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Passing on Art, Jewellery & Antiques to the Next Generation

10 October 2025

Derrian Fraser

Whether it is a painting that has hung in the family home for decades, a collection of jewellery built over a lifetime or antiques passed down through successive generations, many owners eventually face the same question: what happens next?

Passing treasured possessions to the next generation is about far more than inheritance tax. It is an opportunity to preserve family history, avoid uncertainty and ensure important collections are properly understood before ownership changes.

One of the most valuable steps you can take is understanding what your collection is worth.

Why Valuations Matter Before Assets Are Passed On

Many people have a good understanding of the value of their home or investments but considerably less certainty about the contents of their home.

Over the years, collections often evolve gradually. Paintings are inherited, jewellery is gifted, furniture moves between generations and decorative objects accumulate. As a result, families are frequently surprised to discover that individual items, or an entire collection, may be worth significantly more than expected.

A professional valuation provides an accurate picture of the current market value of these assets, allowing families to make informed decisions long before they need to.

Our IHT Services

If you require a formal valuation for probate, inheritance tax or estate administration, Lyon & Turnbull's specialist valuation team provides HMRC-compliant reports for fine art, jewellery, antiques and collectables across the UK.

Understanding the Value of Family Collections

Fine art and antiques are unlike many other assets. Their value is influenced by changing markets, rarity, condition, provenance and collector demand. Items commonly requiring professional valuation include:

Paintings and sculpture
Jewellery and watches
Silver and objects of vertu
Furniture
Ceramics and glass
Asian Art
Books and manuscripts
Design
Coins, medals and militaria
Collectables

Regular valuations help ensure that important collections remain properly documented as markets evolve.

Planning Ahead

Forward planning can make estate administration significantly simpler for families and professional advisers. Knowing the value of a collection can help with:

succession planning;
estate administration;
inheritance tax planning;
trust and estate management;
family discussions about ownership;
future sales or charitable donations;
insurance reviews.

While tax planning should always be undertaken with professional legal and financial advice, having accurate market valuations provides an essential foundation for those conversations.

Avoiding Surprises

One of the most common challenges executors face is discovering valuable items that have never been professionally assessed.

Without reliable valuations, families may:

underestimate valuable assets;
overlook specialist collections;
struggle to divide estates fairly;
delay estate administration;
encounter unnecessary questions during probate.

Obtaining valuations during your lifetime removes much of this uncertainty.

Collections Change Over Time

Art and antiques are dynamic markets.

An artist who attracted modest prices twenty years ago may now command significantly higher values. Equally, changing tastes can influence demand for particular categories of furniture, ceramics or decorative works.

Periodic reviews ensure records remain accurate and reflect current market conditions.

Professional Valuations: Sale, Insurance, Tax Planning

Service

Professional Valuation Services

Working with Specialist Valuers

Professional valuation is about more than assigning a figure.

Experienced valuers consider provenance, condition, rarity, comparable auction results and current international demand before arriving at an open market valuation.

Where collections span several disciplines, specialist knowledge becomes particularly important. A single house may contain paintings, jewellery, books, Asian works of art and silver, each requiring expertise from different departments.

Looking Ahead

Whether your intention is to pass cherished possessions to family members, donate works to an institution or simply understand the value of what you own, obtaining professional advice today can make future decisions considerably easier.

Understanding your collection allows the next generation to inherit not only valuable objects, but also the knowledge that accompanies them.

Need a Probate or Inheritance Tax Valuation?

If you require a formal valuation for probate, inheritance tax or estate administration, Lyon & Turnbull's specialist valuation team provides HMRC-compliant reports for fine art, jewellery, antiques and collectables across the UK. Explore our Probate & Inheritance Tax Valuation service or contact our Valuations Team to discuss your collection.

FAQs

Professional valuations help families understand the current market value of collections, making future planning, estate administration and succession discussions more straightforward.

As a guide, collections should be reviewed every five to ten years, or sooner if market conditions change significantly or important new items are acquired.

We value paintings, jewellery, watches, furniture, silver, Asian Art, books, manuscripts, design and many other specialist collecting categories.

Yes. Valuations provide an accurate understanding of a collection's worth for planning, insurance, family discussions and future estate administration.