For example, on the Antiques Road Show, the expert will say an item is worth 5-8K and that they would insure it for 10K.
In: Economics
Let’s say there are 30 known items in the world, for the sake of this example, let’s say it’s a statue.
If yours is lost, or damage in some way, there are now 29 known examples in the world, making the remaining ones more valuable by a small amount.
Then you have to factor in inflation, which impacts the price of most things over time.
In the antique world, you’re also dealing with the condition of the item (the only available replacement for your item may be in better condition than yours, making it more expensive), and there’s also the cost of sourcing the replacement, shipping of that item, etc.
Years ago I sold an item to a collector for $600, to replace that item today, if I could even find it, would probably be $1,000. I’d pay that $1,000 if I could find one, but I’ve never seen another for sale. I actually paid a specialist in the field to attempt to source the item for me, but he couldn’t find one for sale, in fact, the only item he managed to find at all was the one I’d sold myself.
So, there’s a lot of factors. Rarity being increased if yours is lost, inflation, sourcing costs, shipping, condition, and I’m sure probably a few things I’m not thinking of.
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