Appraisals & Management of Personal Property
“To repair or not repair?” For damaged objects, there’s a special kind of appraisal that could give you a financial upside. It’s related to the condition of the object you’re considering, whether it’s for purchase, donation, insurance, or otherwise.
Buyers, collectors, and museums all seek objects that are in their original state. Refinished or repainted objects are not desired. A work in pristine condition will value greater than an item with paint loss, chips, stains or discoloration. Even the smallest losses or changes in appearance, anywhere on the object, can make it unsellable.
Condition refers to the state of the object’s appearance or working order. Condition is hugely important in the object’s valuation and it’s something we inspect carefully for every object we appraise. Objects are carefully examined, often with magnifiers and UV lights, as not all condition changes are immediately apparent.
For repaired objects, a ‘loss-on-value insurance appraisal’ provides a valuation that equals the difference between the item before damage and after its repair. A client recently inherited a painting by Robert Lostutter which had a large tear in the canvas. It was originally insured at an extremely low value. Our highly experienced conservationist delivered top-quality repair and restored the painting to near-perfect condition. Its value quadrupled.
Sometimes it is not worth the repair. A client owned a lithographic print by a 21st-century artist that had aggressive stains on the center of the image. It was considered a total loss. We recommended that the client settle for a replacement value with a comparable item.
Rare or important objects can be well worth saving through professional repair. Two sisters inherited a large lakefront house. It held a collection of elaborate mid-20th-century rugs and carpets. Unfortunately, the rugs had been neglected through the years, and some had been stored with inadequate protection. Using our industry connections and knowledge of various means of disposal, BCG brought in an expert on mid-century rugs. They directed the cleaning and sale of the collection for top dollar to buyers on BCG’s collector’s list.
Our expert and connected professionals can provide you with the guidance and the appraisal that are right for your particular needs. We can help you determine the current value of your property, and whether a “loss-on-value” appraisal makes sense for your damaged object, saving you substantial money and time.
Contact us at +1 312-372-9216 or appraisers@bardoappraisals.com to learn how we can help you.
Mon – Sat: 9:30am – 4pm (CDT)
