INSURANCE VALUATIONS

Transcription

1 INSURANCE VALUATIONS

2 Insurance valuations reflect the cost of replacement after loss or damage. Pall Mall Art Advisors reviews valuations annually so that replacement costs reflect changing market value. Where no longer in step with current prices, we alert the client. In recent years, the markets have seen considerable swings in certain categories such as Asian works, contemporary art, jewellery and precious metals. Responsibility for up-to-date values lies with the client. Under-insurance can result in loss or even in the policy being voided. Over-valuation can lead to unnecessarily high premiums or disputes in the case of loss or damage. Including items under the wrong heading or category on a policy can also lead to higher premiums. Our valuations are accepted by all insurance companies and brokers providing the confidence of a full and speedy settlement for any loss. The information is stored on secure databases to facilitate regular review. We offer two kinds of Insurance Valuation: FULL INSURANCE VALUATION WALK THROUGH VALIDATION (WTV) This provides a detailed and illustrated inventory of art, antiques, jewellery, personal effects and general contents. It includes information about age, size, provenance, condition or other facts that may be helpful for the insurer to know. The inventory is available in a variety of formats including digital. We offer a free pre-assessment to establish requirements such as threshold value and the basis of valuation. This provides a room by room contents appraisal. The resulting report includes an assessment by category, global figures and comments on insurance risk. Jewellery and valuable items will be discussed and noted. We can also arrange for: VIDEO VALUATIONS A Video provides context for an inventory and a permanent record of the premises. It can also zoom in on details of a particular picture or piece of furniture. To inquire further about any of these services please contact your nearest office. These are listed on our website at pallmallartadvisors.com

3 VALUATIONS FOR TRUST, ESTATE AND TAXATION PURPOSES, AND FAMILY DIVISION AND DIVORCE

4 Pall Mall Art Advisors undertakes valuations for all purposes related to the assessment and calculation of taxation and import VAT and customs duties. ESTATE VALUATIONS TRUST VALUATIONS We offer a complete Inheritance Tax Valuation Service for those engaged in the administration of estates. Our Inheritance Tax (Probate) Valuations are referenced to the required categories in the appropriate HMRC Inheritance Tax forms. We are happy to provide assistance with the distribution or arrange the sale of contents in conjunction with our Art Advisory Service. OTHER TAX RELATED VALUATIONS We help in the strategic planning for estates arising from death, trust, and complex inheritance tax issues relating to chattels. We undertake the preparation of valuations, along with any necessary supporting statements, for Gifts with Reservations, Pre-Owned Assets Tax, Chattel Rental Schemes, Conditionally Exempt Transfers, Acceptance in lieu and the calculation of Capital Gains Tax. Pall Mall Art Advisors appreciates the range of issues that concern trust administrators such as valuation for tax purposes, acquisition and sale for asset diversification, and valuation for insurance. We are also aware of the increasing interest by clients in philanthropy, often taking the form of the life time establishment of charitable trusts and can provide valuation services in connection with setting up such arrangements. FAMILY DIVISION AND DIVORCE VALUATIONS Pall Mall Art Advisors is regularly asked to value property acquired by an individual prior to marriage or partnership, or through inheritance as well as jointly owned items, to help achieve an equitable division of marital assets. We can also provide valuations, along with periodic reviews, where it may be desirable to have individual items of high value specified in a pre-nuptial agreement. To inquire further about any of these services please contact your nearest office. These are listed on our website at pallmallartadvisors.com

5 COLLECTIONS MANAGEMENT

6 In response to the challenge that the management of collections often poses for many of our busy clients, Pall Mall Art Advisors has developed a first-class support and advisory service to ensure our clients tangible assets are properly conserved, insured, shipped, installed or stored. Our services include the provision of inventories, catalogues, databases, research into provenance, planning conservation programmes, advice on disaster planning, the organisation of loans to museums, consultation over security arrangements, help with making philanthropic provision, and many other aspects required to achieve the successful long term management of a collection. For example, we can: Suggest names of recognised conservation and restoration specialists. Provide introductions to experienced tax planning professionals to help with IHT and CGT planning or with family division (divorce, probate, raising funding, etc.). Undertake valuations for the transfer of items into trusts, the creation of art holding companies or partnerships, etc. Provide valuations and help negotiate for the leasing of items under Chattel Rental Schemes. Arrange contacts with appropriate lenders when it may be useful to raise temporary finance in connection with developing the collection and supply the necessary valuation information. Through our Art Advisory Services, arrange the best terms for the acquisition or disposal of items within a collection. Help negotiate preferential rates from insurers. Identify research projects and links to potential researchers and institutional partners. Assist with requirements of the provision of public access to exempt items. To inquire further about any of these services please contact your nearest office. These are listed on our website at pallmallartadvisors.com

7 ART ADVISORY SERVICES

8 BUYING AND SELLING Pall Mall Art Advisors assists with every aspect of the purchase and sale of art, jewellery and antiques. Our specialists offer an unrivalled body of knowledge and experience and can: Provide an independent second opinion. Help establish provenance. Examine issues of title or ownership. Provide a condition report on an intended purchase. Negotiate favourable prices and commission rates. Advise on whether to restore before selling. Arrange for photography or filming of objects. Work with architects and designers to source and install works of art. Working independently, we ensure our clients receive the required impartial advice when buying or selling. Our offices, in the UK, the US, and Europe also ensure access to an international market. USING ART AS COLLATERAL We provide the valuations required to unlock the equity in art or other valuable items, to generate short term cash flow, to redeploy capital for investments, to provide a bridging loan prior to sale at auction or private treaty, to achieve long term estate planning goals, or to manage taxation requirements. We can provide introductions to established lenders. Pall Mall Art Advisors is a member of the Society of Fine Art Auctioneers (SOFAA), the Appraisers Association of America (AAA) and the International Society of Appraisers (ISA). We take care to ensure that items to be sold are consigned to the most appropriate auction house or offered to an established dealer. We negotiate the best terms on a client s behalf when purchasing from a gallery. We are regularly instructed on sale by private treaty which can often achieve a better result than by auction. It also ensures privacy and security. To inquire further about any of these services please contact your nearest office. These are listed on our website at pallmallartadvisors.com