Today’s record cold temperatures across most of the nation sparked our recollections of how people stayed warm during winter cold spells before the invention of super insulation for homes and high efficiency furnaces. “Pot Belly” small cast iron stoves were often placed in rooms as a source of heat and as a warming surface for […]View Post
WELCOME TO THE NEWS PAGE AT ESSEX ESTATE SERVICES.
The intent of this page is to inform and educate you about interesting situations, unusual items, and news-worthy events that may affect you when the time comes to liquidate your personal property. Visit us frequently for updated, timely information, tips and suggestions, and links to resources about personal property liquidation and appraisals.
Let us know if there is a topic you would like to hear about.
This first article provides insight about how people tend to value their possessions.
The Pantone Color Institute, Carlstadt, N.J., has been the global color authority and provider of professional color standards for the design industries for more than 50 years. Pantone charts future color direction and studies how color influences human thought processes, emotions and physical reactions. For the past 14 years, Pantone’s Color of the Year has […]View Post
This post summarizes a Wall Street Journal article, December 15, 2012, by Andrea Coombes. The Wall Street Journal reported recently that baby boomers and elder Americans say personal keepsakes, family stories and last wishes are more important to their legacy than money. Most baby boomers (86%) and Americans aged 72 and older (74%) said family […]View Post
Problem: I recently appraised a ring containing two old European cut round diamonds from the early 1900s, a .87 ct and a .56 ct. Both were so severely chipped they were deemed uninsurable by the insurance provider. The client asked, “What can I do with these?” Solution: We recut both diamonds into modern brilliant cut […]View Post
Talk about a coincidence. We sold a small desk yesterday to a couple to use as a homework desk for their young son. They had traveled about 60 miles in the freezing rain from NW Indiana to pick it up. Several hours later I received a phone call from the father. As they were unloading the desk […]View Post
THE ENDOWMENT EFFECT Researchers from the University of Pennsylvania, Yale and U.C. San Diego have recently documented a behavioral bias that we observe frequently in the property liquidation industry. The perception of an item’s value increases from the mere basis of owning it. This is known as the “Endowment Effect.” Historical economic theory proposes that […]View Post