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A guide to antique valuation & insurance
Acquiring antiques
Searching for, buying and collecting antiques has a wide following in the UK. From the casual collector who gathers antiques for enjoyment rather than profit, to those involved in one of the many businesses who trade professionally in the antique market world.
There are also the lucky few who stumble across antiques. A clear out of an old attic or cellar may reveal several antiquarian pieces. Some stunning relics have been found over the years by people who are often initially clueless as to their true worth. Alternatively, you may have some knowledge of antiques and be able spot a few collectables or unusual objects at a car boot or garage sale. The other obvious way to come into ownership of antiques is through inheritance.
Protecting your lucky find, inheritance or investment
If you have a keen interest in antiques and collect them, then you'll know all about the need to get a valuation so that you can ensure your specialist or home insurance provides adequate cover. For the rest of us it may be an alien concept. If you have a single item to value and insure then the procedure is relatively easy. Having said that, even if you have several valuable items the procedure isn't overly complicated and in this case you will just need to have each antique itemised so they can be valued individually and as a whole if applicable. Each piece should be photographed and any distinguishing marks identified, not least to aid in possible recovery in the event of theft. Valuations will generally be based on the current listing price, and any other additional assets should be noted. A valuation will be performed by a professional; antiques are for the most part only worth what collectors are willing to pay for them. A professional is in tune with current market trends and will be able to recommend the right level of insurance for your items.
Itemising your antique collection is good practice and is as useful to you as it is to your insurers. Should you have a breakage or theft, it makes everyone's job easier if you have precise details of the object. The list can be very simple and will not take long to prepare, and you should make several copies in case it is misplaced. Obtaining a valuation also makes good sense as people are often unaware of the exact value of antiques. If an antique is genuine then it should be insured for the replacement value. If the antique is rare the replacement value will be high. This factor obviously has a bearing on costs and types of insurance offered.
If your item or collection wasn't valued recently then it is well worth getting a re-evaluation as the antique market has the potential to change considerably over the course of an annual home insurance policy. It is in everyone's best interest to have an up to date valuation to refer to if needed for a claim. If you have a recent valuation figure, it will be easier and quicker to process any documentation.
