ANTIQUES
ANTIQUES & COLLECTABLES
with Philip Hoare F.T.V.I
Shutting the stable door
The importance of having an inventory and valuation of personal valuables
There have been two occasions
recently where I have taken instruction
to act for clients and to negotiate
on their behalf with their Insurance
Companies in order to reach a
sensible settlement figure regarding
loss of their valuables. In both
cases, specifically jewellery and
silver, the problem being that
in both no specific Inventory or
Valuation had been made and
once the goods are lost or stolen it
becomes difficult in the extreme
to give accurate valuations when
the only evidence are family snap
shots or old probate inventories
with very limited descriptions.
Therefore it is vital to have an
extremely accurate inventory of
personal possessions together with a
photographic archive of all fine art,
jewellery and collectables.
Life is full of the unexpected and if
they are lost or stolen it is so difficult
if not impossible to establish their
existing true value. Understandably,
the Loss Adjuster working on behalf
of the Insurance Company will use the
lack of this evidence to considerably
Antiques - find out what
they're really worth
VALUATIONS • COMMISSION SALES • RESEARCH
56
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reduce the settlement figure. However,
if there is a specific detailed record on
a fixed date with values and preferably
pictures there will be no room for any
manoeuvre.
All valuations for insurance
require values that will reflect
retail replacement and those
valuations will need to be updated
approximately every three years in
order to keep abreast of changes
in market values. The art market
is continually fluctuating as values
rise and fall and fashions and
desirability change.
There is also another advantage
to having a full inventory when
the inevitable occurs. It can be used
for both Probate and Family Division
with only the necessary calculations on
values needing to be adjusted.
PHILIP HOARE
71 Union Street, Ryde, IW. PO33 2LN
TEL: 01983 612872 MOBILE: 07773 877242
EMAIL: [email protected]
www.philiphoare.com