When someone dies, their estate must be valued for probate and inheritance tax purposes. This includes all personal possessions – known legally as chattels – from furniture and jewellery to art and collectables. For inheritance tax purposes, HMRC requires accurate valuations based on current market value, as defined by Section 160 of the Inheritance Tax Act 1984.

Any individual items worth £1,500 or more must be listed separately on the inheritance tax forms. This threshold is particularly important as HMRC may scrutinise higher-value items more closely, making accurate valuations crucial for executors managing the probate process.

What Needs to be Valued?

Market value means the price an item might reasonably fetch if sold on the open market. This includes antiques, works of art, collections, jewellery, and other valuable personal possessions. Importantly, HMRC specifically states that insurance valuations are not acceptable, as these often reflect replacement values rather than market prices.

Items requiring detailed attention include:

• Individual pieces of jewellery worth £1,500 or more
• Antique furniture and decorative arts
• Paintings, sculptures and artwork
• Collections (stamps, coins, medals, wines)
• Valuable books and manuscripts
• Watches and timepieces
• Silver and precious metals

For probate purposes, you’ll need supporting documentation for your valuations. This should include photographs, any existing certificates or provenance documents, and professional valuations where appropriate. HMRC may accept auction sales after death as evidence of value, though market movements between death and sale dates may need to be considered.

Initial Steps in Identifying and Documenting Antiques

Before diving into detailed valuations, you’ll need to identify what you have. Modern technology has made this initial step much easier. Google Lens, available through your smartphone camera, can be a useful starting point – simply take a photo of an item, and the app will search for similar pieces online. While not definitive, it can help identify styles, makers and periods.

When photographing items, follow these essential steps:

• Capture the whole item from multiple angles
• Photograph any marks, signatures or labels
• Take clear shots of any damage or repairs
• Include close-ups of distinctive features
• Place a ruler in shot for scale
• Ensure lighting shows true colours
• Take photos of sets both together and individually

Look for maker’s marks on furniture – these are often found on drawers, backs, or bases. With ceramics and glass, check bases and rims for factory marks. For artwork, look for signatures and gallery labels on the reverse.

Keep detailed notes about each item, including:

• Measurements and condition
• Any family history or provenance
• Previous valuations or receipts
• Any documentation from galleries or dealers
• Details about previous restorations

This groundwork will prove invaluable whether you proceed with self-valuation or seek professional assistance.

As you can probably already tell, when handling probate for any estate, getting accurate valuations is crucial – learn more about our HMRC-compliant valuation options for peace of mind.

Using Online Resources for Antique Valuation

Several online platforms can help establish values at the date of death, which is crucial as Section 160 requires the value to reflect market conditions on that specific date.

eBay’s completed sales feature can show transaction prices, but ensure you only look at sales from around the date of death. Use the advanced search to filter by date range. Remember that eBay prices often reflect retail values rather than auction estimates.

The-saleroom.com’s auction results are particularly valuable as you can search by specific time periods. Focus on sales that occurred closest to the date of death, as these provide the most relevant evidence of market value at that time.

Barnebys and Invaluable both allow you to view historical auction results. This is especially useful for establishing values from a specific point in time, helping executors comply with HMRC’s requirement for date-of-death valuations.

For fine art, Artprice’s database can show market conditions at specific points in time – crucial given recent market volatility.

When using these platforms, remember:

• Focus on sales from around the date of death
• Look for multiple examples where possible
• Account for condition differences
• Consider regional variations
• Note that post-death sales may need adjusting if the market has shifted significantly

Risks of Self-Valuation

Valuing antiques for probate carries significant risks. Since 2022, many collecting categories have seen substantial market changes – for instance, certain areas of the art market have declined considerably, while others have strengthened. Without professional expertise, it’s challenging to interpret these shifts accurately.

Executors carry personal liability for the accuracy of probate valuations. HMRC can challenge values up to 20 years after probate, potentially leading to additional tax payments and penalties. Additionally, standard home insurance often doesn’t cover valuable antiques during the probate period, creating additional risk.

When to Seek Professional Help

Professional valuers maintain current market knowledge and understand HMRC’s specific requirements. For estates likely to attract inheritance tax, professional valuations provide crucial protection against future challenges.

Swift Values makes professional valuations accessible at every level. 

Our £25+VAT individual item assessment service is perfect for quickly checking if items need more detailed valuation – ideal for solicitors and executors wanting initial guidance. 

For full household contents, our online service starts from £99+VAT, offering quick, expert assessments based on your photographs. 

For more complex estates, our comprehensive in-person service (from £249+VAT per hour) provides thorough documentation and peace of mind.

Why take unnecessary risks with probate valuations? Our experienced team has valued thousands of items and understands exactly what HMRC requires. Every valuation is backed by professional indemnity insurance, transferring the risk away from executors and ensuring compliance with Section 160 requirements.

Getting started is simple – whether you need a quick check on a single item or a full estate valuation. Upload photos for an online valuation through our secure portal at portal.swiftvalues.co.uk/login, email us at enquiries@swiftvalues.co.uk, or call 0330 088 4099 for a friendly discussion about your needs. Let us handle the complexity while you focus on managing the estate.