Appraising and donating a rock and mineral collection to a museum or university is both worthwhile and financially beneficial to you. They can enhance many lives through both their viewing pleasure and educational value. The tax deduction that is enjoyed by the donor is, of course, another good reason for considering such a gift. The St. Lucie Appraisal Company provides fair market valuation appraisals in all 50 states for many useful purposes such as estate dissolution, equitable distribution, damage claims as well as for donations. Knowledge of rocks and minerals is one key requirement but another essential necessity that an appraiser needs a database of past sales of comparable items. Whether the appraisal is going to the IRS, an insurance company or a magistrate, it must be documented by sources for the information contained therein. In the case of a tax deductible donation in excess of $5,000.00, you must have a written appraisal in which the appraiser will complete an IRS Form 8283 for you.
Rockhounds, as rock and mineral collectors are widely known, travel thousands of miles searching for the earth’s treasures. High-grade mineral specimens are not only valuable. The thrill of discovering these one-of-a-kind examples of nature’s finest art is uniquely satisfying. Appraising some of the world’s most magnificent collections is almost as much fun. Encompassing entire spectrums of color and shape with designs ranging from beautiful to simply awesome, minerals are a commodity like no other.
But assessing exact values using variables like type of mineral, it’s origin, color, grade, weight, scarcity, luster, matrix, condition, etc. is a decidedly inexact science. Well-developed crystals can be clear as water or cloudy and opaque. Buyers often put premiums on little more than personal preference. Comparables, of course, present different obstacles for an appraiser because of the unique nature of each item being considered for comparison purposes. Generally, large fossil, rock and mineral collections provide the best investment opportunities for collectors. Prices for larger lots of quality examples usually sell for about half of what the collection would bring if sold separately.
Hire an Expert for Appraisals of Rock and Mineral Collections for Insurance, Estates or Donations
Here is a tremendous Azurite specimen featuring cluster of tabular crystals to 1.8 cm. It has very elegant posture, sharp Azurite blades with very well defined faces and edges. Brilliant and extremely lustrous – the best possible quality for that mineral. The color ranges from black to intense electric dark royal blue. The focal point of the specimen is an exquisite, fan-shape spray of Azurite blades beautifully perched at the top. The orange-brown host mineralization gives strong contrast – very three dimensional. This is a delightful and aesthetic specimen.
An appraisal of a fossil, rock or mineral collection should include declaration that there is no such thing as an absolute value when it comes to rare minerals. That’s because it is a market-driven commodity affected by an ever-changing ebb and flow of demand. Locally extracted items are always of particular interest and fossils which can be found on both land and sea. Regardless of fluctuations in sales volume however, prices of collectible minerals historically remain high.
How much does it cost to hire an appraiser for donations of rock and mineral collections? The price of a fair market value appraisal depends upon the research necessary to make an accurate determination. However, with the extensive database of past sales at our disposal, The St. Lucie Appraisal Company can most often provide an appraisal of a small collection for $375.00.
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