ROBERT DALGETY
VALUATION CONSULTANTS

PRIVATE FORMAL WRITTEN VALUATION DOCUMENTS
for
ANTIQUE FURNITURE, PICTURES, SILVER, ALL WORKS OF ART

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REASONS TO COMMISSION an INSURANCE VALUATION or a ‘PROBATE VALUATION’
(CAPITAL TRANSFER TAX VALUATION or INHERITANCE TAX VALUATION)

INSURANCE VALUATIONS or CHATTELS VALUATIONS

There are many reasons for deciding to create an Inventory and Insurance Valuation of your Valuable Antique Furniture, Pictures, Silver, Works of Art and other Valuables.  The first is so that you can make a confident and accurate claim in the event of loss, partial or complete, whether by theft or destruction, of the Antique Furniture, Valuables and Art Works which you own.  An Insurance Valuation for this purpose is carefully prepared as a detailed Inventory together with values, recording where appropriate information held on invoices in your possession.  This is done on a named room by room basis throughout your house, so that identification of a missing or damaged Antique is quite straightforward.  In addition thumbnail photographs of a selection of the more important Antiques, Pictures, items of Silver and the more Valuable Works of Art will be included alongside the text which describes them.

The Insurance Valuation has other applications, in particular to assist with Forward Tax Planning, Family Division & to demonstrate if needed the intrinsic Value of Assets held within the home.  Let us suppose that you have three children, and you have an eye to their future benefit, but you want them to inherit an equal monetary share of your Valuable Possessions in your Estate.  The detailed Inventory and Insurance Valuation that you have prudently commissioned in good time will serve this purpose well.  You can also pre-determine how Chattels are divided within your family (in other words ‘who gets what’) by including the initials of the intended recipient against the Antique or Work of Art concerned.

You can also use an Insurance Valuation to help decide if you want to make a Sale of Antiques or Disposal of Chattels now.  It should be borne in mind that Sales by Auction will produce Auction Sale Estimates that are generally lower, (sometimes considerably so) than the Insurance Values which you have in your Valuation from Robert Dalgety Valuation Consultants.  However a rough calculation can be made of these lower levels at no extra charge.

‘PROBATE VALUATIONS’ or VALUATIONS FOR INHERITANCE TAX or VALUATIONS FOR CAPITAL TRANSFER TAX

The need for an accurate ‘Probate Valuation’ (Capital Transfer Tax Valuation/Inheritance Tax Valuation) has greatly increased since 2005, largely because the Inland Revenue (IRS) has stipulated more searchingly that in establishing the Value of Assets in a Deceased Estate, the figure submitted for Chattels must be more accurate than was the case in past years.  Historically a ‘Valuation for Probate’ of Antique or Valuable Chattels took the Low Sale Estimate of a Fine Art Auction House Saleroom Market Value, for all the Contents, and a total Estimated Value was submitted.  In many cases this figure turned out to be significantly below the level achieved if Antiques and Valuable Works of Art were then quickly disposed of subsequent to a Grant of Probate.  Upward adjustments in the due tax were in these circumstances quite frequent.

Now, a ‘Valuation for Probate’ requires the Mid Sale Estimate that would be used by a Fine Art Saleroom, as the base line for establishing total Values of Antique Furniture, Silver, Pictures, Works of Art & Sculpture.  Furthermore, although Executors & Beneficiaries are as always permitted to estimate the values themselves, the figure they submit to the IRS must be much more accurate than was necessary in the past.  The Inland Revenue can (and increasingly do) demand spot checks on a declaration of the Value of Assets and Chattels by appointing Independent Valuers to confirm or adjust the figures given.  If Antique Valuations are deemed to be sufficiently inaccurate, Estates can be penalised by having fines levied against them, causing extra costs and delay for Beneficiaries.

The Valuation of Art Works & Chattels has always been something of an inexact science, but the odds against submitting an incorrect figure to IRS can be greatly minimised by ordering a professional ‘Valuation for Probate’ from Robert Dalgety Valuation Consultants.

SCOPE OF INSURANCE VALUATIONS, ‘PROBATE VALUATIONS’ or A VALUATION FOR ANY OTHER PURPOSE of ANTIQUE FURNITURE, WORKS OF ART, STATUARY, SILVER, PICTURES, GARDEN ANTIQUES, VETERAN, EDWARDIAN, VINTAGE & CLASSIC CARS & MANY OTHER CATEGORIES including;

Chinese & Indian Furniture
American Furniture
Sculpture in other Materials
Art Deco
Antique Silver & Gold
Clocks & Watches
Antique Metalwork
Oil Paintings
Antique Prints
Objets deVertu
Tapestries
Antiquities
Needlework & Fabrics
Arms & Armour
Manuscripts & Books
Antique Jewellery
Bibelots
Islamic Art
Indian Art
Aeronautical Art & Memorabilia
Marine Art & Memorabilia
Antique Toys

Tel/Fax: +44 (0)1243 262 986                                                                               E-mail: info@robertdalgety.co.uk

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