Have you ever wondered if you need to have an independent appraisal before pawning an item? The short answer is no. An independent appraisal is not necessary in order to pawn an item; however an independent appraisal can sometimes be useful to both the individual looking to pawn an item as well as the pawn shop.
When deciding to pawn an item, you will want to make sure to do some research on the value of the item ahead of walking into a pawn shop. The “go to” research method for most individuals is to look online for going rates of the item they are looking to pawn. You can look on eBay and search their closed auctions to see the prices other sellers have received on the same or similar item. Another useful site to reference current prices on antiques is rubylane.com.
For jewelry and art pieces in particular, an independent appraisal may be helpful as these kinds of pieces are more 1 of a kind type items. Most of the time, appraisals are used for insurance purposes on high value items. Fortunately, the information in an appraisal can often times help the pawn shop value the piece as well. For instance, an independent appraisal on a gold diamond ring should provide information on the cut, clarity and carat weight of the stones as well as the type of gold in the setting. For art pieces, appraisals usually contain basic information useful to the pawn shop regarding the age, artist and frame quality. If you already have an independent appraisal, be sure to bring it with when you visit your local pawn shop.
The downside to an independent appraisal is that you will, of course, have to pay a fee to the appraiser, which may or may not be worth it depending on the overall value of the item. So, the best idea would be to start your research online and go from there.
Whether you choose to research your item’s value online or pay for an independent appraisal, remember that what a pawn shop offers you for the item will not be what the item appraised for or what the resale value is online. You can expect to receive 30-60 percent of the resale value of the item when you pawn it.
Have a question or curious what you could get for one of your personal items? Contact us or stop in!