In today’s ever-changing world, it is of vital importance that your assets receive the attention that they deserve. With the price of gold having approximately doubled in the last 5 years, an up to date valuation is imperative. For peace of mind, I would recommend valuations of fine arts and jewellery are reviewed at least every 2 to 3 years.
Valuations can be required for a variety of reasons: for probate purposes; a gift in a will, or as part of an insurance review. Art collections should have their insurance valuations updated as markets fluctuate because of trends, the emergence of new artists, the death of an artist and must have trophy pieces.
In particular, Old Master prints are holding up very well in the art market, being a great entry level for people who want to enjoy the art of collecting. Prices are stable or increasing year on year by about 5%. As the market supply reduces, prices are likely to enjoy the increases recently seen – all the more reason to ensure valuations are up to date.
Moreover, valuable jewellery should be checked to ensure that clasps on rings with precious stones are secure and that any wear and tear is repaired. Certification from a reputable and certified jeweller may be a requisite by your insurance company to ensure the value recorded is a true reflection of today’s market values and to confirm the item’s status of repair. Fine jewellery and precious stones have increased in value in the past few years by around 15%. In the event of a claim, should a valuation be out of date, you might find yourself left short changed as an insurer will only pay out the value specified on the policy which may be dictated by the out of date valuation.
Valuations can be obtained online by filling out the item details and sending pictures to the respective valuers. For the more expensive and substantial pieces, valuations can be obtained by contacting the major auctions houses, though bear in mind that a fee may be charged.
Watch collections are highly desirable, prized and are often an attractive theft risk. With prices increasing year on year by 5% or so depending on the manufacturer, it is vital to ensure these are properly valued and itemised on your policy to ensure you will be properly remunerated in the event of a loss.
From my time in the art world, I have built up a solid network of valuers who have worked within the industry for many years within the major auction houses. Whether you have an individual painting, drawing, an item of antique furniture or piece of jewellery, a team of industry specialists will able to provide you with the best advice. Therefore, you can benefit from obtaining a meticulous and authoritative valuation for insurance, probate, family division, or if you are just curious to know the value of your assets.
Please contact me for details and be put in touch with the experts.
