How to Value Jewellery, Art, and Collectibles for Probate

The Right Valuation Basis: Open Market Value

For probate and IHT purposes, the required value is the open market value — the price the item would fetch if sold on the open market between a willing seller and a willing buyer. For most personal possessions this is the auction (hammer) price, not:

• The insurance replacement value (what it would cost to replace the item new or via a specialist dealer — typically much higher).
• The retail price paid for the item originally.
• A sentimental value.

This distinction is critical for jewellery in particular. A diamond ring insured for £10,000 might fetch only £2,500–£3,500 at auction. Using the insurance value for probate would significantly overstate the taxable estate and result in excess IHT being paid.

Valuing Jewellery

Use a qualified jeweller or specialist auction house for any jewellery of more than nominal value. High street jewellers generally provide insurance valuations — specifically ask for an "open market value for probate" rather than an insurance or retail replacement valuation.

Major specialist auction houses such as Sotheby's, Christie's, Bonhams, Lyon & Turnbull, and Fellows (specialist jewellery) will often provide free valuations if there is prospect of sale through them. Their valuers will inspect pieces and provide a written estimate of the hammer price range.

For items that will not be sold, an independent jewellery valuer (registered with the National Association of Jewellers) can provide a probate valuation for a fee. Fees are typically £50–£200 per piece or an hourly rate.

Valuing Fine Art and Paintings

The same principles apply to paintings and other artworks. Use:

• Major auction houses for works likely to be auctioned — Sotheby's, Christie's, Bonhams, and Dorotheum all offer free valuation days or home visit services for significant collections.
• Specialist art valuers for works by particular artists or schools — the Fine Art Trade Guild and RICS can recommend qualified specialists.
• Art price databases (Artprice, Invaluable) for checking recent auction results for comparable works by the same artist — useful for verifying your valuer's estimates.

Valuing Antiques and Collectibles

Antiques (furniture, silver, ceramics, clocks) are best valued by specialist auctioneers in the relevant category. For general antiques, a RICS-qualified fine art and antiques surveyor can value a whole collection. For specific categories — such as coins, stamps, wine, or classic cars — use a specialist in that field (e.g. Stanley Gibbons for stamps, Bonhams motor cars department for vehicles).

Household Goods and Everyday Possessions

For ordinary household goods (furniture, clothing, kitchen equipment, everyday items), HMRC accepts a reasonable overall estimate rather than an item-by-item valuation. HMRC guidance suggests that "a general estimate" is acceptable for items of low individual value. In practice, executors typically estimate household contents as a lump sum — £500–£3,000 is common for a typical household, though this will vary considerably.

Any single item worth over £500 should be individually listed and separately valued. Items over £500 that are not listed may attract HMRC scrutiny.

Reporting in IHT400

Household goods and personal possessions are reported in Schedule IHT407 (household and personal goods). You must list:

• A description of the items (jewellery, paintings, antiques, household contents generally).
• The open market value of each item or category.
• For items over £500, individual listings with descriptions.

Keep all valuation letters and auction house reports with the estate papers — HMRC may ask for supporting evidence. For a full walkthrough of IHT400 filing, see our IHT400 form guide. For the full IHT calculation, see our inheritance tax guide for 2026–27. For the overall administration process, see our estate administration checklist. Use our free estate administration tool to get started.

Related Guides

• Executor First Steps
• Valuing a Property for Probate
• Applying for Probate
• Paying IHT Before Probate
• Complete UK Probate Guide 2026