At Lyon & Turnbull, we understand that your Collections often represent more than financial value. They reflect personal taste, family history and long-term stewardship, and as such require thoughtful, informed management. A professional valuation is a key tool in understanding a collection’s current position and planning responsibly for its future.
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The Importance of Professional Valuations for Private Collections
13 January 2026
James McNaught
For private individuals and their professional advisors, a well-prepared valuation is an essential tool in the responsible management of a collection. Beyond establishing financial worth, a valuation provides clarity, structure, and confidence, supporting informed decision-making both now and in the future.
Valuation Types
Supporting Estate and Tax Planning
Valuations play a critical role in estate and inheritance tax planning. An accurate, up-to-date assessment of a collection helps ensure compliance with HMRC requirements and allows advisors to plan effectively for future liabilities. Whether forming part of a wider estate or standing alone as a significant asset, collections benefit from clear documentation and realistic market assessment.
In the context of tax planning and wealth preservation, valuations can help clients understand how collections sit alongside other assets, enabling strategic decisions around retention, gifting, or sale. This is particularly important where collections have been built over many years and may represent a substantial proportion of an estate’s value.
Insurance and Risk Management
Ensuring appropriate insurance cover is another key function of a professional valuation. Market conditions change, tastes evolve and values fluctuate over time. Regular revaluation helps protect collections against underinsurance or overexposure, providing reassurance that works are accurately covered in the event of loss or damage.
Succession Planning and Family Discussion
Valuations can also support sensitive family discussions and long-term succession planning. By establishing a clear and impartial framework, they help families navigate decisions around division, inheritance, or shared stewardship. This clarity can be especially valuable when collections span multiple categories or generations.
Charitable Gifting and Philanthropic Planning
For those considering charitable gifting or philanthropic initiatives, valuations provide an essential foundation. Whether supporting trusts, donations, or formal schemes such as Offers in Lieu or exemptions, professional valuations ensure that collections are assessed fairly and in line with regulatory expectations.
Strategic Decisions Around Retention and Sale
A valuation can also inform strategic decisions around retention or sale, whether immediate or long-term. Understanding current market positioning allows collectors and advisors to consider private treaty sales, auction routes, or phased dispersal with confidence, guided by specialist insight rather than assumption.
A Collaborative Approach with Professional Advisors
Lyon & Turnbull works closely with solicitors, accountants, trustees, and wealth advisors to deliver valuations for a wide range of purposes, including:
- Insurance
- Inheritance Tax
- Tax Planning and Wealth Preservation
- Trusts and Philanthropic Purposes
- Gift and Rental
- Offers in Lieu and Exemptions
- Family Division
- Private Treaty Sales
- Current Auction Estimates
Our specialists cover an extensive range of collecting categories, including fine art, jewellery, watches, books, silver, design, Asian art, and private collections. This breadth allows advisors and clients to rely on a single, trusted point of contact, even when dealing with complex or multi-disciplinary estates.
Clear, Purpose-Led Valuations
Each valuation is prepared with its specific purpose in mind. Reports are clearly structured, fully reasoned, and compliant with professional and regulatory standards, ensuring they can be relied upon with confidence by clients and their advisors alike.
To discuss valuing your collection, please contact:
James McNaught 📧 james.mcnaught@lyonandturnbull.com
