It’s hard to believe that the Olympic Games are already over. The United States had a great run this summer with a total of 104 medals, 46 of them gold. We all have great memories of gold medal performances by the “Fab Five” women’s gymnastics team and Michael Phelps bringing his overall medal total to a record-breaking 22, 18 of them gold.
Which begs the question – what is all of this Olympic gold worth? According to an informative article that ran in CNN Money just prior to the London games, the gold medal is in fact only 1.34% gold, with the rest comprised of 93% silver and 6% copper. Today’s market value would be about $650 for the raw materials if you melted it down.
But there’s more to “What’s it worth?” than just the raw materials, and that’s true for Olympic medals as well, which have a high symbolic value depending on the Olympic champion, the year and the sport. For example, a gold medal earned by a member of the 1980 US men’s hockey team, known as the “Miracle on Ice” when they eliminated Russia and beat Finland for the gold, sold at auction two years ago for $310,000.
What about Michael Phelps’ record-breaking 19th medal? What’s it worth today? According to an ABC News article, it could be worth anywhere from a few thousand to $50,000 to $1 million, depending on whether you ask a jeweler a collector or an ad agency seeking Phelps’ endorsement for a product or business.
Which goes to show you that contents valuation is a moving target influenced by a complex array of constantly changing variables. Getting it right requires a unique blend of art and science, plus “big data” to back it up. By “big data” we mean an historical record of contents claims and valuation data that can show trends over time. That’s what forms the basis of Enservio’s Valuation Platform and our Contents Claims Index. With these tools, our carrier customers are gaining a strategic advantage for introducing new products and services while also dramatically improving the accuracy and efficiency of the contents claims process in such a way that both carriers and their policy holders win.
Whether “What’s it worth?” is about an Olympic gold medal, a wine collection, or a set of heirloom China that has been passed down through generations, getting to the most accurate answer possible is our passion here at Enservio. It’s an art and a science that we’re continually perfecting, just like the Olympic athletes who are already training for the 2016 summer games in Rio.