Gold Sovereigns Found Hidden Under Furniture In Ealing Probate Valuation
Although I carry out around ten valuations a week the contents are not always as valuable as those described in the following article, in fact about 80% of the appraisals are quite normal with a general value ranging between £1000 and £2000. Clients can sometimes think that the value of contents is far more than what its actually worth on the open market. So its very wise to get a professional to put a value on the contents so as to avoid paying more than necessary in IHT.
On this occasion my work took me to a probate valuation in Ealing where I met the executor to his Uncles estate. The house was nicely furnished with some very attractive Mid Century Modern pieces ranging from a lovely Rosewood dining table and eight chrome chairs, as well as a good amount of Danish modern design furniture of good quality and condition. There was also some nice ceramics and collectables and to round it off a baby grand piano by Steinway.
The Gold coins pictured below were found by the executor hidden in a small metal biscuit tin under the sideboard behind a stack of old magazines, and what an amazing find with the value of the coins alone exceeding £10,000 as well as two nice vintage gold Rolex and Longines watches worth between £800 and £1000 the pair.
CITIES And The Sale Of Rosewood furniture
The Rosewood table had a limited value due to the recent introduction of CITES (Convention on International Trade in Endangered Species of Wild Flora and Fauna), this means that all items constructed from Brazilian rosewood made after 1947 must be accompanied by an article 10 certificate from the Wildlife Licencing and Registration Service. This means all scandinavian furniture using Rosewood from the post second world war period will need certification, more can be read about this subject at https://www.antiquestradegazette.com/news/2014/danish-furniture-pulled-from-sale-over-cites/
After reading this article executors should realise the importance of instructing a well qualified valuer, thus avoiding costly errors in values and to avoid the wrath of HMRC who are taking a very aggressive approach with regards to the valuation of a house and its contents, its very risky to use a firm of valuers who are not very well qualified and not in good standing with HMRC as this may well lead to a full investigation.
On a good note we were able to sell the gold coins for a very high price for the executors, resulting in a good outcome for all the beneficiaries.
Jeffrey Avery – Probate Valuation In Ealing – 4th March 2018