A guide to valuations

If you own valuables such as jewellery, luxury watches, antiques or even fine wine, it is well worth ensuring you understand their true value – not least so you can make sure you have the correct insurance. Read our guide to how the worth of different possessions is assessed.

Fine art and antiques

While the valuation for both fine art and antiques will involve looking at current market trends as a key indicator of worth, there are several differences between how these items are assessed.

Antiques, for example, will be judged on factors such as the artist and the medium – i.e. what kind of object it is – as well as the period it dates from and its size. If you decide to take out a loan against antiques from a pawnbroker in the UK, you will find that, provided you choose a reputable company, a specialist in your particular type of antique will also be consulted.

In terms of fine art, popularity, condition, signature, rarity and composition are all factors that will also be taken into account, alongside the artist and the period that the work fates back to. What's more, worldwide prices for similar pieces over the past five years will be checked as part of the valuation process.

Luxury watches

If you own a luxury watch, you will no doubt be conscious that the particular brand and model of your item is a crucial factor in determining its worth. There are a number of other critical points to consider, though, such as the condition the watch is fine.

Any marks such as scratches or dents will deplete the value, for example. In terms of what will increase its worth, one of the key points is whether you still have the original box and papers; if you do, this should boost the watch's value.

Age is another element that will be taken into consideration. As a broad rule of thumb, the newer the watch is, the more it is likely to fetch when put up for sale or used to secure a loan.

Fine wine

In recent years, fine wine has grown in popularity as an investment vehicle. Its value is assessed very differently to more traditional assets; the name and vintage of the bottle in question is important, but there are many other important factors.

These include whether the wine is in its original casing, whether it has been stored professionally (as this can affect the quality upon opening), and the condition of the labels. The Ullage level – or the amount of space between the wine and the top of the container – is another key point.

Prestige and classic cars

Should you own a prestige or a classic car, you will find these can also be used to secure finance. Typically, a specialist will need to assess the car's value – and they do so by verifying the points that help determine a vehicle's worth.

These include the make and model, as well as the car's condition. So, any tears in the leather seating, scratches in the paintwork or small dents in the body could bring down its value.

If you own a classic car, the process is similar, but other factors, such as auction records, will also be taken into account. In both cases, your V5 documentation will be checked for proof of ownership.