Andrew Kravit's family has been in the art and jewelry business for five generations, but he decided to go it alone instead of staying with his parent's company.
Founded in August 2012, Boca Raton based Kravit Estate Appraisals generated over $4 million in revenue in 2015, he said, it has two lines: it helps estates appraise the value of their luxury goods, and it assists the estates in selling those goods.
Its goal is to ensure clients obtain top dollar for their assets.
"We deal with life changing events: death, divorce and bankruptcy, Kravit said.
To have someone- not only as a professional but also an adviser and friend- to walk through the process is invaluable.
Kravit's great- great grandfather name to the U.S. from Russia in 1904 and engraved watches.
He realized he could collect the leftover gold shavings and refine them.
That started a family business of selling precious metals and jewelry. Kravit's parents own a company that buys jewelry, art and other valuable assets from estates and resells them.
A New York University graduate, Kravit did post grad work at Sotheby's auction house, and was an apprentice diamond cutter. He worked for his parents for years, before deciding to start his own business.
Kravit Estate Appraisals works with attorneys to value client assets, often when they must be sold because of estate taxes, inheritance, divorce or bankruptcy. It contracts with 20 appraisers in 30 asset classes, from art to wine to cars to horses. The company charges an hourly rate for appraisals and a commission for sales, but the appraisal charge is waived after items are sold, Kravit said.
One of the most unusual items it appraised was a sabre -toothed tiger skull that a plastic surgeon had for 40 years. It was worth $250,000, Kravit said.
The company also helps clients ship, insure and display valuables. It recently developed a mobile application so clients can rifle through photos and information about their most prized possessions.
The reasons people collect are: one, to show off; two, so no one else has it; and three, to teach their kids about the heritage of certain items and why they collect them, Kravit Said. Written by Brian Bandell, South Florida Business Journal.
Comments