Money for old rope
Advice on antiques and fine arts for executors of deceased estates

Antiques or just old rubbish? In these litigious days it is vitally important to miss nothing. Vivienne Milburn, an independent antiques valuer, offers some bullet-point advice to hard-pressed executors and trustees. She flags up the case of the violin bow, which was worth more than a hundred times the price of the violin by way of gentle warning.

It is difficult to know where to begin when faced with the home contents of a relative, beloved friend or client. It can often be a daunting process, particularly as it is very often only on a limited number of occasions in one’s lifetime, even as a solicitor, that you will have to deal with a situation of this type.

The purpose of writing this article is to identify some of the typical questions that can arise for executors, and to suggest the solutions. I have illustrated this with a few examples where this has worked well for my clients.

Check those credentials and experience

It is a good idea to check the valuer’s credentials. Look for fully qualified fine art valuers FRICS (Fellow of the Royal Institute of Chartered Surveyors). It is worth noting that many fine art and antique valuers do not have any qualifications at all and these can be valuers who work for the larger companies. I am not saying never use them, only be careful to check out individual’s credentials.

The advantage of using a qualified valuer is mainly that a probate valuation is more likely to be accepted by capital-taxes-office officials and it is probably much less likely for the values to be questioned, which is what can delay the settling of the estate. Disputes over valuations can be one of those irritations at the back end of an administration that can annoy otherwise contented clients. Remember, it is always your fault.

My experience goes back over twenty years and, having worked for good provincial companies such as Henry Spencer & Sons, and international companies, such as Phillips, it has given me experience across the full range of valuations from general house contents to 15th Century Italian icons valued at £150,000/£180,000.

Without wide experience, it is hard to see how complex probate valuations can be made and properly supported. Just as the client might ask you about your experience and qualifications, do not be shy to ask the valuer. Do not make unwarranted assumptions. Make sure you are getting the best you can, especially if there is the added factor of a potential dispute, not only with the tax office but within the family.

Check out local independent valuers

By way of advert, independent valuers are not tied to any one Saleroom. I can advise my clients to sell their goods in the most appropriate auctions available, thereby maximising their true market price. It is worth mentioning that this type of service should not cost the client any extra – they just pay the usual auctioneer’s commission and the auctioneer then pays the valuer an introductory commission from that. It is in the estate’s best interest to get the best price wherever that might be reasonably obtained so this approach seems to make good sense.

Case studies: Methodology

The valuable violin bow

An interesting example of a deceased’s estate that I was instructed to deal with was where the lady of the house had died leaving no living relatives, and I was instructed by the solicitor who gave me a key and asked me to deal with the contents of the property. The following gives a good illustration of the process step by step:

I carried out a full inventory of the contents for probate purposes. A valuation of this type is done on an open market basis, i.e., what pieces would make if sold in an auction;
I identified all the main items and anything of a collectable nature, the remaining contents I then grouped together;
We began the process of finding personal papers/documents/bank details – anything of that nature – to hand to the solicitor;
We disposed of all the perishable goods in the kitchen, emptied the fridge and left the door ajar. I was fortunate enough to be assisted by the housekeeper and my secretary, who enjoyed the change from office work;
We prepared bags of clothing and bedding – anything with no saleable value – to be forwarded to charity shops. I hasten to add that in this instance there were over one hundred bags of this nature;
We also got together over one hundred bags of papers for re-cycling;
There must have been at least another one hundred bags of rubbish to be taken to the skip;
In the process of clearing out all the drawers and cupboards, I was able to identify anything of a significant value that would be suitable for a sale and, although it was only a relatively small three-bedroomed property, the furniture was mainly 19th Century and English and therefore suitable for a good provincial antique sale, which I subsequently processed. In this instance, the same saleroom also took the general items to be disposed of in a general household sale;
It can often be the most unusual items that are of a significant value and, in this instance, it was practically the last thing we looked at in the attic bedroom where we found a violin case, which enclosed a violin and two bows. Ironically, the violin had a label bearing the name Antonio Stradivarius which, of course, it wasn’t, but one of the violin bows was an early 19th Century Italian example and, after identifying the maker as Sartory, I was able to include this in a specialist section in a suitable auction where it was picked up by many interested purchasers via the internet and eventually sold for £6,100. The violin made £50.

