Appraisal Advice Please

[tbloemer]

I have about 20 violins in my collection, 10 of which do not yet have appraisals. I wish the appraisals for my homeowners insurance only as these are all part of my permanent collection, and I have no intention of selling them. I also am somewhat cheap...hehehe. So I would like to know the most economical way to get an appraisal for these violins, and it not cost me a fortune, and yet still be by a knowlegable appraiser so that they are not undervalued. Thanks for your help.

[fubbi2]

With all due respect, what you are asking for is probably not reasonable. A good appraiser is worth what you pay them.

You might consider taking them, as a group, to a good luthier, and ask them for an 'insurance appraisal' for the lot.

(I don't know what you do for a living, but would you work for me at a big discount...just because I'm a nice guy ?)

[tbloemer]

Your right, I expect to pay a fair price for the appraisal, but not 100.00 per instrument like one "expert" asked. One guy even went so far as to tack on 5% of the value of the instrument.

And, I work in Law Enforcement....so I do work at a big discount!

[lwl]

5% of the value of the instrument is usually for a certificate, not a plain appraisal.

Insurance companies usually require a written valuation. That's going to run you somewhere along the lines of $75-100 an instrument, though if you have ten of them, a shop might be willing to give you a discount for the batch. The instrument gets measured, described, identified, etc., as well as put in the shop's records so there's some permanent record if your insurance company ever hassles you.

If you don't need a written appraisal, you can probably get a verbal one for about $15 an instrument, but you'll probably have a much more difficult time with claims if anything ever happens to one of the instruments.

[tbloemer]

Thank you for your advise. I'll shop locally for a knowlegable appraiser and see if I cannot receive a discount on the lot.

[Celloontheside]

I got a written appraisal from a respected dealer (the shop where I bought the instrument many years ago) for $35.

[ShadowHawk]

Here's a though... albeit a bit unorthodox. Take pictures of the violins and post nice ads on ebay or any other busy auction site. Set a reserve price to a value that well exceeds what you believe each is worth. Most likely, none will sell and you'll get a general feel for what the violin would sell for, sound-unheard, on the open market. Your insurance company could hardly refute a legitimate bid value. If any happen to reach your "over-priced" reserve... well, as they say, everything has it's price. If some do not approach what you think they are worth, only then take them to a shop for an appraisal.

[This message has been edited by ShadowHawk (edited 03-20-2001).]

[M Rankin]

I don't know if this works in US, but:

Here in U.K. some violin shops will do your insurance appraisals for nothing if you make them your agents for proper musical instrument insurance (which can be cheaper than adding valuable instruments to a household policy). It's a good system, because it's less bother and more reliable than dealing with a regular insurance broker, as they understand what's being insured and what can happen to it. They will also deal with the insurance company for you in event of a claim. What's more, you are then covered for all kinds of stuff like leaving them in rehearsal rooms, even in your car trunk for short periods, etc.

Max

[Jeffrey Holmes]

quote:

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Originally posted by M Rankin:

I don't know if this works in US, but:

Here in U.K. some violin shops will do your insurance appraisals for nothing if you make them your agents for proper musical instrument insurance (which can be cheaper than adding valuable instruments to a household policy).

Max

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Interesting... This does not often occur in the states (especially since British Reserve withdrew from the market)..... As a matter of fact, I can see possibilities for some conflict of interest in this system; but there must be some regulations to avoid the pitfalls there.

The costs here generally run in the reverse, in my experience (addition to houseshold is usually less expensive that specialized instrument insurance).

I've also heard from several colleagues in the UK that they no longer deliver the appraisal to the owner, but instead send it directly to the insurance company, bypassing the owner entirely. I imagine this might cut down on private sales of instruments where the asking price is supported by an insurance value (which is often slightly higher than a fair market value).

Jeffrey

[This message has been edited by Jeffrey Holmes (edited 03-22-2001).]