Andrew Acquier, FRICS - Fine Art and Chattels Valuations

Why bother? Because you may be under-insured and because it is up to you to prove your loss to your insurers. The best way to do this is to provide a list of your possessions and their worth compiled by an independent valuer before a loss occurs. All of our inventories are supplied with photographic prints or digital images.

You can get a lower premium on your art and antiques by using one of the special schemes for High Net Worth clients. This is available through specialist underwriters including Chubb and Axa Nordstern, for whom we are approved valuers. Discounts are available on our fees for such work.

Jewellery need not be valued separately and can be included within any inventory.

For many years this office has received instructions from firms of loss adjusters checking the validity of claims. We are happy to assist firms who do not have their own in-house valuers.

We are also instructed by private clients to produce detailed and correct records of loss for their insurers. It should be noted that it is customary practice in such instances for the insured and not the insurance company to pay the valuer's fee.

When calculating inheritance tax, items worth £500 or more in the open market need to be individually valued. In some instances, we continue to be asked to provide inventories listing items worth £200 or more, as this is often of great assistance in assessing equitable division. However, where all the art and antiques are to be sold during the period of administration the hammer price at auction can be taken as the agreed figure for the Revenue, so there is usually no need for a probate valuation.

Although we initially raise a bill based on the time taken to compile a tax valuation, we usually waive it provided we are given the agency to sell on behalf of executors or trustees. Our advantage over individual auction rooms is that we can place items for sale wherever they will achieve the best net return. Draft inventories are supplied for executors who have not yet decided what to retain and what to sell.

Valuations are undertaken on individual items or relevant house contents.

We always provide a photographic record to allow easy identification of the objects in question, some of which trustees may never have seen. Values are given at current auction levels to allow for efficient forward planning.

We also carry out retrospective valuations to allow capital gains tax to be correctly assessed:

• For capital gains tax purposes, the base date currently set at 31/03/1982.
• For inheritance tax purposes as at the gift or transfer date.

As the value of art and antiques continues to rise it is increasingly common for a valuation of possessions to be carried out as part of an equitable settlement. All work is carried out on a time scale. On request we are prepared to provide as much information as possible for an agreed fee.

Andrew has many years experience of compiling reports for litigious cases, several of which have necessitated a subsequent court appearance as an expert witness, often to argue the value of individual items (quantum).

One of the benefits of regularly entering lots for sale with auction houses is that we are able to offer both private and corporate clients a free sales service; this is because we claim an introductory commission directly from the saleroom. Whether a single lot or the complete contents of a home or office is involved, we place items in the best marketplace thereby gaining the highest net return.

When buying antiques or art we regularly save our clients up to 50% or more on retail prices by buying from auction. We can advise on any purchase from auction, and are happy to bid on your behalf. We can also negotiate with dealers for shop or gallery purchases. There is a standard fee of 10% of the hammer or retail price for this service.

Vetting

We accept commissions to check an item or items for authenticity and price before a purchase is made. For this service the hourly rate of £100 applies.

We undertake valuations which involve items being sold in situ, often when a house or set of offices are being sold. Values are set between sale and reinstatement value at a higher percentage level on fitted items, such as carpets, curtains and kitchens. We are often asked to include marble fireplaces, stained glass and old wooden panelling in such appraisals.