Valuing your collection final proof 16 June 16/06/2017 17:51 Page i Valuing Your Collection Valuing your collection final proof 16 June 16/06/2017 17:51 Page ii Every purchase of a Facet book helps to fund CILIP’s advocacy, awareness and accreditation programmes for information professionals Valuing your collection final proof 16 June 16/06/2017 17:51 Page iii Valuing Your Collection A practical guide for museums, libraries and archives Freda Matassa Valuing your collection final proof 16 June 16/06/2017 17:51 Page iv © Freda Matassa 2017 Published by Facet Publishing Ridgmount Street, London WC1E 7AE www.facetpublishing.co.uk Facet Publishing is wholly owned by CILIP: the Library and Information Association The author has asserted her right under the Copyright, Designs and Patents Act 1988 to be identified as author of this work Except as otherwise permitted under the Copyright, Designs and Patents Act 1988 this publication may only be reproduced, stored or transmitted in any form or by any means, with the prior permission of the publisher, or, in the case of reprographic reproduction, in accordance with the terms of a licence issued by The Copyright Licensing Agency Enquiries concerning reproduction outside those terms should be sent to Facet Publishing, Ridgmount Street, London WC1E 7AE Every effort has been made to contact the holders of copyright material reproduced in this text, and thanks are due to them for permission to reproduce the material indicated If there are any queries please contact the publisher British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 978-1-78330-187-4 (paperback) ISBN 978-1-78330-188-1 (hardback) ISBN 978-1-78330-214-7 (e-book) First published 2017 Text printed on FSC accredited material Typeset from author’s files in 10/14pt Palatino Linotype and Frutiger by Flagholme Publishing Services Printed and made in Great Britain by CPI Group (UK) Ltd, Croydon, CR0 4YY Valuing your collection final proof 16 June 16/06/2017 17:51 Page v To my beloved brother Graham William Johnston Valuing your collection final proof 16 June 16/06/2017 17:51 Page vi Valuing your collection final proof 16 June 16/06/2017 17:51 Page vii Contents List of figures and tables xi Preface xiii Acknowledgements xv Introduction Background Introduction The cultural economy Public and private collections Valuing cultural collections Summary 1 10 11 14 The difficulty of valuation Introduction Private sector and public sector The market Significance versus price ‘Difficult’ objects Adding and removing value Summary 17 17 19 22 26 26 32 35 Law and ethics Introduction Laws that may affect transacting in cultural goods The public and non-profit sector The private sector Auctions Authentication and attribution Claims Contracts 39 39 39 42 45 46 48 50 51 Valuing your collection final proof 16 June 16/06/2017 17:51 Page viii VALUING YOUR COLLECTION Loans Sales Valuation Ethics Summary 52 53 53 55 58 Insurance Introduction The insurance business Valuation Risk Variables Getting a quote Exclusions Premiums Indemnity Summary 61 61 62 63 66 69 73 75 77 80 82 Alternatives to insurance Introduction Government Indemnity Non-insurance agreements Shared liability Loans between national institutions Combined indemnity and commercial insurance Alternatives to full insurance Summary 85 85 85 86 89 92 93 94 97 Valuing your collection Introduction Valuation policy The case for valuation When and why valuations are made Sales and purchases Acquisitions Disposals Loans Storage and deposit Summary viii 99 99 99 101 105 108 109 113 114 116 116 Valuing your collection final proof 16 June 16/06/2017 17:51 Page ix CONTENTS Valuing an entire collection Introduction Considerations When you might have to value an entire collection Approaches to valuing an entire collection Methodology Valuation plan Communication Summary 119 119 120 122 124 125 130 136 137 Assigning a value Introduction Background The valuer Factors affecting value Assigning a