Why Professional Valuations Are Important
Professional valuations provide an independent assessment of an item's current market value and can be prepared for a range of purposes, including:
A valuation also creates a detailed record of an object's description, condition and significance, helping future generations understand both its financial and historical importance.
Passing Art, Jewellery and Antiques to Family
Many people choose to pass treasured possessions to children or grandchildren during their lifetime, while others leave collections through their estate.
Whatever approach is taken, good documentation can make a significant difference. Recording where an object came from, when it was acquired and any known family history helps preserve its provenance as well as its value.
It is also worth reviewing collections periodically. Pieces that once appeared modest may have become valuable, while changing markets may influence how and when owners decide to sell or pass them on.
Understanding Inheritance Tax
Valuable collections may form part of an estate for Inheritance Tax purposes. However, tax rules and allowances change over time, and every family's circumstances are different.
Anyone considering gifting valuable possessions or planning how to pass assets to the next generation should seek advice from a qualified solicitor or financial adviser who can provide guidance based on current legislation.
Professional valuations form an important part of this process by establishing an accurate market value for works of art, jewellery, watches and antiques.
Probate Valuations
When someone dies, executors are responsible for establishing the value of the estate. This often includes household contents, collections and individual works of art or jewellery.
A probate valuation provides an independent assessment of the open market value of these items at the date of death and can assist executors, solicitors and beneficiaries throughout the administration of an estate.
Lyon & Turnbull regularly works with families, executors and legal professionals across the UK, providing probate valuations for estates ranging from individual items to extensive private collections.
Preserving More Than Financial Value
Collections often tell family stories that extend beyond their market value. A watch presented to mark a career, a painting purchased on a memorable journey or jewellery passed through generations may hold significance that cannot be measured financially.
Recording these stories alongside professional valuations helps preserve both the history of an object and the memories connected with it, ensuring future generations understand not only what they have inherited, but why it mattered.
When Should You Arrange a Valuation?
It is worth considering a professional valuation if you are:
- Writing or updating your will
- Planning to gift valuable possessions
- Acting as an executor
- Reviewing your insurance cover
- Managing a family collection
- Planning your estate with professional advisers
Regular reviews can also help ensure valuations reflect current market conditions.
Request a Professional Valuation
Whether you are planning your estate, acting as an executor or simply wish to understand the current value of your collection, Lyon & Turnbull's specialists provide confidential valuations for probate, insurance and auction purposes.
Request a free auction estimate or contact our Valuations Department to discuss your collection.
