Valuation of chattels

It is recognised that the valuation of works of art is not a precise science: it is a matter of skill and judgement. Although a layman might assume that an object can have only one value, experience shows otherwise. This paper provides an overview of approaches to the valuation of art and other chattels for a variety of purposes, focusing on insurance, negotiated sales, customs and export, and for current UK taxes. In particular it explains the process of ‘Acceptance in Lieu’ for Inheritance Tax, and the three levels of auction estimate used for insurance purposes.

DOI: 10.47445/140
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