Probate Art Valuation

Valuing art for probate requires a fundamentally different skill set from valuing most other personal possessions. The value of a painting, print, or sculpture depends on factors that are often invisible to the untrained eye: provenance, attribution, condition beneath the surface, and the current appetite of the market for a particular artist or period. A work attributed to a known artist is worth many times more than a similar-looking piece by an unknown hand.

Probate art valuation must reflect Open Market Value — the price the work would achieve if offered for sale at auction on the date of death. This figure is shaped by the artist's market track record, the quality and period of the specific work, its exhibition and ownership history, and current collecting trends. A watercolour by a popular Victorian artist may be worth less today than it was twenty years ago, while a print by a recently rediscovered mid-century designer may have appreciated substantially.

Our specialist art valuers hold qualifications from recognised bodies including RICS (Fine Art) and the Society of Fine Art Auctioneers, and have direct experience of the UK auction market across all periods and media.

Art is one of the most difficult asset categories for executors to assess without professional help. Family lore about a painting's origin or value is often unreliable, and visual similarities between originals, copies, and reproductions can deceive even knowledgeable collectors. A professional valuation establishes the facts: who made the work, when, in what condition it survives, and what the market would currently pay for it.

Undervaluing art can have serious consequences. If HMRC subsequently identifies a work in the estate that was worth materially more than declared, the executor faces penalties, interest, and potential allegations of negligence. Overvaluing art — for example, by relying on an optimistic gallery appraisal or the price paid at a boom-market auction — results in the estate paying more Inheritance Tax than necessary.

For estates containing multiple works, a professional valuation also supports equitable distribution among beneficiaries by providing an objective basis for allocation.

HMRC requires a professional valuation for any single artwork worth over £1,500 at Open Market Value. For collections, even where individual pieces fall below this threshold, professional valuation is strongly recommended if the aggregate value is substantial. HMRC may request additional information about provenance and attribution for works declared at higher values.

The Acceptance in Lieu and Cultural Gifts schemes offer potential tax advantages for estates containing works of national importance. Where significant artworks are identified during the probate valuation, the valuer can advise on eligibility for these schemes, which allow Inheritance Tax to be settled by transferring the work to a public collection rather than paying in cash.

The valuer examines each work in person wherever possible, assessing the medium, dimensions, condition, and any visible signatures, inscriptions, or labels. For paintings, this includes checking the canvas or panel, examining the paint surface for damage or restoration, and reviewing the reverse for gallery labels or provenance markings. Prints are assessed for edition details, paper quality, and condition.

Research is central to art valuation. The valuer investigates the artist's auction record, checks catalogues raisonnés where available, and traces the work's provenance through exhibition catalogues, dealer records, and published literature. For works of uncertain attribution, the valuer may recommend further technical analysis such as infrared reflectography or pigment analysis.

The final report provides a detailed description of each work, including artist, title, medium, dimensions, condition notes, and provenance summary, accompanied by photographs. The assessed Open Market Value is supported by comparable auction results and is formatted for inclusion in the Inheritance Tax return.

A typical probate art valuation costs £75–£200 per piece. Fees vary depending on the complexity of the item, the level of research required, and whether a home visit is needed. Discounts are often available when multiple items are assessed in a single appointment.

Probate valuation fees are a legitimate estate expense and can be deducted before calculating Inheritance Tax. The estate, not the executor personally, bears the cost.