[Jewelry making - Article 00531] - Re: [Orchid] Valuation of jewelry for a divorce settlement

[Carrie Nunes]

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Hi Rick,

    Divorce statutes can vary from state to state and the appraiser
    accepting this type of assignment must understand what laws apply for
    the particular state and must request clear instruction from the
    client's attorney. In many cases though, jewelry and other personal
    property that is being valued for divorce settlement is given what is
    called a "Fair Market Value". This has a very specific definition. As
    defined by the U.S. Department of Treasury: "The fair market value is
    the price at which the property would change hands between a willing
    buyer and a willing seller, neither being under any compulsion to buy
    or sell and both having reasonable knowledge of relevant facts." The
    definition goes on but basically details that this is not a forced
    sale and the property should be valued in an appropriate market for
    what it is, the most common market where this item is sold. The
    definition continues"...the fair market value of such an item of
    property is the price at which the item or a comparable item would be
    sold at retail." By "retail" they mean any market where goods change
    hands and where the buyer is the ultimate consumer or end purchaser
    of the goods. So depending on the age and condition of the jewelry,
    the end user could be different. In most case the appraiser will be
    researching comparable items, like kind and quality, sold in a retail
    jewelry store or at auction. You may have a piece that is badly
    damaged though and its only value is that of scrap. A scrap dealer is
    your end user in that case rather than the general public. For fair
    market value appraisals, researching comparable items in the
    appropriate market is critical and will give the appraiser the most
    credible valuation result. Jewelry appraisals are of course an
    opinion of value. It is very important to seek out a well trained
    professional who is also a member of an association like ASA or NAJA
    as they have high standards for ethics and continuing education for
    their members. Personal property appraisers are not currently
    regulated like real estate appraisers. Just about anyone can call
    them self a jewelry appraiser. Training as a graduate gemologist is
    wonderful and necessary but it does not make one qualified to be an
    appraiser and further study is required. 

    Your wife may want to look at some of the books on jewelry appraisal
    written by Anna Miller. Or contact someone at ASA or NAJA for
    further information. I hope this is helpful! 

Carrie Nunes
www.carrienunes.com
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