value Methodology Resources Summary 139 139 139 141 143 145 145 152 153 Case studies: valuing different types of objects Anthropology and ethnography Archaeology Archives Armour Fashion and textiles Film and television Fine art Firearms Natural history collections Photographs Prints Rare books Science and technology 155 155 157 159 159 162 164 167 169 170 174 175 177 179 Templates General questions for valuation Anthropology and ethnography Archaeology Archives 183 183 184 185 186 ix Valuing your collection final proof 16 June 16/06/2017 17:51 Page x VALUING YOUR COLLECTION Armour Contemporary art Decorative art Fashion and textiles Film and television Fine art Firearms Library special collections Natural history collections Photographs Prints Rare books Science and technology Social history 187 188 189 190 191 192 193 194 195 196 197 198 199 200 Appendix 1: UK Government valuation of cultural items 201 Appendix 2: European Report, Valuation of Works of Art for Lending and Borrowing Purposes 207 Appendix 3: Glossary 211 Bibliography 217 Index 221 x Valuing your collection final proof 16 June 16/06/2017 17:51 Page 210 VALUING YOUR COLLECTION Organisations should consider alternatives to full-value insurance Publicly funded organisations should keep values low where possible and accept that objects owned by the state should not necessarily keep pace with market values Organisations should question high values and be prepared to justify any value assigned Notes Dr Cornelia Dümke is a cultural economist and consultant based in Berlin www.cultureconcepts.de Open Method of Coordination working group on Cultural Heritage and the Mobility of Collections Belgium, Estonia, Latvia, Portugal and Slovenia 210 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 211 Appendix Glossary This Glossary is largely based on the EENC Toolkit in Practical Ways to Bring Down the Cost of Lending and Borrowing Works of Art Between Nations of the EU and Dümke and Matassa, Valuation of Works of Art for Lending and Borrowing Purposes Agreed value A price agreed between both parties in the transaction, e.g buyer and seller, lender and borrower Artist’s resale rights The rights of the artist for a percentage of the sales price of their work when sold on the secondary market Rights not apply to first sale or to private sales The right generally lasts for 70 years after the artist’s death It applies to sales over €1000 and there is a sliding scale depending on value Attribution The name of the artist, maker, manufacturer or workshop assigned to the item or a recognition that the object is by that artist or maker Bailment The law of Bailment refers to the transfer of physical property from one person the ‘Bailor’ to another the ‘Bailee’ where the Bailor retains ownership and the Bailee has custody Certain rights, such as a duty of care, are attached to the transaction Broker An insurance broker acts on behalf of a client seeking insurance, buys insurance for them and is the intermediary with the underwriter who calculates and bears the risk Business interruption Insurance cover for continuing to manage your business after an emergency such as a fire or flood Provision may be required for temporary premises, staff costs, salvage treatment for objects, etc Buyer’s premium Commission paid by the buyer to the auction house It can range from 10% to 25% of the sales price Buyer’s price Actual price of an item purchased at an auction Also known Valuing your collection final proof 16 June 16/06/2017 17:51 Page 212 VALUING YOUR COLLECTION as ‘hammer price’ This does not include additional costs such as commission, buyer’s premium, administrative costs and VAT Celebrity contagion An item associated with a famous person This can significantly raise the market value and can have a huge impact on the purchaser’s willingness to purchase Collections impact The effect of a new acquisition on the existing collection which is assessed before proceeding A Collections