How is the loss measured when an antique is damaged?
As the difference between the item's fair market value immediately before the loss and its value afterward, or after repair. Repair invoices are evidence, not the measure itself. Our damage claim appraisals establish both figures from comparable sales adjusted for condition, rarity, and provenance.
Will the IRS accept a repair bill as proof of an antiques casualty loss?
No. On Form 4684, the deduction is limited to the lesser of your adjusted basis or the decline in fair market value, reduced by insurance reimbursements and a $100 per-event floor. A casualty claim therefore needs before-and-after value evidence plus records of basis and reimbursements, not restoration invoices alone.
Repair cost or loss in value: which controls an antique damage claim?
Often whichever is lower, when restoration is feasible. The general measure is the difference between pre-harm and post-harm value, or the reasonable cost of repair plus any diminution that remains after restoration. For antiques, damage that is repaired but still visible in the market record can leave a real residual discount, and that remaining loss is claimable.
Why do insurers dispute antique damage values so often?
Because comparable-sales selection can swing the number sharply when condition, provenance, or restoration status is unusual, and because scheduled fine-arts policies may cap payment at the lowest of original cost, market value, the schedule limit, or the appraised value. A report with detailed descriptions, condition assessment, photographs, and named comparables narrows the room for argument.