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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:

Canada

United States

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