Impact Statement could be drawn up to look at costs, resources, usage, etc Comparative value Values can often only be an estimate based on comparisons with other similar objects Items in public collections are unique because of their ownership, and values can sometimes only be produced by comparisons with similar items that have recently come to market Compensation value A value that would include compensation for the loss, e.g the benefits of ownership or use, as well as replacement or repair costs Commercial or market value This is the price that the item would be expected to reach if sold Conversion Conversion consists of interference with an item without the owner’s permission and denying the owner use and possession of the item: e.g when an item is taken without the owner’s permission; when it is lost by the borrower; when it is sold without the owner’s permission; when it is damaged or destroyed Copyright Copyright is the right to control use or reproduction of an artistic work and applies to reproduction in film, broadcast, print or electronic media Governed in the UK by the Copyright, Designs and Patents Act 1988 and amended 2012 Copyright lasts for 70 years after the artist’s death Cultural value Cultural value represents the worth of the item for historical, aesthetic, research, educational or display purposes and its significance to history and society It may or may not influence commercial value Declared value The sum listed in an insurance agreement that would be paid if the item was lost It is also sometimes known as ‘replacement value’ Deductible Also known as ‘first loss’ or ‘excess’ A small part of the insured value that a policy will not pay out The owner is bound to cover or absorb this initial sum In the case of UK Government Indemnity, commercial insurance may be used to cover deductibles 212 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 213 APPENDIX Depreciation The reduction in value following damage to the item The sum is usually determined by a loss adjuster Excess See ‘Deductible’ Facsimile value Some types of items are able to be reproduced Following a loss or damage, the entire object could be recreated Facsimile value represents the cost of creating the new item Some items are reproduced as a matter of course, as they are too fragile to keep on permanent display Fair market value A value set halfway between high and low estimates for the item being sold First loss See ‘Deductible’ Fungible assets Items that can be used for their financial value For example, many cultural items have a financial value and if sold, release the capital within them Hammer price Also known as ‘buyer’s price’ When the hammer falls at an auction, the contract between seller and buyer requires them to commit to this price The purchaser is legally bound to proceed with the purchase at the agreed value Inherent value The actual financial worth in jewels, precious metals, etc that may form part of a cultural object Insurable interest Insurable interest means that the insured party benefits from the item which is being insured and would suffer if the item were to be lost or damaged Anyone seeking an insurance policy must be connected to or related to the insured risk A museum or archive would have an insured interest in their collection Liability Responsibility for actions or occurrences For example, a borrower of a cultural object has a liability to care for it Liquidity Easily converted into money Liquid assets are those which can be sold quickly and easily with no restraints or conditions Loss payee A loss payee clause on a policy allows for another person or party to receive the settlement of any claim rather than the insured party Market value The price that an object is likely to make if sold openly The current highest price that a willing seller and a willing buyer would agree on The current or most recent price of the item Mid-auction value see ‘Fair market value’ Nail-to-nail or shelf-to-shelf, refers to