My point is that it is very often the most unusual oddities which can make a significant difference to the value of an estate, and identifying and valuing these items can be key to their success at auction, as in the instance quoted above this made nearly half the total value of the contents, which so easily could have been overlooked.

The car mascot

A similar deceased estate that I dealt with recently included a vast number of items, including a glass car mascot, which measured 9cm only, but happened to be made by the art glass manufacturer – Rene Lalique – who made a number of these mascots in the 1930s, which are now extremely desirable to collectors. It made £14,100 in a specialist sale. Rene Lalique also made other examples of car mascots, such as a peacock’s head, and the deceased also had one of these that made £7,450.

Issues executors face

This next section is a list of the problems many executors face, and some practical advice on how to deal with them.

Who to contact

It is certainly best, if you can, to get some advice immediately from a qualified independent antique and fine art valuer, preferably one with over ten years experience in the business. They are usually ‘generalists’, with many contacts who are specialists if they should need assistance with something unusual.

Security

If a property is left empty, it is essential to make sure that the buildings and contents of a deceased’s estate are secure and fully covered by insurance. Valuers should give a probate valuation maximum priority as there is always an element of a security risk.

Do I need a probate valuation?

A probate valuation is only really essential if inheritance tax is payable on the total estate – if the total estate amounts to more than £263,000. However, for a relatively small charge and so as not to miss anything of importance, it is always a good idea to have an inventory of the contents, even if it is only just so that the family can use the values to split up items among themselves fairly, and also where there are many people going through a property it will keep a track of items. Therefore, I would always recommend that either a probate valuation or a list is prepared.

The volume of the contents is completely overwhelming

Very often it is quite confusing for people with an emotional connection to detach themselves sufficiently from items in order to make reasonable decisions. Again, given the proper advice and a reasonable valuation, this can often help executors to make decisions about such items. Very often properties appear untidy and confusing; again, a valuation can help as this will identify the main items of value and other things can very often just be disposed of or sent to charity shops. My advice is to be practical and not to let too much sentiment interfere with your thinking but that is often easier to say than to do.

The next door neighbour has asked if she/he can have various items

Very often friends and neighbours appear out of the woodwork requesting items from an estate and, again, a valuation can be very helpful. If executors wish to pass items on to friends or neighbours (if the beneficiaries agree), they will not make the mistake of giving away the most valuable items in the property, as has been done on occasion, and as the probate valuation is based upon the price that these items would realistically realise at auction, if a friend or neighbour wishes to have something they may buy it subject to the valuation price.

What to do with all these items

I usually arrange for house contents to be auctioned and I would identify the main pieces that might be suitable for a specialist London sale. The second category tends to be items that would be best suited for a high-profile provincial sale. And, as most people have in their homes, there is always a fair amount of household goods that usually require an efficient local sale. In all of these cases, I would usually arrange for collection and carriage to the appropriate saleroom(s) and correspondence to be sent to executors and solicitors together with the proceeds of sale.

These above are just a few of the pitfalls that executors often come across when they have very little experience in this area and I hope that this has helped to clarify some points. On the whole, advice from a professional and the cost of paying a relatively small valuation fee can very often pay hands down, as with the example of the violin bow and the Lalique car mascot illustrated, as both these items could so easily have been overlooked and made practically nothing in an inappropriate sale.

For further information, contact Vivienne Milburn (Fine Art Valuer FRICS), Independent Antiques Valuer, Main Street, Great Longstone, Bakewell, Derbyshire DE45 1TA – Telephone: 01629 640210 (Mobile) 07870 238788.