Estate Jewelry appraisals being disputed

[anneokirby]

I am co-executor of my mother's estate and my step-brother, the other co-executor, has had me in court with various accusations against me. While my mother had been robbed of most of her jewelry a few years prior to her death, one issue is the value of a few pieces that remained and are part of the estate. After the robbery, my mother had her wedding rings made into a necklace and also purchased an emerald ring. Both pieces were appraised, at court order, but my step-brother is disputing the appraisals. He had the diamond necklace reappraised based upon the appraisal - no jewelry inspection, and he claims the emerald ring value should be based on the appraisal supplied by the jeweler at the time of purchase rather than the independent appraisal. At this point, the judge has ordered yet another appraisal from a court appointed appraiser and is making us provide individual estimates for the appraisal and whomever is furthest from the values will have to incur the costs of the appraisals. My inclination is to use the values in the current appraised values, but I would appreciate any other opinions anyone might have. Here is the appraisal data:

Diamond necklace: one lady's 14 kt white gold diamond journey necklace set with six diamonds. The mounting has an "S" shape through out the neck. The diamonds are as follows (all measured set); 3.4mm(SI1,H-I), 3.7mm(SI1,H-I), 3.7mm(SI2,H-I), 3.5mm(SI1,H-I), 4.0mm(SI1,H-I), 4.4mm(SI1,H-I). Total diamond weight is approximately 1.26ct. The pendant hangs on a 22" white gold box chain. Estate Value $1000.00

The appraisal that was not inspected was valued at $3,200.00

Emerald ring: Ladies Emerald Ring - 14kt yellow gold solitaire mounting weighs 3.6 dwt. -one emerald cut, natural emerald measures approximately 7.12mm x 6.89mm x 5.28mm, light green color with good clarity , weighs approximately 1.76 carats. $500.00
NOTE: Emerald is damaged in multiple areas. Recutting would result in a weight loss of approximately 0.25 carats.

The appraisal provided by the jeweler at the time of purchase described as One 14kt yellow gold wide band ring with one Emerald cut Emerald, nice green color with a total gem weight of 1.72ct set in a 4-prong setting. $3,520.00. The purchase price at that time was $1,760.00

 

[denverappraiser]

Courts don’t always behave in reasonable ways and squabbling executors usually don’t. Step #1 in reading an appraisal is to read the definition of value. You said ‘estate value’. How did they define that term on the various appraisals? It's usually in the fine print section of the report.

It matters a lot. The amount you can sell that necklace for is wildly different from the amount it would cost you to custom make something like it using local labor and materials. The ring has a similar issue. What a broken emerald is 'worth' varies drastically depending on what you mean. These are not the only two options. What exactly do YOU mean by ‘value’ and what does your brother mean? What did the court say? If these are different, and they probably are, work it out first. Get this question answered and you'll be 90% of the way to a solution to your problem.

Both appraisals SHOULD say what they mean in the body of the report. Before you even get into whether or not they’ve answered the question correctly, figure out if they answered the correct question at all. I’m guessing not with at least one (the one that came with the sale) and possibly both. Getting a 3rd and 4th example of the correct answer to the wrong question is doing you no favors.

Hire an appraiser with experience in court work. Most don’t. www.appraisers.org is a good place to start.

 

[heididdl]

What is the reason you are going to court. At the end aren't the fees associated with going to court and paying for all these appraisals going to be way more than the actual value of these two pieces.
If there is sentimentality involved, that's different.

 

[junebug17]

I'm also wondering what the purpose of the appraisals is. What is to become of these pieces? Have they been left to anyone, or is the plan to sell them? Seems a shame to have such family turmoil and court battles over 2 pieces of jewelry.

 

[liaerfbv]

Every state is different and the laws vary greatly on this topic. It would impossible for anyone other than your attorney to give you advice on what appraisal value to use. Take their advice, that's what you're paying them for!