Valuation is the process of estimating the monetary worth of an antique, work of art or collection. Valuations are prepared for different purposes, and the purpose affects the figure given: an insurance valuation usually reflects the cost of replacing an item from a retail source, while a probate valuation estimates what it would fetch in a sale, and an auction estimate indicates a likely hammer price range.
A valuer considers many factors, including the object's age, maker, rarity, quality, condition, originality, provenance, size, current fashion and recent prices achieved for comparable pieces at auction and in the trade. Restoration, alterations and damage can significantly reduce value, while documented history and exceptional quality can increase it. Valuations should be carried out by experienced specialists, such as members of recognised professional bodies, and kept up to date, as markets can change considerably over time. Owners should keep photographs, measurements and any supporting documents with their valuations, as these help with insurance claims and future sales.
