How We Value
Our valuations are based on market values. The Section 160 of the IHT Act 1884 provides the value must be ‘the price which an item might reasonably be expected to fetch if sold in the open market at the time’, i.e. this reflects a likely hammer price and does not include commissions or other potential expenses often associated with selling chattels at auction.
The rise and fall in all categories of the art market makes it difficult for Executors or owners to know the value of their possessions. For this reason it is advisable to obtain a report by a specialist valuer. Here at Probate Valuations we have access to comparables and appropriate research material and the experience of deploying arguments in support of valuations being queried by HMRC.