What are my family heirlooms worth, and where do I go to
get them appraised?
Value
The Oxford English Dictionary (OED) defines value
as:
"A thing regarded as worth having" and "The
material or monetary worth of a thing."
Of valuable, it says:
"Having value or worth, of great use or service,
to a person or for a purpose" and "Possessed of
qualities which confer value or bring into high estimation"
while the Random House Dictionary of the English Language
defines value as:
"of relative worth, merit or importance."
Value can have a number of different forms: monetary value,
sentimental value, historical value, legal value, intrinsic
value, or artistic value. Some works of art or artifacts may
embrace one or many of these criteria. However, before discussing
these criteria, it is also important to understand what is
meant by collectable. The OED defines it as:
"Of souvenirs, objets d'art, bric-à-brac,
etc. worth collecting, sought after by collectors"
and "Things worth collecting, esp. rare, old, or interesting
objects (not necessarily valuable or antique)"
while the Random House Dictionary says:
"An object suitable for a collection, usually
a work of fine art or an antique, now including also any
of a wide variety of items collected as a hobby, for display,
or as an investment whose value may appreciate."
Monetary value is largely dictated by what is collectable,
as well as what the art and antiques market will sustain.
If something is rare, it is more likely that if it came on
the market at an auction or through a dealer the value would
increase — but only if it is highly sought after by collectors.
Take the case of a Rembrandt painting. Because so few of them
ever come up for auction, when one does, the price would be
very high because of the desire to own it. Likewise, a very
rare coin or stamp, of which there were only 10 minted or
printed, means that if any of them were to become available
to collectors, they would be extremely sought after. As well,
collectors would be willing to pay, perhaps, any price. A
book may be rare (and consequently valuable) if only a limited
edition was printed, or if it is finely printed and decorated,
or if it bears the signature of the author or owner (if that
owner happens to be well known). Much would depend on whether
or not that type of book is being collected.
Money need not be the only criteria. An item in your collection
may have sentimental value because of whom it belonged
to, such as one of your ancestors, or because it is connected
with a particular event in your life. However, its monetary
value may be low, especially if it is something that can easily
be replaced. For example, the family Bible as a book may be
quite commonplace, especially if there are no intrinsic qualities
about it that distinguish it from any other Bible (no special
illustrations, special binding, typography, etc.). However,
the fact that it contains the names of all of your family
going back many generations means that there are important
reasons for keeping it and preserving it. It is a chronicle
of your family's history. As well, it may have been bequeathed
to you by a favourite aunt or uncle, or by a parent.
An item having historical value might be a diary documenting
daily life in a large household, or in a township. Perhaps
there is no other document like it that encapsulates life
at that time. For that reason, it would be interesting to
someone studying the period covered in the diary. Or perhaps
it once belonged to a member of a famous family, such as Sir
Winston Churchill or Sir John A. MacDonald, in whom there
is considerable interest.
Legal value has to do with credentials. A degree,
university charter, property deed, will, or mortgage, for
example, is valuable because without the document, the status
or function of that institution, person, or property may be
reduced or invalidated.
Artistic value or intrinsic value relates to
the merits of the individual item. A document may not have
any artistic value unless it is an illuminated manuscript,
is exquisitely printed, has fine calligraphy, or has some
accompanying illustrations. However, it might have monetary
value if it has been signed by someone famous (for example,
a letter by Charles Dickens). A finely executed pencil drawing,
watercolour, oil painting, or sculpture may reveal certain
redeeming qualities that set it apart from everything else,
something that captures the spirit of what the artist was
trying to convey. Having said that, unless that artist happens
to be already famous, or someone the art market is watching
closely, the work may not have a high monetary value.
Types of appraisals
Appraisals of cultural property can be done for several different
reasons. Two of the most common are:
Appraisals for insurance purposes
Knowing the value of a work of art or artifact is important,
especially if you have to make a claim against loss or damage.
Antiques and works of art are not usually covered under the
general household effects of your main insurance policy; thus,
you must insure them separately. An appraisal for insurance
purposes considers the "replacement value" of the
object.
Appraisals for fair market value
If you intend to donate a work of art or artifact to a museum,
and wish to have a receipt for income tax purposes, you will
need to obtain an appraisal for fair market value. The classic
definition of fair market value is:
"The highest price an asset might reasonably be
expected to bring if sold by the owner in the normal method
applicable to the asset in question in the ordinary course
of business in a market not exposed to any undue stresses
and composed of willing buyers and sellers dealing at arm's
length and under no compulsion to buy or sell."
(Decision of Mr. Justice Cattanach in Henderson Estate,
Bank of New York vs. Minister of National Revenue, (1973)
C.T.C. 636, p. 644.)
Discuss your intention to make a donation of cultural property
with museum staff. In some circumstances, it may be possible
for the curator to do an in-house appraisal, if the fair market
value of the gift is less than $1,000. (Note that the Canada
Customs and Revenue Agency ultimately determines the value
of a donation.)
Appraisers
Appraisals for purposes of insurance, or for determining
fair market value, can be obtained by contacting a qualified
dealer or evaluator. Antique dealers, fine art dealers, or
antiquarian book dealers do appraisals for a fee, which will
vary according to the dealer.
These dealers should be members of a recognized professional
organization, such as:
