Jewellery appraising is a profession that has evolved over many decades, but watch appraising seems to still be in its infancy. Appraising watches requires a deep understanding of the product, the consumer, and the marketplace.
Pearls have been treasured for centuries as a symbol of wealth and nobility. Yet, they are no longer reserved for the privileged few. Today, we can all enjoy pearls of infinite variety and at any price.
Appraisers have heard time and again there are three common approaches to value: cost (i.e. cost to produce), market data (i.e. sales comparison), and income. Traditionally, and still with many appraisers today, the cost approach is the method of choice for valuation. But whose cost are they considering?