Formal written valuations can be prepared for the purpose of Insurance, Probate, Fair distribution or sale by Private Treaty. As recognised specialists in the market, we are aware that in addition to their practical domestic usage, carpets are also unique works of art. As such, assessment of value is related to many factors beyond merely referring to price listing or auction catalogues.
Full and accurate valuations must be considered in the context of a world market. This market is influenced by changes in taste, fashion and the evolution of current trends. It is with an awareness of the ever changing nature of these factors, resulting from many years experience in the market, that we undertake the professional valuation of rugs and carpets with confidence.
For Insurance, the primary objective is to ensure that adequate compensation shall be forthcoming in the event of loss, or damage. However, the ongoing cost of premiums is a serious consideration, and therefore, there is little to be gained by applying enhanced values. In recent years, it was generally regarded as acceptable that works of art showed a consistent increase year on year on value. For this reason in many instances, Insurance premiums were simply adjusted by percentage increases. Nowadays, the market is led by fashion, and variations in demand, and therefore values, tend to fluctuate. We therefore suggest that revaluations, should be conducted at intervals of approximately five years to allow for either an increase or indeed decrease in premium.
Any formal valuation provided by ourselves will provide an authoritative statement of origin, an approximate date of manufacture, size, an informative description intended to highlight identifying features, any literary references as appropriate, and of course, an appropriate value for insurance purpose.
Probate, Value Assessment and Formal Statement is based upon reasonable open market values at the time of death. Any tendency to apply depressed values is not advised since inspectors are alerted especially when vague descriptions or values suggest a lack of specialist knowledge. With regard to items of substantial value, the valuation is a recognised point of tax. Therefore, in order to avoid excessive capital gains tax at some future date, it is prudent to ensure that your rugs are accurately valued.
It is worth noting that if items from an estate are being considered for sale, an interim approximate valuation is adequate for there to be a grant of probate. Final duty payable is then assessed on the net result of any subsequent sale achieved.
Valuations in writing will be prepared in the same way as insurance valuations and provide similar specialist information. Copies will be produced for executors and legal representatives accordingly. We appreciate the necessity for quick response to produce such valuations.
Valuation for Fair Distribution. In the event of there being a requirement for the disbursement of a multi-item property amongst a number of people, we will be pleased to act, without prejudice, as instructed, on behalf of all the parties concerned. Formal written valuation statements will be prepared accordingly.
Valuation for sale by Private Treaty. Such a valuation will be provided for a private buyer and a private seller. A formal written valuation can be provided for both parties on the basis of open market values and considering any particular circumstances as provided by the parties concerned. Such a valuation is generally undertaken with the mutual consent of both parties.
If desired, we are able to offer a comprehensive valuation service in supplying valuations for most categories of fine arts and chattels, by calling upon other internationally recognised specialist valuers and consultants as required.