In order to actually answer this question (and you may decide you don't really want to) you need to determine whether the Warsaw Convention of the Montreal Convention applies to your flight. Eventually the Montreal Convention will replace the Warsaw Convention but for now you can look at this chart (look under the "Date of Entry Into Force" column) to see which countries are parties to which convention:
http://www.ICAO.int/icao/en/leb/mtl99.pdf
If you are traveling internationally FROM a country that has signed the Montreal Convention, it applies. If you are travelling anywhere on an EU-based carrier (e.g., British Airways, Lufthansa, Air France, etc.) the Montreal Convention applies. Otherwise the Warsaw Convention applies.
Under the Montreal Convention, liability is generally limited to 1,000 Special Drawing Rights (sometimes called SDR's, labeled for currency exchange as "XDR's"). Today the US Dollar exchange rate per XDR is .628281, so 1,000 XDR = $628.28. So that's the answer to your question if the airline loses your whole bag(s) for 21 days or more (after 21 days the bag is deemed lost).
Under the Warsaw Convention, liability is limted to 17 XDR per kilo of luggage. Most airlines will limit you to 2 checked items at 50 pounds each, so you're looking at $485.44 which is, as they say, worse. If the airline accepts or you pay for more luggage, then of course higher limits would apply.
You can hope to pry a better reimbursement out of an individual air carrier with whom you have a business relationship but those are the rules. In a nutshell don't rely on airline reimbursement as insurance.