Art Valuations for Insurance | Quastel Associates

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WHY GET A VALUATION OF YOUR ART

The art market is ever changing. Some artists continue to gain popularity and the values of their works continues to increase. Other artists have fallen out of fashion and their works, once worth thousands, are unable to sell. It can take as little as one auction to change everything in the art world. What is key is that index-linking (a popular approach by insurers) does not apply when it comes to art. For example, Victorian paintings as a whole have seen a significant decline in value and so if index-linking is applied, the insurance cover will be too high. Conversely, if a contemporary artist is to have a sudden peak in popularity, their works will soar in value but the insurance cover could be woefully inadequate. To guarantee you are insuring correctly, an art valuation is highly recommended.

There has also been a significant growth in online artwork purchasing with many galleries and auction houses moving online. In these cases it is important to have an accurate and impartial valuation carried out as many insurers will not accept gallery receipts or auction invoices as proof of value.

Lastly, in the event of theft or damage of an artwork, a detailed valuation report provides your insurer with all the information they need to make the claim as straightforward as possible. As we offer an independent valuation and are trusted throughout the industry, the claim process is simplified and the report can provide peace of mind.

OUR SERVICE

When it comes to a number of artworks or a full art collection, our bespoke inventory service ensures a precise and detailed valuation.

All our fine art and antiques valuers have a minimum of 20 years’ experience and have previously worked for one of the major auction houses. Many belong to professional bodies including The Royal Institution of Chartered Surveyors (RICS), The National Association of Valuers (NAVA) or The Society of Fine Art Valuers (SOFAA).

In relation to the valuation of art, there are a number of elements to consider. The provenance, medium, size, condition and subject matter of the artwork can all affect the value, something our expert valuers have extensive knowledge about. In addition, we have access to all auction records and have contacts within the major galleries and auctions houses to back up the expertise of our team.

When having an art valuation carried out by Quastel Associates, one of our knowledgeable valuers will visit your property at an arranged date of your convenience. They will discuss the art to be valued and confirm any instructions with you before commencing the valuation. Each item which is to be specified is then photographed and given its own description and value. The remaining artworks (usually the lower value items) are grouped together with a total value attributed. We kindly ask that any relevant paperwork (receipts, invoices etc) are looked out ahead of the day to assist with the process.

The valuation report is presented as a PDF document with the option of adding a password for security purposes. These are normally supplied within 2 weeks.

We also offer a remote updating service, allowing you to continue managing your collection over the years as markets change. This ensures values are kept up to date and accurate for insurance replacement.