insurance cover from the moment an object is removed from its nail or shelf in its normal location, to the time when it is returned to the same place, including any or all journeys in between 213 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 214 VALUING YOUR COLLECTION Negligence Negligence consists of causing damage by careless or wilful means Non-insurance agreement A contract between two parties, usually lender and borrower, who agree not to insure an item during a loan but to put alternative arrangements in place should there be a loss or damage Open market value see ‘Fair market value’ and ‘Mid-auction value’ Probate value The value assigned to an item when left in a will or donated by bequest Probate value is usually required for items bequeathed to public collections Reconstruction costs Replacement cost of a lost or damaged item but adding all additional costs such as the resources, equipment and materials to return the item to its original state or to create a new equivalent Replacement value See ‘Declared value’ Restoration Repair or conservation to return a damaged item to the state it was in before the damage occurred Retail replacement value This applies to items that can be replaced likefor-like, as they are readily available The value represents the cost of purchasing a similar item Sealed-bid auction In a sealed-bid auction, there is no open bidding and no chance to hear what the other bids are The prospective purchasers put in a bid on what they are prepared to pay and cannot change this There are two types of sealed-bid auction: (a) first price – the item goes to the bidder who submitted the highest price; (b) second price – the person with the highest bid secures the item but actually pays the price of the second-highest bid Self-insurance This occurs when the owner of an object agrees to bear the risk and not to take out insurance This can happen in loans, particularly from one national institution to another Shared liability Two parties in a transaction, e.g lender and borrower, may agree to share the risk and manage any loss or damage jointly rather than taking out insurance Subrogation The insurance company will take over the right of the owner to make claims against the party that actually caused the loss or damage In the case of a loan, a waiver of subrogation means that the borrower or his agent will not be pursued for damages by the insurer in the event of a claim Syndicate A group of financial backers who work together to bear risks in the insurance market 214 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 215 APPENDIX Tax value Owners may have to declare the value of their cultural assets for tax purposes This may also apply to items donated to a public collection The value may be lower than market value Underwrite An underwriter assesses the risk of any proposed insurance policy, based on all the facts, and sets the premium Valuation tolerance The range of estimated values from high to low for an individual object Auction houses will usually offer a range of estimated sales prices Wet paint sale Sale of works of art direct from the artist to auction without engaging a dealer 215 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 216 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 217 Bibliography Publications Attar, K (ed.) (2016) Directory of Rare Books and Special Collections, 3rd edn, Facet Publishing Australia, Heritage Collections Council (2001) Significance: a guide to assessing the significance of cultural heritage items and collections, www.collectionsaustralia.net Buck, L and Dodd, P (1991) Relative Values, or What is Art Worth?, BBC Books Cannadine, D (ed.) (2004) The Dictionary of National Biography, Oxford University Press Carnegie, G D and Wolnizer, P W (1995) The Financial Value of Cultural, Heritage and Scientific Collections: an accounting fiction, Wiley Charney, N (2015) The Art of Forgery, Phaidon Craig, P (ed.) (2003) Making Art Work: the Mike