Welcome to Lucca Appraisal & Collection Management.
LACM specializes in Personal Property Appraisals, Fine Art and Antiques, Art Research, Artist Attribution, Corporate and Private Collection Management, Traditional Estate Planning and Trust Services. We are Registered Art Historians, Scholars and USPAP Compliant Fine Art Appraisers offering a full range of professional valuations design to meet the need of our clients.
What is the necessity of an appraisal? Let’s take for an example an Insurance Appraisal. Does the average homeowner know their insurance policy? Perhaps we assume that the policy covers everything the way it should, why not? That's what a policy is for and maybe we all figure we know enough to get by. As I began collecting art and then later making the decision to become an appraiser, I never thought to look at the details concerning my personal property and what exactly was covered and to what extent.
The purpose of insurance is to recoup or recompense the insured for a covered loss. In other words, putting things back the way they were. However, most standard home-owners insurance policies have limitations as to the amount that will be paid in the event of a loss on fine art and collectibles. So it is important to carefully review your policy to make sure you have adequate coverage.
Due to these limitations, many insurance experts recommend a supplementary insurance, also known as a "rider". A "rider" is an additional set of terms and conditions that “rides on” the basic package offered by the insurance company. The type of rider known as a "floater" is geared toward personal property. It is a policy that specifically lists fine art items. These supplemental policies insure the full value of a specific item, such as a paintings, jewelry, etc... and/or fine art that a standard home insurance policy does not cover.
To ensure that your item is appropriately insured, properly represented on the policy, and that the premiums aren't high for over-insuring an item, one must have an appraisal prepared by a qualified appraiser.
Fine art is, by definition, unique. It is not like replacing a TV or computer. Therefore it's especially important to have an independent appraisal based on market research and accepted principles of valuation to estimate its value. An appraisal will also document ownership of the appraised item.
It is also important to note that clients should be able to trust their appraiser and have a competent understanding of their property’s value.
In addition to property loss, issues like wills or property disputed require an understanding and an ability to defend the correct value of that property so that responsible and accurate decisions can be made for proper compensation.
The journey that is art valuation is not simple. We welcome the opportunity to help. It can be difficult and frustrating trying to find the truth in what you have. We are here to help empower our clients. We will answer the intimating questions and guide our clients to a more ethical and truthful application to valuation, authentication and representation.
Rita T DiCello, MFA, AAH, CAA
Founder / Senior Historian / USPAP Certified Appraiser