An oil painting that once graced a great-grandparent’s wall, an antiquated diamond ring passed down from a great aunt, a rare coin from a father’s private collection—these heirlooms and treasures are often symbols of a family’s stories, traditions and values. But, as generations pass, the sentimental significance of these objects often becomes lost or forgotten.
This potential loss of value, both sentimental and financial, is precisely what drove Myranda of Myranda Fine Jewelry to her profession, where she evaluates and appraises gems, jewelry, rare coins and silver. Myranda says she chose this career path because, as a frequenter of estate sales, she observed how often people received less than fair market value for their treasures, underselling them to estate buyers or auction houses.
Today, Myranda is known in the industry for her honesty, empathy and a keen eye for detail. She tirelessly works to ensure her clients get the best possible price for their treasures, which is why many of them travel worldwide, even as far as the Bahamas, to consult with her and her team.
While many heirlooms are imbued with meaning, it’s not always as clear when these antiquated pieces also hold significant monetary value. Myranda shares how a woman sold her best friend a ring from her mother's collection for $40,000. Myranda, recognizing its potential value, advised the buyer to have it appraised. The ring turned out to be worth $200,000. Despite the significant difference, the seller honored the original agreement, saying it was what her mother would have wanted. "Let me tell you," Myranda says, "she [the buyer] got a great deal."
But not every experience is as rewarding. Another time, a woman came to Myranda with five Rolex watches, their boxes and paperwork included. The woman had gone through a difficult time, and the watches were all she had left to pay the bills. Myranda evaluated them, only to discover they were all fakes. "It was a hard conversation," she says, expressing how delicately she handles these moments.
The unknowns about a piece's potential value are an important factor in why Myranda emphasizes the importance of having pieces evaluated and appraised.
She shares several key steps for preserving and protecting heirlooms.
First, have your items appraised. But be leery of inflated appraisals; unfortunately, they are common—sometimes appraising an item three to five times higher than its true value. Myranda recommends getting at least three appraisals for a true sense of your treasure’s fair market value.
An accurate evaluation of an item will provide invaluable knowledge about your piece. It’s also essential for insurance purposes, preventing overpayment of premiums for exaggerated values and ensuring adequate compensation in case of loss. Myranda suggests insuring anything over $5,000.
In addition, properly store your heirlooms because time can be unkind to even the sturdiest treasures. Sunlight fades delicate fabrics, while humidity can warp wooden furniture and tarnish jewelry. Whenever possible, items should be stored in a vault or safe, along with original documentation, including receipts and certificates. Once a year, have your pieces evaluated and serviced to keep them in good condition. Just like a car needs regular maintenance, jewelry should be checked for loose stones, worn prongs and other potential problems.
Remember to include your heirlooms in a will or estate plan to avoid confusion and potential conflict among heirs. It’s important to keep a detailed inventory of your pieces and your wishes for their distribution—saving your heirs from dealing with unknowns.
Finally, if you’ve inherited items and want to sell them, take your time when making decisions to avoid clouded judgment caused by emotional attachment. And don’t be afraid to ask questions of a jeweler—are they going to consign or broker your objects? It’s important to be comfortable with your decision, so work with a team that recognizes the worth of your pieces.
At Myranda's Fine Jewelry, whether you're curious about a $100 piece or a million-dollar collection, Myranda and her team are dedicated to creating a welcoming atmosphere inspired by their passion for the industry. Stop by for a consultation, enjoy a glass of champagne and discover your heirlooms’ hidden value. If your treasures are not within their expertise, Myranda has many connections in the industry and can recommend you to other appraisers.
Having your heirlooms appraised often offers a newfound appreciation for them—and a story to share with future generations.
Myranda emphasizes the importance of having pieces evaluated and appraised.
Heirlooms and treasures are often symbols of a family’s stories...