Case Study Extracts
- Rushton carried out a valuation of fine art asset that belonged to a London institute. The valuation included original assets that were donated the the institute by famous members and represented their work in this field. We also valued books, periodicals together with typical fine art such as paintings. Our work uncovered assets that were excluded from the fine art inventory and were not currently insured by the client.
- A client instructed us to value their head office building including the contents. We advised the client of the fine art assets and the need to insure the items. Our report concluded that the paintings were of considerable value and had been previously omitted for the clients insurance cover. Our valuation report itemised the assets for future reference and included digital photographs to prove the existence of the fine artwork.
We have created a specialist sub sector as we often value assets that are of a special nature and do not fall into a standard category. We often find that societies, clubs, hotels and general clients have specialist assets that we would class as fine art. Fine art assets such as paintings, sculptures and silverware require a valuer who has the expertise to value these assets
Rushton International has carried out many valuations for our clients in this sector and we are able to help clients prepare an inventory of the assets
- The valuation of fine art or bespoke plant assets requires detailed knowledge of the market as often these assets cannot be replaced in the event of a loss. Not only is it important to correctly value these items it is also important to record the assets to help in the event of a loss.
- We often find that the client insures fine art based on the historic purchase price or at a nominal amount.
- Failure to account for fine art following office move or refurbishment. Items often found in storage and excluded from insurance cover.
- Eliminates time consuming and unnecessary pressure on in house personnel in providing reinstatement insurance values.
“Rushton recently carried out a valuation of the buildings, contents and fine art. As I had recently started as the new insurance manager I noticed that the working library and other specialist items had not previously been valued nor did we have a record of these items. After discussions with our librarian and the valuer we were able to agree on which items would be required to form a working library. We also prioritised the fine artwork that needed be recorded to maximise the benefit of the valuation and to help with our management of these items. Rushtons were able to work within our budget, were professional in the work they provided and the initial work in agreeing the scope of the valuation exercise as part of the quotation process. ”
Insurance Manager on behalf of a Trade Society