SALES APPRAISALS

Sales appraisals are helpful in certain circumstances but not in others. Here is how you decide whether an appraisal will help you sell your jewelry:

  • If you intend to sell your jewelry on the internet or to another member of the public through business or personal acquaintances, a written appraisal must accurately describe the item and help you establish its fair market value. You want your buyer to be able to take your item to their jeweler and verify your description and value.
  • If you intend to sell to a jewelry store, a written appraisal will not help, as all jewelers who buy from the public will have their way of analyzing the quality and gauging their interest before making an offer. You do not need the independent appraisal because it is your intention to accept the high bid, once you visit enough jewelers to perform due diligence in the process.
  • If you cannot or do not wish to sell your jewelry, you may consider donating the item to a qualified charity or institution, where the fair market value of the item may be taken as a deduction on your federal income tax for that year. If you donate to an auction, to raise funds for a qualified charity, usually the IRS limits your deduction to the high bid, even if you paid more for the item originally.

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