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This article was published in the March/April 1999 issue of AntiquePrime
Magazine & Journal.
For What It's Worth ...
Q. Some of our possessions were damaged. The insurance company wants
to repair them rather than replace them. Won't there be a loss of
value?
A. Loss of value (LOV) is the amount of worth an item loses due
to damage. However, LOV cannot be determined until the item has
been professionally repaired or professionally restored. After the
repairs are completed, the quality of the repair is also taken into
consideration. Typically, the better the repair job, the lower the
loss of value. Mathematically, the loss of value is calculated with
the following formula: LOV equals value of the item before damage
minus value of item after repairs.
Depreciating property (most furniture and bric-a-brac) normally
does not suffer LOV after being professionally repaired. Appreciating
property, such as antiques, might suffer LOV. There are several
factors that appraisers consider when determining LOV in appreciable
property.
• Pre-existing condition. Pre-existing repairs or damage similar to
the new damage can minimize or negate LOV. For example, one new
chip to the rim of a cut glass vase which already had several chips
would not cause any measurable LOV.
• Severity of damage. There is a difference between a minor scratch
and a missing drawer. A replaced leg on an 18th Century highboy
is significant, but a repaired surface scratch on the same piece
is not a major drawback.
• The type of damage. Is this type of damage normally acceptable to
collectors? Glass and ceramics in pristine condition are more desirable
and command higher prices than damaged pieces. When it comes to
antique furniture, however, collectors are more forgiving and accepting
of repairs and restorations.
• Quality of repairs. Invisible repairs using appropriate restoration
techniques are vital to preserving the integrity and value of a
damaged piece. Any deviation from this desired level of professionalism
will adversely affect the repaired item's final value.
Your possessions may or may not suffer a LOV. You might consider
having an appraiser examine them before and after the repairs are
made to determine if there is any loss in their value.
Ask an appraiser: Address your appraisal questions, including your
name, address, and phone number to:
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