About Appraisals

An appraisal is an opinion of value of an item or items given by a qualified appraiser. It’s not as simple as looking up the prices listed in a book or on-line publication. A professional appraiser first determines the use to which the client wants to use the appraisal, and then determines what approach to its value is appropriate. It could be the cost approach, the income approach, or the replacement value approach, all of which have specific criteria set forth by the Appraisal Standards Board. The appraiser then does research to determine the characteristics of value of the item of personal property being appraised (such as its condition, age, wear, originality, provenance, rarity, special features, and other items) and renders a professional opinion of value, made credible by his analysis in his appraisal report and his individual qualifications and credentials as an appraiser. Just looking up a property and its condition on a price list is NOT an appraisal, which is often required under many circumstances.

Why you need an appraisal for your collection—

• To Value Your Collection—Many firearms enthusiasts have accumulated a significant number of firearms throughout their lifetime, and quite naturally would like to know what their collection (or accumulation) is worth. They might wish to sell off some or all the items in the collection or give a few away to family members as they get older. Or they may simply want to better their collection by selling some items and purchasing others and want to know their value so as not to be taken advantage of. The best and most accurate determination of their value is via a professional appraisal.
• To Plan Your Estate—Equitable distribution of an estate is very important to your family and heirs, and an objective determination of the value of firearms in your collection is the best way to help avoid unnecessary and often painful disputes. Many times, a will or trust will specify that certain firearms or a collection are to be distributed in a specified way, and having their appraisals in your personal effects can help make a difficult situation less awkward or painful for your heirs.
• For Charitable Giving—Many persons are unaware of recent IRS rules which specify that giving a specific item or a collection with a value of over $5,000 requires an appraisal by a qualified professional appraiser to be able to claim a charitable deduction for those items on their Federal Income Tax Return. Today, most firearms have an ever-increasing value, and it is relatively easy for their individual or cumulative values to quickly exceed this threshold that requires an appraisal.
• For Insurance Purposes—Whether you need to know the value of your firearms for insurance coverage or insurance claims for losses, most insurance policies will require an appraisal of items which you claim are of a certain value. Depending on the policy, the amount of coverage or claim for a specific firearm that requires an appraisal to be covered for its loss or damage can be quite low. And if it’s gone, you will no longer be able to establish its value without having its appraisal in your records.