Discussion Forum: Thread 270733

 Author: bitb01 View Messages Posted By bitb01
 Posted: Jul 1, 2020 16:56
 Subject: Appraiser for Legos
 Viewed: 224 times
 Topic: Price Guide
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bitb01 (238)

Location:  USA, Washington
Member Since Contact Type Status
Mar 8, 2004 Contact Member Seller
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Store Closed Store: Maplecrest
Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill
 Author: popsicle View Messages Posted By popsicle
 Posted: Jul 1, 2020 18:03
 Subject: Re: Appraiser for Legos
 Viewed: 76 times
 Topic: Price Guide
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popsicle (5904)

Location:  USA, Washington
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Feb 21, 2006 Contact Member Seller
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Store Closed Store: ConstrucToys
In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

I’d start with what your insurance carrier would accept, contractually. You’ll
then have a starting point, or at a minimum, an affirmation of your coverage
before looking at appraisal methods.

-Cory
 Author: Rick_S. View Messages Posted By Rick_S.
 Posted: Jul 1, 2020 21:55
 Subject: Re: Appraiser for Legos
 Viewed: 69 times
 Topic: Price Guide
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Rick_S. (1301)

Location:  USA, California
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Apr 10, 2002 Contact Member Seller
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Store Closed Store: quick blowout
In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

Good luck with that over a decade ago My place was broken into and a lot of LEGO
was destroyed and or damaged and I had a pretty comprehensive insurance, but
they looked at my LEGO as nothing more then used toys, especially since their
is no "real" appraiser of LEGO, a lot of Collectible toy collectors have this
same issue too.
 Author: Heartbricker View Messages Posted By Heartbricker
 Posted: Jul 1, 2020 23:42
 Subject: Re: Appraiser for Legos
 Viewed: 71 times
 Topic: Price Guide
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Heartbricker (9274)

Location:  USA, New Jersey
Member Since Contact Type Status
Dec 29, 2008 Contact Member Seller
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Store: Heart Bricker
In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

If this is a business and If you file your taxes properly then every year you
should have the estimated value of your inventory (at cost basis, not an appreciated
value) filed on your annual tax report that you file to the IRS.
That is a value and a document that your insurance company should accept- you
don’t need an appraiser, just ask your accountant or look at your last year’s
tax return documents.
Otherwise, you’ll need to provide receipts and proof of what you paid for the
items you want to insure.
There is no official blue book on LEGO pieces so an appraisal would be useless
as it’s disputable and also very fluid values.
Bottom line; you can only insure your cost basis of LEGO because of you have
to submit a claim; the first thing the insurance company will as is for a proof
of how much you paid for the item you are claiming to be lost.
 Author: bitb01 View Messages Posted By bitb01
 Posted: Jul 2, 2020 10:17
 Subject: Re: Appraiser for Legos
 Viewed: 50 times
 Topic: Price Guide
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bitb01 (238)

Location:  USA, Washington
Member Since Contact Type Status
Mar 8, 2004 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store Closed Store: Maplecrest
Thanks everyone who responded. The issue is I don't have any receipts for
these purchases. I have sets from the 70's. 80's and 90's, 00's
I basically created a spreadsheet of every set I own and looked at what people
were selling them for on Bricklink, based on box, instructions wear and tear
etc.

This isn't for a business, it's for personal so they were never added
on to taxes. Oh well.





In Price Guide, Heartbricker writes:
  In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

If this is a business and If you file your taxes properly then every year you
should have the estimated value of your inventory (at cost basis, not an appreciated
value) filed on your annual tax report that you file to the IRS.
That is a value and a document that your insurance company should accept- you
don’t need an appraiser, just ask your accountant or look at your last year’s
tax return documents.
Otherwise, you’ll need to provide receipts and proof of what you paid for the
items you want to insure.
There is no official blue book on LEGO pieces so an appraisal would be useless
as it’s disputable and also very fluid values.
Bottom line; you can only insure your cost basis of LEGO because of you have
to submit a claim; the first thing the insurance company will as is for a proof
of how much you paid for the item you are claiming to be lost.
 Author: Heartbricker View Messages Posted By Heartbricker
 Posted: Jul 2, 2020 12:22
 Subject: Re: Appraiser for Legos
 Viewed: 67 times
 Topic: Price Guide
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Heartbricker (9274)

Location:  USA, New Jersey
Member Since Contact Type Status
Dec 29, 2008 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Heart Bricker
In Price Guide, bitb01 writes:
  Thanks everyone who responded. The issue is I don't have any receipts for
these purchases. I have sets from the 70's. 80's and 90's, 00's
I basically created a spreadsheet of every set I own and looked at what people
were selling them for on Bricklink, based on box, instructions wear and tear
etc.

This isn't for a business, it's for personal so they were never added
on to taxes. Oh well.



