APPRAISALS

Before getting an appraisal, you probably would like to have some idea of the price. Fortunately, we are accustomed to providing accurate quotes. This is generally done in two steps; it starts with a phone conversation, followed-up with an e-mail (or the other way around). It helps enormously if you have digital photographs of the objects, even snapshots are helpful. Next, an appointment is made for the actual evaluation at the premises. Every quote is tailor-made depending upon the size of the assignment. The average rate, however, is € 120 per hour excl. VAT. The minimum rate for a single consultation and report is €360 excl. VAT.

There are persistent misunderstandings about the different types of appraisals and their appropriate value definitions. A certified appraiser always clearly defines which standardized definition applies to those specific valuations. Paol & Co. thus always initiates assignments by clearly defining the purpose and intent of the required appraisal. Globally, Replacement Cost applies to insurance appraisals and Fair Market Value applies to tax appraisals or appraisals for property divisions. These two price levels are completely different, the Replacement Value being considerably higher. Intended replacement does not equal the intended resale value.

Insurance appraisals and loss adjustments are carried out on the basis of Replacement Value. It is a value that enables the insured to replace the lost or damaged object with one in similar condition and quality. The last thing one wants is to end up in a dispute with the insurer about a payable sum. Most jurisdictions protect both the insured and the insurance companies by ruling that – prior to damage, theft or loss – a valid appraisal report is determinative. Most insurance companies thereby set the condition that the objects should be revaluated every three years.

Fair Market Value

You have an inheritance and the assets must be distributed . Or – in commercial finance – you have capital that needs restructuring. In these cases, the tax authorities require transparency. The value definition of Replacement Cost naturally does not apply in these cases. One needs an appraisal according to so-called Fair Market Value. This set of criteria leads to the net amount one would receive after an imaginary resale to an imaginary private buyer, to the trade or at auction. These figures are usually lower (and often considerably lower) than insurance values.

These two criteria are most common in appraisal processes (notwithstanding a large set of variations). Again, intended use determines the criteria of the appraisal process. Purposes should be established clearly at the beginning of the process. Please do not hesitate to contact us if you require more information about this subject.

Both of us are trained loss-adjusters, well acquainted with a variety of areas of the market; trading, brokerage as well as auctioneering. We are therefore fully qualified to mediate cases and disputes pertaining to value, complaint, forgery and theft.

Also, both have extensive backgrounds in the general antiques trade. In addition, Ina Bosschers is a sworn appraiser of gold and silver and Erik Paol as a certified broker and appraiser of fine art.

Paol & Co. Fine Art is a member of the Federation of Appraisers, Brokers and Auctioneers (abbreviated TMV). We are ISO-certified and are required to regularly recertify.

In 2015 Erik Paol founded the Waardewerk Partnership together with Rob Driessen, registered valuer of 20th C. Applied Arts and Design. Both appraisers decided to join forces because of the increasing demand for appraisals of movable cultural heritage in the broadest sense. Thanks to our extensive experience and network we can call upon the expertise of specialists in all kinds of fields, while offering the convenience of a single coordinating party. This enables us to handle large scale and complicated projects such as museum collections, art in public space, exhibition loans etc.