Smith Studio, Trolley Books Dümke, C and Matassa, F (2012) ‘Valuation of Works of Art for Lending and Borrowing Purposes, European Expert Network on Culture (EENC)’, European Union, www.interarts.net/descargas/interarts2561.pdf European Expert Network on Culture (EENC) (2012) ‘Practical Ways to Bring Down the Cost of Lending and Borrowing Works of Art between Nations in the EU, European Union’, https://issuu.com/iservice-europa/docs/eac-omc-reportmobility-collections Findlay, M (2012) The Value of Art: money, power, beauty, Prestel Fitzgerald, M C (1996) Making Modernism: Picasso and the creation of the market for twentieth century art, University of California Press Fletcher, P M and Helmreich, A (2011) The Rise of the Modern Art Market in London 1850–1939, Manchester University Press Flynn, T (2016) The A–Z of the International Art Market, Bloomsbury Gérard-Varet, L.-A (1995) ‘On Pricing the Priceless: comments on the economics of the visual arts market’, European Economic Review, 39 (3–4), 509–18 Getty Trust (1994) Art and Architecture Thesaurus, Oxford University Press English Heritage (2008) ‘Conservation Principles: policies and guidance for the sustainable management of the historic environment’, Valuing your collection final proof 16 June 16/06/2017 17:51 Page 218 VALUING YOUR COLLECTION https://content.historicengland.org.uk/images-books/publications/conservationprinciples-sustainable-management-historic-environment/ conservationprinciplespoliciesguidanceapr08web.pdf Hook, P (2014) Breakfast at Sotheby’s: an A–Z of the art world, Penguin Jeram, A J (1997) ‘Criteria for Establishing the Scientific Value of Natural Science Collections’, Ulster Museum, Belfast Kuspit, D (2007) ‘Art Values or Money Values?’, Artnet News, www.artnet.com/magazineus/features/kuspit/kuspit3-6-07.asp Matassa, F (2010) ‘Loan Fees and Active Collections’ In Pettersson, S., Hagedorn-Saupe, M., Jyrkkio, T and Weij, A (eds) Encouraging Collections Mobility: a way forward for museums in Europe, Finnish National Gallery Matassa, F (2011) Museum Collections Management: a handbook, Facet Publishing Matassa, F (2014) Organizing Exhibitions: a handbook for museums, libraries and archives, Facet Publishing McKitterick, D (2014) Old Books, New Technologies, Cambridge University Press Netherlands Ministry of Education, Culture and Science (2014) Assessing Museum Collections: collection valuation in six steps, Cultural Heritage Agency, Arnersfoort Nudds, J R (1997) ‘The Value and Valuation of Natural Science Collections’ In Proceedings from the International Conference, Manchester, 1995, Geological Society Nudds, J R and Pettitt, C W (eds) (1996) The Value and Valuation of Natural Science Collections, Geological Society O’Brien, D (2010) ‘Measuring the Value of Culture: a report for the Department of Culture, Media and Sport’, www.gov.uk/government/publications/measuringthe-value-of-culture-a-report-to-the-department-for-culture-media-and-sport Petry, M (2011) The Art of Not Making: the new artist/artisan relationship, Thames & Hudson Redford, G (2011), Art Sales: a history of sales of pictures and other works of art, Nabu Press Reed, C (2012) ‘Reviewing Significance 2.0: a framework for reviewing museum collections’ significance, management and use’, http://collectionstrust.org.uk/resource/reviewing-significance-2-0 Robertson, I (ed.) (2005) The Art Business, Routledge Sayce, S., Britton, P., Morris, A., Sundberg, A and Watkins, D (2009) ‘Valuing Heritage Assets: final report of a research project examining the case for the valuation of heritage assets’, prepared by Kingston University on behalf of RICS and HM Treasury, http://e-prints.kingston.ac.uk/15845/1/sayce-s-15845.pdf Simpson, S (2016) ‘Beyond Visitor Statistics: value propositions and metrics for university museums and collections’, www.researchgate.net/publication311296587 218 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 219 BIBLIOGRAPHY Velthuis, O (2003) ‘Symbolic Meanings of