You should catalog the sets (set numbers, and piectures with your name and date
picture taken) look for the original MSRP which is easy to find.
Sum up the collection total (excel file) and save it on the cloud or a fireproof
safe.
You can submit those files as proof of value (even though they are probably worth
more than MSRP) to your insurance company.
 Author: Adjour View Messages Posted By Adjour
 Posted: Jul 3, 2020 19:00
 Subject: Re: Appraiser for Legos
 Viewed: 53 times
 Topic: Price Guide
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Adjour (1130)

Location:  USA, California
Member Since Contact Type Status
Aug 1, 2016 Contact Member Seller
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Store: The Chili is a Bit Spicy
In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

You really just need a list with pics. I"m pretty sure people use things like
ebay sold listings to come up with value in case of loss
 Author: Rick_S. View Messages Posted By Rick_S.
 Posted: Jul 3, 2020 21:51
 Subject: Re: Appraiser for Legos
 Viewed: 53 times
 Topic: Price Guide
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Rick_S. (1301)

Location:  USA, California
Member Since Contact Type Status
Apr 10, 2002 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store Closed Store: quick blowout
In Price Guide, Adjour writes:
  In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

You really just need a list with pics. I"m pretty sure people use things like
ebay sold listings to come up with value in case of loss

No insurance company will accept such a fickle market as eBay for item value.
 Author: rick_holl View Messages Posted By rick_holl
 Posted: Jul 4, 2020 08:37
 Subject: Re: Appraiser for Legos
 Viewed: 35 times
 Topic: Price Guide
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rick_holl (271)

Location:  Canada, Quebec
Member Since Contact Type Status
Jan 6, 2019 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Rick’s brick shop
In Price Guide, Rick_S. writes:
  In Price Guide, Adjour writes:
  In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

You really just need a list with pics. I"m pretty sure people use things like
ebay sold listings to come up with value in case of loss

No insurance company will accept such a fickle market as eBay for item value.

I would think many accept only original invoice as value
 Author: Rick_S. View Messages Posted By Rick_S.
 Posted: Jul 4, 2020 11:42
 Subject: Re: Appraiser for Legos
 Viewed: 31 times
 Topic: Price Guide
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Rick_S. (1301)

Location:  USA, California
Member Since Contact Type Status
Apr 10, 2002 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store Closed Store: quick blowout
In Price Guide, rick_holl writes:
  In Price Guide, Rick_S. writes:
  In Price Guide, Adjour writes:
  In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

You really just need a list with pics. I"m pretty sure people use things like
ebay sold listings to come up with value in case of loss

No insurance company will accept such a fickle market as eBay for item value.

I would think many accept only original invoice as value

they would accept receipt then give you a fraction of the value since it is a
used toy, insurance companies have irked many a toy collector over this practice.
 Author: Rick_S. View Messages Posted By Rick_S.
 Posted: Jul 4, 2020 11:44
 Subject: Re: Appraiser for Legos
 Viewed: 35 times
 Topic: Price Guide
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Rick_S. (1301)

Location:  USA, California
Member Since Contact Type Status
Apr 10, 2002 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store Closed Store: quick blowout
In Price Guide, rick_holl writes:
  I would think many accept only original invoice as value

Forgot to mention at least other toy brands have an acceptable value guide that
insurance companies will accept, unlike LEGO which does not do to it's fickle
market nature and condition.
 Author: rick_holl View Messages Posted By rick_holl
 Posted: Jul 4, 2020 14:49
 Subject: Re: Appraiser for Legos
 Viewed: 27 times
 Topic: Price Guide
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rick_holl (271)

Location:  Canada, Quebec
Member Since Contact Type Status
Jan 6, 2019 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Rick’s brick shop
In Price Guide, Rick_S. writes:
  In Price Guide, rick_holl writes:
  I would think many accept only original invoice as value

Forgot to mention at least other toy brands have an acceptable value guide that
insurance companies will accept, unlike LEGO which does not do to it's fickle
market nature and condition.

That would indeed be useful
 Author: 7StarMantis View Messages Posted By 7StarMantis
 Posted: Jul 4, 2020 21:09
 Subject: Re: Appraiser for Legos
 Viewed: 80 times
 Topic: Price Guide
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7StarMantis (10)

Location:  USA, Connecticut
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May 4, 2020 Contact Member Buyer
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In Price Guide, bitb01 writes:
  Hello,

I live in Seattle and am looking on how to get Lego's appraised. We want
to put them on our home owners insurance but they are requiring appraisals.
Any info would be helpful

Thank you

Bill

Hello,

Former trust and estates attorney here.

We would generally go for licensed appraisers when appraising collections. I
did it once for a collection of antique toys. When we could not find a licensed
appraiser for the type of property we needed to appraise, we would go to someone
who deals regularly in the business. In this case, it was an antiques dealer.
As a last resort, we would go to estate auctioneers as they regularly sold everything.

This is the sort of thing we would do for estates in excess of $10 million and
the IRS. It would hold up under audit. A similar approach should be good with
your insurance company, but you could check with them specifically for what they
are looking for particularly.

An appraisal should

1. Describe the items exactly such that someone not familiar with the item would
be able to understand what it is
2. Describe the condition and quality of the item
3. Declare the fair market value (which may take into consideration limitations,
such as limited markets)
4. Sign and date the appraisal.

There should also be a qualifications section where the appraiser lists their
qualifications and training. In cases where there are no qualified appraisers
to be found, we had the appraiser lists their experience as a dealer and their
familiarity with the market. It is also important for the appraiser to describe
their basis for the values given such as referencing other recent sales or auctions,
a product catalog, or other market reference material.

If you have ever seen a diamond or real estate appraisal, they are good templates.
I once used a diamond appraisal creating a generic appraisal report to help
a dealer write an appraisal for Persian rugs.

In your case, it should be easy to ask a toy or antiques dealer for an appraisal
service and tell them that bricklink would probably be a good place to look for
current market information. If they have previous experience or certification
in making appraisals for toys, that is better.