Obtaining an appraisal of sports collectibles and memorabilia for financing, insurance or a charitable donation qualifies as a necessity when requirements dictate. In addition to accuracy, an appraiser who prepares a valuation report should strive to present professional-looking documents that will impress a bank, insurance company or the IRS as being valid. There are other reasons that appraisals may be necessary such as in matters involving estates, bankruptcy, purchase & sale, damage claims or equitable distribution. Every sport, including baseball, football, basketball, hockey, golf, auto racing and tennis has it’s stars and it is the cards, bats, balls, jerseys and other mementos – especially when game-used or autographed – that will always be prized by collectors.
Appraising and donating sports collectibles and memorabilia to charity is both worthwhile and financially beneficial to you. Collectible items can enhance many lives through the financial benefits they provide. 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 sports collectibles and memorabilia is one key requirement but another essential necessity that an appraiser of sports collectibles and memorabilia needs is 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.
Due to changes in IRS reporting requirements, sports collectibles and memorabilia can no longer be appraised by the dealer where it was purchased unless the item will be donated within two months of when it was acquired. If the item is worth less than $5000.00, then usually you don’t need to hire an appraiser to value it for you. Unlike automobiles, sports collectibles and memorabilia can’t be evaluated by year, make, model. Factors that should be considered are rarity, condition and the popularity of the player or team associated with the item.
Insuring sports collectibles and memorabilia is usually a straightforward process unless the item is a one-of-a-kind article or presents the insurance company with difficulty in placing a fair market value on the item. Claims, however, are a different story. Obtaining a fair settlement for sports collectibles and memorabilia in a homeowners or flood claim, unless they have been insured under a separate policy, can be a nightmare because insurance companies are far less accommodating paying claims then they are in collecting premiums. An appraisal based on real world comparables is a necessity in these cases.
Obtaining financing from a bank or credit union for the purchase of sports collectibles and memorabilia often requires the borrower to have the items appraised. Sports-associated items can either appreciate or depreciate over time so lenders are careful about financing sports collectibles. Banks and credit unions, when searching through their guide books can’t help but fail to realize this and decline to offer adequate loans. Hiring a licensed appraiser is a means to obtaining the necessary financing.
The St. Lucie Appraisal Company has provided valuation appraisals of sports collectibles and memorabilia since 1981. We are licensed appraisers and provide service in all 50 states. The cost 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, we can most often provide an appraisal of a memorabilia collection for $375.00.
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