How to value art, antiques and other valuable belongings

This may include antique furniture, art, jewellery, cars, and so on. However, if the gross value of an estate is likely to be less than £250,000 (before deducting debts and inheritance tax exemptions/reliefs), HM Revenue & Customs guidance states that an accurate valuation is not required.

In such cases, an estimate based on available information will suffice. See our guide “Valuing household belongings for probate”.

Professional valuations

For all other estates, if any item is thought to be worth more than around £500, HM Revenue & Customs advises that an expert should be instructed to provide an accurate probate valuation.

The value given should be the open market value at the date of death. Broadly speaking, this is the amount which the item might fetch if sold over the Internet, in a local paper or at auction. It is different from a replacement value for insurance purposes.

Professional valuations may be obtained from:

1. A local auction house. Auctioneers are usually adept at valuing items for probate purposes.
2. Probate valuation and clearance services. A search on the Internet for “probate valuations and house clearances” should yield some helpful results. Such companies often advertise in local directories. If required, they can also arrange for the house contents to be cleared.

The valuation should be given in writing. If the estate is taxable, it should be submitted to HM Revenue & Customs along with the full inheritance tax account (IHT400).

Joint assets

Assets held jointly should still be valued, even if passing by survivorship. If there is one surviving co-owner, the value of deceased’s share will be 50% of the total value.