Diminution in Value

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Tags: Furniture, Historic Frames, Historic Frames Ornament, Objects

The difference between the appraised value of an item immediately prior to an event of loss or damage and the appraised value of the same item after the event of loss or damage. If restoration, repair, or conservation is employed post damage, the Diminution in Value caused by such loss or damage will be based on the appraised value after the restoration, repair, or conservation of the subject item has taken place. Diminution in Value opinions must take into account the prior condition of the item, the extent of damage, and the level of success of the conservation or restoration work performed, as well as the marketplace acceptance of the existence of the conservation/restoration work performed on the item.

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