Prices: constructing the value of contemporary art in Amsterdam and New York galleries’, Theory and Society, 32, 181–215, www.velthuis.dds.nl/velthuis_theory%20%20society.pdf Watson, P (1992) From Manet to Manhattan: the rise of the modern art market, Hutchinson Websites Accounting Sustainability Group, www.accountingforsustainability.org.uk A Guide to Book Conditions, www.abebooks.co.uk American Book Prices Current, www.americanbookpricescurrent.com Ancestry, www.ancestry.com Animal and Plant Health Agency, www.gov.uk/government/organisations/ animal-and-plant-health-agency Antiquarian Booksellers Association, www.aba.org.uk Art Business, www.artbusiness.com Art Fund, www.artfund.org Art Net, www.artnet.com Art Recovery International, http://artrecovery.com Arts Council England, www.ace.org.uk Book Finder, www.bookfinder.com Christie’s, www.christies.com Collections Mobility, Lending for Europe 21st Century, www.lending-for-europe.eu Collections Trust, www.collectionstrust.org.uk Cultural Property Advice UK, www.culturalpropertyadvice.gov.uk Department for Culture, Media and Sport, UK, www.culture.gov.uk Dictionary of National Biography, www.oxforddnb.com Find My Past, www.findmypast.com HM Revenue and Customs, www.hmrc.gov.uk Interpol works of art database, www.interpol.int/Crime-areas/Works-of-art/Database Museums Association UK, www.museumsassociation.org Oxford Art Online, www.oxfordartonline.com Sotheby’s, www.sothebys.com The National Archives Advisory Service, www.nationalarchives.gov.uk UK Registrars Group, www.ukregistrarsgroup.org Velthius, www.velthius.dds.nl Victoria and Albert Museum, www.vam.ac.uk/content/articles/a/study-guide-artauction-sales-catalogues-and-priced-guides Wikipedia, Art Valuation, https://en.wikipedia.org/wiki/Art_valuation 219 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 220 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 221 Index Acceptance in Lieu 7, 65, 103, 111, 134, 201–2 accounting 11, 54, 57, 78, 101–2, 106, 111, 120, 123, 127 Accounting Standards Board 122, 124 acquisitions 11, 12, 18, 21, 24, 42, 44, 51, 54, 77, 81, 91, 100, 102–4, 107, 109–13, 120, 124–5, 171 added value 13 all risks 9, 73, 85, 96 alternatives to insurance 1, 85–98 anthropology and ethnography 155–6, 184 antiques 7, 10, 19, 22 appraiser 10, 19, 141–2 appraiser see also valuer archaeology 14, 29, 66, 91–2, 157–8, 185 archives 4, 5, 26, 33, 43–4, 65, 104, 127–8, 135, 147–9, 159, 164, 186 armour 159–62, 187, 203 Art Fund 7, 64, 101, 110, 112 Arts Council England 7, 81–2, 94, 110, 115, 201–2 assets 3, 6, 10, 17, 42, 54, 65, 75, 102, 107, 123, 127, 141 assigning a value 12, 19, 139–53, 148–9, 161, 169–70, 208–9 attribution 9, 48, 50, 167 auction 19, 20, 24, 26, 46–7, 53, 64, 78, 102, 174 house 5,10, 23, 34, 44, 46–7, 53, 79, 126, 128–30, 141, 150 online 23, 47, 157 audit 30, 123, 171 authentication 10, 33, 48–9, 80, 128–9, 143, 151, 168 bequests 7, 8, 42–3, 51, 65, 78, 112–13 Bodleian Library 64 Bolton Council 113 books 18, 26, 44, 103, 177–9 rare 19, 42, 44, 105, 177–9, 194, 198 British Library 21, 27, 177–9 British Museum 2, 50 British Standards Institute 56 capitalisation 123, 127 case studies 155–81 catalogue charities and trusts 3, 40, 111, 127–9 Churchill, Winston 10, 34–5 Clandon House 69 collateral 6, 10 collectibles 7, 10, 157 collections 54, 58 closure 123 development 11, 65, 104 impact 110 management 11, 12, 54, 136 private 10, 63, 81 public 10, 63, 66, 77, 81, 91–2, 99–101, 107, 158, 160, 169, 177–8 commissions 88 Committee for European Normalisation (CEN) 56 communication 136–7 comparative value 12, 150–1 condition report 73–5, 91, 96 conflict of interest 110, 142 conservation 22, 26, 33, 65, 75, 92–3, 96, 111, 145, 164, 168, 172 contemporary art 5, 29, 64, 70, 168, 188 conceptual 28–9, 49,70 items 18, 109, 162–3, 175 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 222 VALUING YOUR COLLECTION contract 40, 45, 51–3, 61, 70, 72, 81–2, 88, 90–3 Control of Substances Hazardous to Health (COSHH) 56 co-ownership 10, 24, 52, 72, 111 copyright 40, 43, 70, 128 craftsmanship 4, 19, 159–61, 169 cultural economy 4, Cultural Gifts Scheme 202 cultural industries 5, da Vinci, Leonardo 27 database 128–9, 132, 137, 149, 167 deacession and disposal 3, 11, 12, 18, 33, 43, 57, 102, 104, 106–7, 113–14, 120, 129, 136 decorative art 4, 145, 179, 189 Department for Culture, Media and Sport 6, 43, 55–6, 201 disclaimer 88, 142 documentation 68, 73, 88, 109–10, 128, 134, 150, 155, 172 D’Offay, Anthony 24 due diligence 46, 55–6, 64, 76, 99, 160 Domesday Book 27, 159 Dulwich Picture Galley 33 Dümke, Cornelia 1, 207 emergency plan 68, 74, 81 endangered species 28, 31, 40, 170–1 ethics 55–6, 114, 120, 155 ethnography see also anthropology and ethnography 18, 30–1, 155–6, 184 European Commission 1, 207–10 examination 151 exhibitions 8, 43, 52, 64, 72–4, 81–2, 85–6, 88–9, 135 fakes and forgeries 33–4, 49–50, 126, 156, 168 fame 17, 27, 34, 143, 149, 159–60, 162–3, 169–70, 178–9 fashion 5, 13, 33, 104, 109, 112, 143, 171, 190 fashion and textiles 162–4, 190 film and television 103, 164–5, 191 fine art 4, 6, 63, 78, 167–8, 192, 203 firearms 28, 40, 169–70, 193 Fitzwilliam Museum, Cambridge 96 222 France 142 Freedom of Information 20, 40, 100, 103, 107, 121 gifts 7, 8, 42, 51, 65, 78, 112–13, 148 partial 111–12 government funding government indemnity 7, 9, 21, 27, 57, 62, 65, 69–70, 78, 80–1, 85–6, 89, 92–3, 111, 115, 202, 209 grants and funds 64, 100, 103, 107, 110–12, 120 Group for Literary Archives and Manuscripts 65 Guggenheim Jeune 61 Henry Moore Foundation 127–9 Holburne Museum, Bath 113 Hook, Philip Hunterian Museum 30 illegal items 28, 31, 42, 57, 94 Immunity from Seizure 42, 50, 68 import and export 40–1, 45, 50, 114 import and export Licences Reviewing Committee 201–4 indemnity 80, 85–6, 89 and insurance 82, 93–4 exclusions 82, 93–4 insurance 18, 52, 61–84, 73 additional insured 72 against damage 27, 54, 65, 68–9, 71, 73, 92, 96 agent 62, 64, 69, 73 alternatives 1, 85–98 and indemnity 82, 93–4 broker 62–3, 68, 75 buy back 77 claims 57, 63–6, 71–2, 79 exclusions 74–6, 80, 82 global 30, 54, 94–5, 119, 124 no-claims bonus 57, 79 non-insurance 28, 62, 77, 86–9 policy 63, 71–6 premium 61, 63–6, 68, 71, 73–4, 77, 79–80, 86, 114 subrogation 71, 201 transport 45, 61, 66, 68, 71–2, 81, 88–9, 95, 107 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 223 INDEX insurance (continued) underwriter 62–3, 79 International Council of Museums (ICOM) 55 inventory 11 investment Jean Muir Archive 164 key items 65, 69, 74, 94–5, 101, 108, 114, 119, 125, 134–5 Kingston University 122, 141 Kirklees Council 62 law 39, 43, 51, 53, 55, 57 and ethics 39–60 artist’s resale rights 39 bailment 43, 52 claims 50–1, 204 sale of goods 46–7, 53 Leeds Museums and Galleries 54 library 18, 44, 65, 102–4, 113, 127, 135 special collections 26, 44, 64, 177–9, 194 Lightbox, Woking 24 Lloyd’s of London 63 loans 8, 9, 12, 18, 22, 24, 43, 52, 54, 61, 64–6, 71, 77–9, 81–2, 86–7, 90–3, 95, 100, 107, 114–16, 171 between national institutions 92–3, 114 from national to non-national institutions 93 local authority organisations 107, 113, 122–3 London Stone 14 loss 30, 33, 68–9, 71–3, 77, 81 loss adjustor 64, 69 Mac Murray, Susie 13 manuscripts 29, 33, 42, 50, 65, 140, 145 maps 103, 178 market 4, 17, 22–3, 143, 155 primary 22 secondary 18, 22, 39, 108–9 value 9, 24, 29, 34, 54, 108–9, 171, 180 materials 3, 4, 19, 29, 31, 52, 64, 72, 75, 132, 134, 151, 157, 159, 167–8, 178 metal 31, 91–2, 157–9 methodology 125, 132–3, 149, 209 Museum of London 14, 91–2, 157–8 Museums Association 11, 120, 123 Museums Association Code of Ethics 21, 55 nail-to-nail 54, 73–5, 81, 85, 95–6 national collections 3, 61, 81, 86–7, 89, 92–3, 102, 107, 124, 149 sales 3, 97, 114 National Heritage Memorial Fund 7, 103 National Library of Scotland 100, 102–4 National Maritime Museum 107 National Media Museum 164–6 National Museums Liverpool 77 National Museums Scotland 162–4, 179–81 National Trust 7, 