruptcy or liquidation of business assets. We can go to the location of the jewelry to conduct the appraisal, whether it is in a bank vault, individual's home, place of business or your conference room. The sale can be held under forced or limiting conditions and with time constraints, depending on the circumstances and or how the items are sold.
We provide complete liquidation services for all types of jewelry, gemstones, watches, gold, platinum and sterling items through our network of estate buyers, gem dealers, consignments and auction houses saving you time and allowing you the best considerations for your collection.
We offer conflict resolution to protect interests, with an accurate and fair evaluation, supported by documentation. Value opinions rely on a process including a ranking of quality and the analysis of market sales for similar items. These facts support a value conclusion found in an appraisal report for deposition, arbitration and in trial.
The services of a professional jewelry appraiser or forensic gemologist may be required for litigation support or expert witness testimony. Forensic gemology can be especially important in cases involving diamonds, colored gemstones and fine jewelry. Our professionally trained appraisers have the expertise to offer opinions of value in an unbiased manner to aid the court in reaching an equitable decision. Engaging the appraiser before depositions are taken can often expedite an out-of-court settlement.
Sometimes, you just need to know what you're looking at. Whatever your circumstance, we can give you assurance by verifying quality and value. You will leave knowing more about your gemstone or jewelry and feeling confident in your decisions.
Answers specific questions about your gemstones or jewelry, explain more about its quality, and suggest methods to convert, manage or distribute your items.
This service includes the communication of an informed opinion of the relevant markets where similar properties sell. In addition to other requests, the quality of an object may be ranked by comparison to similar objects. No printed reports are supplied.
Identification & Sorting
Correctly identify and sort your valuables, verifying quality and value, so you can leave feeling organized, equipped with knowledge, and confident in your decisions.
Casualty Loss Appraisals
These reports are based on previous appraisals, client statements, invoices, or bills of sale. If paper documentation is lost, an in-depth conversation with the owner, supported by photographs becomes the basis of the valuation. The IRS allows an income tax deduction of some portion of the value with a proper casualty loss appraisal.
Subrogation and Salvage
Even when a building is a total loss, most gemstones and jewelry items are still in viable states of recovery. Purple Creek understands salvage issues, from a re-cutting of a chipped diamond or gemstone to the restoration of jewelry collections or recovery of a major gemstone that most others consider a total loss. This saves time, money and most importantly helps preserve cherished invaluable items for our clients.
SIU and Fraud Investigations
We know how to investigate if a cash-strapped owner turns to their personal article floater policy as a way to get quick cash. We have the experience and knowledge to help protect insurers from fraudulent claims.
Purple Creek Gem Laboratory Services
We offer Loose Diamond and Colored Gemstone Identifications.
Our in-house gem lab and establish or confirm the identity and description of gemstones, and any identifiable treatments. No dollar value is given.