Jan 22, 2008
Issue 321
Francis Allen of Hyattsville, MD and Sec. of NAGC passes this advice along:
Dear Gazelle Gazette,
I read about the robbery of Steuben glass and am so sorry to hear of such a crime.
Mr. Rockwell is indeed the man for the job of appraising this collection. Thank goodness, you had pictures or a good record of the lost pieces! I am an appraiser of personal property with my specialty being glass. I just wanted you all to know that there is professional help available with several appraising organizations in this country and Canada. You must interview appraisers to find out if they are knowledgeable to do that job, but members of an organization such as the International Society of Appraisers are trained through courses work to produce professional appraisals that will hold up in courts, the IRS and with insurance companies..
It is good to have such an appraisal in your hand and have your collections appraised as you build them. This will help your family to know how to handle and divide or sell such items when the time comes. Appraisals should be updated at least once every 10 years. When pieces are given to museums as donations, they must be appraised at fair market value.
You may find appraisers listed on the Internet along with their specialties.
Thank you for your story.
Sincerely,
Barbara M. Lessig, ISA, CAPP
International Society of Appraisers
Certified Appraiser of Personal Property
Specialty, Glass
Picking up on the issue raised and contested in several recent Gazettes about appraising glass based on decorating value, I was captivated to see the following headline in this week’s (Jan. 21, 2008) issue of Antique Week. Antique show coming to Indianapolis Home Show. The article notes that the Indianapolis Home Show has quietly been adding an antique element to its Show.
“The year, the show will get into antiques in a bigger way with the addition of 30-40 antique dealers.” Yes, a new way of marketing antiques.
In another area, the Gazette has touched on appraisals for insurance purposes. John Clayton of the Los Angeles area has supplied some background on insurance that I thought was useful.
Incidentally, John is slated to speak at the Symposium on marketing this coming September 20th. John notes that fine arts coverage is available as a separate policy for glass collectors. The cost is about 1/4 of a cent per insured dollar. Usually this is less than adding on a rider to your existing home owner’s insurance. $100,000 worth of coverage might cost something in the vicinity of $250. Small cost compared to the loss of a single piece. John is familiar with coverage through Fireman’s Fund. He reports that appraisals are needed for coverage on items over $20,000.
His contact is scereghino@edgewoodins.com (Susan Cereghino).
My experience with a similar type coverage and similar costs is Pacific Insurance Company
represented by Collectibles Insurance Services, llc. info@insurancecollectibles.com
However, for any single item worth more than $5,000, they have to be notified of the item for specific endorsement. I’m not aware of any requirement of pre-appraisal.
Of course, the policies and specifics are much more involved than can be reported here. However, insurance of collectibles is an important item for collectors and should always be considered. Specialized carriers are worth looking into. Costs seem to be relatively reasonable