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How Often Should Art and Antiques Be Appraised?

Jan 18, 2024

Recent research revealed that 62% of high net worth collectors are concerned that their art and antiques collections are underinsured.

An expert evaluation can help you ensure you have the right level of cover in place for your art, antiques and other high value collections. But as the value of such collectibles varies over time, how often should you get these specialist appraisals?

In this post we’ll discuss how to stay on top of art and antiques appraisals to avoid underinsurance. And if you have any questions about how you can best protect your most valuable items, call us on 0208 290 9086, or email personal@anthonyjones.com.

So How Often Should Art and Antiques Be Appraised?

You should get your entire collection of art and antiques appraised at least once a year.

If you take good care of your paintings, prints, and antiques, then you can ensure they always hold some of their value. But market conditions, such as inflation, will always be beyond your control. With regular appraisals, you can rest assured that your contents or high net worth insurance will always cover you for your collection’s true value.

Why You Need Appraisals For Your Art and Antiques Collections

Accurate and up-to-date valuations for antiques, art and other collections, such as watches, trainers and stamps, are key to ensuring you have the right insurance in place. An expert appraisal will help you establish the true worth of the items in your collection. This will help you determine whether a standard contents insurance policy will cover you, or whether you’ll need some specialist high net worth insurance.

A standard contents insurance policy will likely set a sum insured limit, along with a single item limit. This is the maximum amount a policy will pay out for any given single item in your home. In many policies, this single item limit can be as low as £2,000. This is fine if you want cover for a laptop or a TV set. But for an antique or a work of art?

Many policies will also ask you to list any items in your home that exceed a certain value. An up-to-date appraisal of your antiques and art will enable you to meet this requirement confidently and accurately.

How Does an Art Appraisal Work?

A specialist art appraiser will draw from their knowledge and expertise to assign an up-to-date value to a work of art or an antique. An appraiser will consider different factors depending on the specific piece they’re appraising. But they might think about:

  • Provenance – Some pieces will simply attract a higher value than others, based on their unique histories. For example, some artists and designers will always attract higher prices than others.
  • Item Condition – Generally speaking, the better condition a piece is in, the higher the appraiser will value it. They’ll probably also consider the item’s size, and its medium – valuing sculptures will be a different process to valuing paintings, for instance.
  • Market Conditions – Like all market, the fine art and antiques market is subject to inflation. But it’s also subject to other trends. Certain artists and designers are likely to be more popular than others at given times, which will influence the value of their works.

At Anthony Jones, we support our High Net Worth clients with expert risk assessment services, including routine appraisals, to help ensure you’ve always got the best cover in place at the best possible price. To find out more, call us on 0208 290 9086, or email personal@anthonyjones.com.

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020 8290 4560

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