Could that be a treasure trove hidden away in your attic?
Do you have a fortune in jewellery, heirlooms and other curiosities lying around in your home? Maybe it’s time to have a look at how much they are all worth. It’s estimated that the average mature Irish family home has at least €10,000 in jewellery stashed away. But without a valuation, many people will have problems making a claim if it’s ever stolen or lost.
Padraic Lavin of Jewellery Valuations Ireland is often called in to do post-loss appraisals.
‘We go through everything we can find, such as receipts, photos, and even packaging. But it can be very difficult,’ he said.
Insurers will usually pay up, but not without hassle, and rarely to the full extent of an item’s true value. They treat it with suspicion,’ he said.
JVI charges a minimum €145 for a full valuation report on a single item. However, after that you can get low-value items appraised for €45 individually, and from €50 in batches, depending on the degree of difficulty involved.
Jewellery aside, there can be plenty of other pricey stuff in our homes. Take porcelain, memorabilia and heirlooms, such as Great Uncle Joe’s World War I medals stashed away in the attic.
There are all sorts of items that could earn a tidy sum under the hammer.
DIAMOND JEWELLERY
Each diamond is unique, so it is hard to predict the value of a stone without studying it.
Colour, clarity, cut and carat are critical, as is contour – the shape that provides its sparkle.
A certificate of authenticity also helps to boost value.
Princess-cut diamonds were all the rage 10 years ago but have fallen out of fashion. Prices have dropped back by as much as 20% whereas ‘round stones have increased in value because they are now in fashion’, said Mr Lavin.
People also ‘grossly underestimate’ the value of their engagement rings.
‘They would say they bought it for €200, so it’s probably worth €1,000. But it might cost €2,000 or €3,000 to buy today.’
PORCELAIN
One owner of a Chinese vase insured it for €1,000 and kept it on top of a wobbly bookcase. Relatives who inherited the piece were astonished when bids at the subsequent auction went up in tens of millions and it ultimately sold for over €60m.
A lot of emperors’ palaces were looted by British Empire troops, many of whom were Irish. This booty found its way back here and has now soared in value after China boomed and local collectors buy back their heritage.
It’s unlikely that you have a Ming vase in your living room but there’s no harm in getting any potentially priceless porcelain checked out by your local auctioneer.
Although not in the same league, Wedgwood and Staffordshire porcelain are valuable enough to appear at auctions regularly.
FAMILY HEIRLOOMS
You don’t have to get shot to win a valuable medal.
Medals awarded for things such as doing sums and even ‘giving up the drink’ have achieved high-ish prices at recent auctions by Whyte’s auctioneers.
An 1862 pair of gold medals for science and mathematics awarded by Trinity College sold for €660.
At the same auction, a collection of Temperance Society medals went for €460.
MILITARY MEMORABILIA
Maybe you have an old German Pickelhaube lying around the house?
No, that’s not a jar of gherkins from Lidl or Aldi. It’s those spiked helmets sported by German soldiers in World War I. Whyte’s achieved €400 for one recently at auction. ‘It was quite a nice brass example in good shape,’ said Stuart Purcell, collectibles expert at the auctioneers. Even a plain old Tommy’s ‘tin hat’ in good condition could be worth hundreds.
PEARLS
A fresh generation of fans – including celebrity musicians Rita Ora and Rihanna – have helped create a boom in demand for pearls.
The value of original non-cultured pearls has soared by 400% over the past decade, according to Art Market Research. Antique pearls are valued because they improve with age.
Specialists can tell whether you own valuable natural pearls or purpose-grown pearls by using special X-ray machines.
A top-quality strand necklace of natural pearls can sell for something in the region of €4,000 – but a similar purposegrown set will only achieve one sixth of that figure.