If you want to get expert Oriental Rug Appraisal or plan to purchase a Persian rug? Our consultants with over 40 years of experience can provide you with detail report, so you can make informed decision about the value of handmade oriental rugs, antique Oriental rugs, antique Persian rugs and European tapestries.
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VALUE ESTIMATION TECHNIQUES
This report are made of the Market Comparison Approach to value estimation, which estimates value by comparison with properties offered for sale in the relevant market. Adjustment is made for all differences, which affect value, such as differences in characteristics of value, in market layer and in time. The Market Comparison Approach is used for Persian Rug Appraisal for which an acceptable substitute is available in the marketplace.
Use of the Cost Approach has been judged inappropriate since, strictly speaking, finding new, exactly equivalent property would not be possible within a reasonable time or within reasonable expense. The cost to fabricate duplicate property would likewise be unreasonable since substitution of comparable property would adequately restore the insured's rights of ownership.
The relevant marketplace for this Rug Appraisal is that of local and regional merchants and auction houses who sell comparable property.
The appraiser's work file includes specific comparable property where such property could be identified during the time allowed for this project. Value estimations for property for which no comparable was found are based on the appraiser's memory', judgment and knowledge, having observed such property bought and sold over many years in this market. As Insurance advice the Oriental Rug Appraiser has considered the most likely source for a like, kind and quality purchase in the event of loss of the valued an oriental rug. The value estimated adequately protects the insured without the burden of unnecessarily high insurance scheduling.