69 natural history 26, 29, 31, 65, 78, 135, 170–4, 195, 202 Natural History Museum 1, 12, 27, 69, 170–4 pairs and sets 69, 143, 145–6, 170 Parker, Cornelia 13, 14 photographs 24, 25, 165–6, 174–5, 196, 203 policy 8, 102, 104, 106, 113–14, 149 Portable Antiquities Scheme 111 prints 24, 26, 175–7, 197 private sector 19, 24, 45, 62 probate 18 process 1, 104, 106, 113, 133–4, 174 process see methodology professional liability 46, 53, 71, 80 provenance 10, 34, 56–7, 91, 109, 113, 144, 155, 158–61, 166, 177–8 public sector 19–21, 24, 42, 55, 62, 64, 77–8, 91 rarity 13, 44, 48, 140, 144, 155–6, 159, 166–7, 170, 175, 177, 180 research 5, 9, 26, 30–1, 33, 56, 81, 87, 91, 129, 132, 149–51 research potential 6, 65, 119, 144, 171–2 resources 151–2 223 Valuing your collection final proof 16 June 16/06/2017 17:51 Page 224 VALUING YOUR COLLECTION risk 28, 30–1, 34, 54, 61–3, 66–8, 73, 75, 77, 79–80, 87, 92–6, 101, 106, 108, 121–2, 173, 180 risk analysis 108 Royal Academy of Arts 70, 159 Royal Armouries 147–9, 159–162, 169–70 Royal Institution of Chartered Surveyors 122, 130, 141 sales 34, 39, 44, 46, 53, 55, 57, 62, 64, 104, 108–9, 114 private treaty 23, 33 science and technology 4, 18, 19, 26, 28–9, 48, 64, 109, 179–81, 199 security 6, 12, 21, 26, 28, 32, 56, 68, 73–4, 80–1, 87, 89, 94, 111, 114, 122, 135 security National Security Advisor 81 shared liability 89 Shemanovsky Museum 27 signature 5, 33, 140 significance 2, 5, 10, 17, 20, 24, 26, 44, 57, 65, 69, 100, 102, 107, 113, 140, 159, 162, 179 social history 26, 28–9, 79, 112, 135, 200 Sotheby’s 141, 177 space memorabilia 13 specimens 12, 17, 18, 30, 54 Spoliation Advisory Panel 204 stakeholders 12, 17, 21, 26, 29, 113, 132, 137, 156 storage 7, 116, 137 Tate 24, 43, 77, 96 tax 41, 43, 45, 51, 111, 141 tax inheritance 18, 43, 111 taxidermy 13, 26, 31, 171 templates 1, 183–200 textiles 163–4, 203 theft 6, 10, 20, 26, 31, 41, 50, 57, 68, 71, 96, 156, 158, 168 title 10, 50, 72, 123 training 1, 65, 100, 122, 129, 141, 208–9 Treasure Valuation Committee 204 trustees 12, 26, 107–8, 137, 147 UK Government valuation of cultural items 201–5 Ulph, Janet 20 unique items 27, 30, 44, 50, 61, 63, 66, 224 144, 158–9, 169 university collections 30 University of Glasgow 30 University of Iowa Museum of Art 68 valuation 53, 55, 63, 205 benefits 104, 137 Valuation Conference difficulty 17–38 for equity release 9, 10, 52 for loan 8, Valuation of Works of Art for Lending and Borrowing Purposes 1, 57, 64, 86, 89, 93, 97, 114, 123, 207–10 plan 130–6 policy 99–100 value 12, 52, 63, 80, 107, 143 adding 32, 50–2, 69, 110, 115, 146, 161 assigned 19, 145–52 assigning 18, 19, 20, 65, 72, 100–1, 139–54, 161, 169–70, 208–9 comparative 18, 26–8, 34, 44, 54, 57, 63, 65, 68, 109–10, 150, 151 losing 66, 69, 144–5 market 31–2, 54, 68, 71, 78, 81, 97, 180 negligent 53–5 nominal 29, 66, 91, 109, 113, 115, 158 over 57, 64, 82, 94, 149, 158 removing 32, 56 replacement 29, 54, 64, 71, 77 retrospective 64, 68, 124 under 57–8, 62, 64–5, 97, 142 valuer see also appraiser 19, 53, 80, 126, 130, 141–2 valuing an entire collection 119–38 valuing your collection 99–117 Victoria and Albert Museum 11, 20, 64, 110, 112–13 visitors 2, 12, 24, 29, 102, 158 visitor attention 17, 179 visitor figures 2, 5, 33, 115 volunteers 129–30 Waverley Criteria see Export Licences Reviewing Committee worth 5, 6, 10, 11, 17, 20, 26, 105, 107, 120–2, 140, 158 ... professionals Valuing your collection final proof 16 June 16/06/2017 17:51 Page iii Valuing Your Collection A practical guide for museums, libraries and archives Freda Matassa Valuing your collection. .. 4YY Valuing your collection final proof 16 June 16/06/2017 17:51 Page v To my beloved brother Graham William Johnston Valuing your collection final proof 16 June 16/06/2017 17:51 Page vi Valuing. .. cultural collections It is hoped that this book will address the issues and offer some solutions Valuing your collection final proof 16 June 16/06/2017 17:51 Page xiv xiv Valuing your collection