"Appraised" for $7500, Actually Worth $500
I grew up on Long Island, where there was recently a traveling auction show.
The way the "shows" work is that someone rents a home, or space in a hotel.
At said location, they might sell jewelry “at auction” for a fraction of their inflated "independent" appraisals, as the jewelry is supposedly from "people that really need to sell". Further, somehow they are able to sometimes sell multiple of their "one of a kind" pieces.
Aside from costume jewelry that is usually cheap and "just for fun", I would recommend only buying real jewelry from reputable sellers that also allow you to have recourse.
At the end of the day, that “appraisal” for $7,500 from a "company" that disappears is not going to help you resell an item actually worth $500 to a professional jeweler like me or help your purchase become a sound investment.
So, please be careful with traveling shows and if you need my help or opinion on something specific, please ask.
- Andrew Fabrikant
Andrew Saves Client $10k On Jewelry Insurance
Andrew completed a free jewelry appraisal on May 15, 2018, for $227,000.
It was for a 5+ carat engagement ring with a GIA certificate stating the diamond to be an F color and VS-2 clarity with Excellent Cut, Polish, and Symmetry, set in a handmade platinum mounting with two pear-shaped diamonds.
On July 7, 2021, without notification to the owner, the insurance provider increased the valuation by $63,000 to $290,000. This is a 28% rise in coverage in 3 years, despite the diamond market being flat during this time period.
By reviewing the client's entire jewelry collection,15 items in total, Andrew managed the unrealistic increases in value the insurance company placed on the jewelry and provided a letter of replacement value.
Andrew's client submitted the replacement value letter to their insurance provider and, in turn, was able to bring down their annual bill by $10,000.
Andrew Fabrikant & Sons recommends checking the listed value of your insured jewelry, diamond rings, gold, and other valuables with your jeweler. If you don't have someone, Andrew is currently offering a free appraisal or letter of replacement value.