Valuing rare and collectible pieces is an art form in itself, and a matter of fine judgement too. That is because there is no absolute value we can tick off in a catalogue. If fact, there are actually several values the owner might prefer. This makes assessing chattels for their probate worth, a more complex topic than it may seem at face value.
Narrowing Probate Chattel Value Range
If we were asked to estimate how much a collectible item could fetch at an open auction, then we might suggest a range, and not an absolute number. This is because the knock-down value would depend on who bid at the auction, and what other items were up for sale.
Whereas, if we were asked to suggest an insurance value, we would need to come up with an exact amount.
Beauty, they say, is in the eye of the beholder. This is nowhere more true than in the mind of the collector of a beloved item. On the other hand, if we were assessing chattels for their probate value, then interested heirs might ask us to mark them down.
A Rare And Exceptional Collection (Image ©Avery Associates)
Chattel Insurance Values for Probate
A wise executor insures the items they curate against damage or accidental loss. There are three ways to determine a number, depending on the circumstances:
- Opt for a low insurance value sufficient to cover a similar replacement item. This could be appropriate where such items are readily available.
- Set a high value based on the reasonable maximum value the item might fetch at an auction. This could suit a rare item of significant value.
- Insure the item for a discretionary amount greater than the high value. This might suit a situation where the item is one-of-a-kind.
We recommend discussing these options with an accredited insurance adviser before reaching a decision.
The Willing-Buyer, Willing Seller Principle
Willing buyers and willing sellers seldom enter negotiations agreeing on the purchase price. However, at least they are prepared to negotiate, and that’s a good place to start. But in the case of a deceased estate, the owner is no longer with us and that adds another layer to the debate.
For this reason valuers often refer to open market transactions, when assessing chattels for their probate worth. For example, average prices of motor vehicles are available in trade guides. While other pieces, like collectible stamps and precious jewels are perhaps best assessed from records of open auctions.
Appraising the Value of Fine Art Works
Valuing fine works of art is a fascinating journey, sometimes with intriguing twists and turns. Accurate assessments spin off into sale prices and insurance policies, not to mention equitable distribution of probate chattels.
However, despite the need for accuracy, our task is at least half art and half science. That’s because we have to blend our knowledge of the art business, with our appreciation of a particular piece.
Avery Associates is a team of deeply experienced valuers, who cut their teeth on the London market before deciding to specialise.
- Jeffrey Avery is managing director and founder of Avery Associates, with over 35 years of experience. He has wide experience in fine art, furniture, and collectibles, and has a particular interest in 20th century design. Further to this, Jeffrey has a good understanding of all matters relating to probate.
- Stuart Billington has over 35 years experience in the philately world. His unique specialist knowledge enables him to give best advice on all aspects relating to stamps and postal history. Stuart conducts current market value, probate and insurance valuations on collections throughout the United Kingdom.
- Clifford Lansberry is a member of the Royal Institute of Chartered Surveyors (RICS), and undertakes valuation work for insurance, probate, and current market value. Clifford has a particular interest in fine art.
Value in The Eye of The Market (Image ©Avery Associates)
But our roles go far deeper than allocating collectible values based on the willing buyer, willing seller principle. We also need to understand the context of each artwork, in terms of its place in history, and the culture in which the artist lived.
When we draw these threads together, we are able to view a work of art, or other collectible, through a willing buyer’s mind. And to accurately assess how much a willing buyer will pay for the opportunity to appreciate it as their own possession.
Assessing Your Chattels For Probate
Thank you for staying with us, and for reading through to this point. Remember us if you need help assessing chattels for probate value, or any other purpose. Our clients tell us that our prices are fair and our service is excellent. Please click here if you would like a free quote.
More Information
