Valuation

To value is to give an object an argued value, suited to its purpose: sale, insurance, estate or division. The same piece does not have a single “value”.

Who it is for

• Owners who wish to know the value of a piece or a collection.
• Families and notaries for an estate, gift or division.
• Insurers and brokers. See insurance and claims.
• Galleries and institutions preparing a sale, exchange or loan.

How it works

1. Defining the purpose of the valuation: it determines the method.
2. Authentication, or taking up an existing opinion.
3. Market analysis: comparable sales, rarity, demand, provenance.
4. Taking account of condition, quality and restorations.
5. A dated valuation report, with references and assumptions.

What you receive

• A value or a range, argued.
• The detail of the comparables and the assumptions used.
• The reference date and the recommended period of validity. The recommended validity is twelve to twenty-four months.

Types of value

Market value: the probable price of an open sale. Insurance value: the cost of replacing a comparable object. Estate or division value: the value taken at a legal or agreed date. The choice is specified in the report, in liaison with the notary or insurer where necessary.

Limits and precautions

• The practice does not value an object whose authenticity is manifestly doubtful without saying so.
• A valuation is not a purchase offer and does not bind the practice to a transaction.
• The practice does not set its fees as a percentage of the estimated value.
• Rules applying to cultural property may restrict a sale: see provenance.