Probate Watch Valuation

The luxury watch market has seen extraordinary growth over the past decade, with certain models appreciating well beyond their original retail prices. For probate purposes, this means inherited watches — particularly from brands such as Rolex, Patek Philippe, and Audemars Piguet — may be worth considerably more than the deceased paid for them. An accurate probate watch valuation captures the true market position at the date of death.

Watch valuation for probate is a specialist discipline. Value is driven not only by the brand and model, but by the specific reference number, dial variation, case material, and the presence of original box and papers. A Rolex Submariner with its original documentation and service history can be worth substantially more than an identical model without these accompaniments.

Our valuers are experienced horologists who understand both the mechanical aspects of watchmaking and the nuances of the collector market. They hold relevant professional qualifications and produce HMRC-compliant reports that reflect genuine Open Market Value.

Watches are among the most volatile asset classes in probate estates. Market values for sought-after references can shift significantly within months, making the date-of-death valuation particularly important. A watch that was worth £8,000 when purchased may now command £15,000 at auction — or conversely, a model that was highly desirable five years ago may have softened in value. Only a current, professional assessment captures the accurate figure.

Executors without specialist knowledge routinely misjudge watch values in both directions. A gold dress watch from an unfamiliar Swiss manufacture might be dismissed as worth a few hundred pounds when it actually commands several thousand. Equally, a mass-produced quartz watch from a prestige brand may have far less secondary market value than its original retail price suggests.

HMRC has become increasingly sophisticated in its understanding of the watch market. Inspectors have access to auction databases and can readily identify cases where declared values appear inconsistent with market evidence. A professional valuation eliminates this risk entirely.

Any watch with an Open Market Value exceeding £1,500 requires a professional valuation for HMRC purposes. Given that many branded Swiss watches surpass this threshold — even older or worn examples — professional valuation is advisable for any recognisable luxury brand. The valuation must reflect the specific condition, completeness, and market desirability of the watch at the date of death.

Where the deceased owned multiple watches, each must be valued individually rather than as a lot. HMRC expects itemised valuations that detail the brand, model, reference number, serial number, case material, and condition of every piece. Group valuations or estimates based on original purchase prices are not acceptable for watches above the £1,500 threshold.

The valuer begins by identifying the watch precisely — confirming the brand, model, reference number, and serial number. The case is opened where appropriate to verify the movement and check for replacement parts. The overall condition is assessed, noting any scratches, dents, crystal damage, or evidence of non-original components such as aftermarket dials or bezels.

The presence or absence of the original box, papers, purchase receipt, and service records is documented, as these significantly affect secondary market value. The valuer also notes the date of the most recent service and the general running condition, both of which inform the assessment.

Market research draws on recent auction results from specialist watch sales at Bonhams, Christie's, Sotheby's, and Phillips, as well as data from verified dealer platforms. The final report provides a full description, photographs, and the Open Market Value at the date of death, formatted for HMRC submission.

A typical probate watches valuation costs £50–£150 per watch. 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.