Taking Your Antiques To Auction Houses For Valuation

If you have collectables or antiques that you suspect are worth something you can

take them to an auction house that offers an antiques valuation service. It is important to understand what the valuation process entails and the different types of valuation services available.

Valuation entails more than just determining that monetary value of an object. When a piece goes through the valuation process it is described, appraised and assigned a monetary value. The only accurate way to determine a monetary value is to take the other aspects into consideration.

The description of the piece will detail the actual physical properties of the piece. This includes the weight and size, the material the piece is made from and if there are any hallmarks or manufacturers. The appraisal is going to look at less tangible aspects of the piece such as the quality and the rarity of it. The appraisal will also take a look at the condition of the item. Now the valuation takes place, and there are several different types of valuation. For each of them the constants are the description and the appraisal.

The most common form of valuation is for insurance replacement and this is done primarily by antique dealers. This is required by all insurance companies if something has happened to the item and the client is going to make a claim against it.

When looking at the piece from an insurance standpoint, you are going to get a monetary value based on the current market value of the piece. This will either be new replacement value (NRV) or second hand replacement value (SHRV). If the piece is 50 years old or newer you use the NRV and if the piece is 50 to 100 years old you use the SHRV. If your piece is very rare and unlikely to be found in an antique dealer's inventory then they will assign a value based on the cost to recreate such a piece. This is called the facsimile value or FV.

There is also a private sale valuation. This will be the amount you would receive if you were to sell the piece to another person. This price is usually somewhere in between what an antique dealer would pay for the piece and what that dealer would sell it for.

Value for Probate is another type of valuation that can be done and this is the monetary value that is assigned to a deceased person's belongings. This monetary value is based on the price you would probably get if you were to offer the item on the open market on the date the deceased passed on. This is also the price that is closest to what you would get at auction and is often the lower than the insurance valuation.

There are other forms of valuation as well, but these are the most common. When taking your item to an auction house for valuation you are most likely to get a valuation that falls somewhere between the insurance valuation and the private sale valuation. Some term this as the "best price possible".

Your needs will determine the type of valuation you will seek. Remember that the description and the appraisal will remain the same through any valuation process.

by: Louise Longworth

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