The value of a lost or stolen item if it must be replaced from a traditional retail jewellery &/or shop. This valuation is usually for insurance purposes. This value must cover the worst-case scenario for the replacement of the item, this ensures the owner is not left under insured for their items.
Fair Market Value
A second-hand price in a respectable or specialised market between a willing buyer and seller.
The expected price of an item which must be sold quickly in non-ideal market conditions.
An appraisal based on the condition of the jewellery &/or gemstone and current market trends.
The price that you could expect to achieve by selling jewellery to a member of the public, ie. Facebook marketplace, gumtree, excluding GST, and sales and duty tax.
Divorced Property Settlement
The Family Court will often issue instructions for a valuation based on fair market value.
A valuation which reflects current market value subject to instructions from the solicitor, this may be a vintage heirloom, in the current market and with natural wearing could be worth a lot less then most people think they are worth or originally purchased for.
The minimum price which the owner could expect to achieve at an auction, or the market on the day of the auction dictates the final sale price, this excluding premiums and commissions of the auctioneer.
Auction prices can change significantly day to day, with many variables in place and the buyers available on the day, an item may go for $10 or it may go for $1000, this all depends on the Auction on the day and what the buyers are willing to pay.