Why did my appraisal come in lower than what I paid?

This is common and usually not a sign that anything went wrong. Retail prices include the seller's overhead and profit, and many purchases, especially new jewelry, furniture and decorative items, lose a large share of their value as soon as they leave the store.

The type of value also matters. A fair market value appraisal looks at what the item would bring on the secondary market, which is often well below retail. A replacement value appraisal for insurance will typically be closer to what you paid.

Tastes change too. Items that were fashionable twenty years ago, such as certain dining sets or collectible figurines, may have little demand now. If you think the number is wrong, ask the appraiser to walk you through the comparable sales they used.