VALUATIONS

There are many reasons for needing a professional valuation of an object, a collection or the contents of a house, the main ones being insurance, probate and family division. Valuation is not as straight-forward as it may at first appear as the value given will differ according to the purpose of the valuation. It is therefore very important to inform the valuer of why the valuation is needed.

Valuations for insurance require values that will be appropriate for retail replacement, perhaps at top international prices. Such valuations need to be regularly updated to keep pace with changes in the market place.

Probate values need to be set at realistic market values and, bearing in mind that inheritance tax in the UK may be charged at 40% of the probate value, any over valuation can be very expensive.

Charges for valuations can vary but are usually based on a time charge per day, or a percentage of value basis applied to the total value, which will decline as the value increases. The day rate basis is normally charged for time spent on site only, with research time included in the fee at no additional cost. It is normal to also charge for travel costs.

Values do not remain constant over time as the market for art and antiques is always changing with fashion and economic conditions in this country and internationally. In addition, knowledge is constantly expanding and experts can have genuine differences of opinion over authenticity and desirability, and therefore value.

The law in the UK states that a professional valuer must have the appropriate skills, must exercise his duty of care and will be liable for errors of a professional nature.