At JSK Fine Art Appraisals, all of our Insurance Appraisal Reports are fully compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and are crafted to meet the highest standards of our profession. Each item we appraise is meticulously researched and described in detail. Items are either photographed and inventoried during an onsite inspection or carefully reviewed through photographs provided by clients or insurance companies.
Our Insurance Scheduling and Damage/Loss Claim Appraisal Reports are written in accordance with the International Society of Appraisers (ISA) Appraisal Report Writing Standard (ARWS).
Insurance Scheduling Appraisals typically assess items based on Replacement Costs* to ensure you have the appropriate coverage.
For Damage/Loss Claim Appraisal Reports, we may consider Replacement Costs or, depending on the specifics of your insurance policy and the claim, other values such as Fair Market Value, Repair Costs, Loss on Value, Salvage Value, Scrap Value, or Original Cost. Each of these values requires research across different markets and can lead to different outcomes, helping clients negotiate fair settlements in the event of a loss.
We encourage our clients to maintain thorough records of their personal property, including original bills of sale, provenance documentation, prior appraisals, and photographs showing details such as condition, signatures, and maker’s marks. These records can be invaluable in preserving your collection’s value over time.
Insurance companies typically recommend updating appraisals every 3-5 years, as market conditions can shift significantly in a short period.
Understanding Replacement Cost
Replacement Cost, as defined by the International Society of Appraisers (ISA), refers to the amount required to replace an item with one of similar quality, within a reasonable time frame, and in the appropriate marketplace. This term is primarily used for determining personal property insurance coverage for items that are not intended as investments. It also helps establish the value of a claim in the event of a loss due to incidents like fire, flood, theft, or moving damage.
Relevant Marketplace
To determine the Replacement Cost, the appraiser considers the marketplace where the item was originally purchased. Was it acquired from a private dealer, retail store, antique shop, or auction house? Additionally, the appraiser assesses whether the item holds local or regional significance, where demand is higher, or if it has international appeal, particularly for items that are made, sold, or highly valued in specific countries.