Introduction

Assigning a value is often one of the responsibilities of the curator and with knowledge, training and confidence, it should be done well. It is important to work in consultation with colleagues and not to feel solely responsible for making the decision. A well reasoned and justified valuation depends on having good resources.

On many occasions, sales price at auction far exceeds the guide price. Sometimes the sales price does not meet the reserve and the sale is withdrawn. This shows that even experienced, professional valuers often get the estimate wrong – but in fact there is no ‘wrong’ estimate. Selling an item at exactly the estimated value, such as the manuscript score of Mahler's Second Symphony, valued at £4.5 million, which sold for exactly that sum1, is rare and a matter of good luck as well as good judgement. Sales and auction houses therefore usually suggest a guide price or sliding scale. Museums, libraries and archives, on the other hand, generally have to set a specific sum, as valuations are usually for insurance purposes. Values in public collections can rarely be tested by putting the item on the market. This takes off some of the pressure to ‘get it right’, but as we have seen, there is no ‘right’, only an educated guess, based on the evidence.

Background

Anything can be given a financial value and anything can be measured. Examinations are designed to compare and rank students; job interviews rate applicants according to presentation, knowledge and suitability; competitions compare content, technique, and originality.

In many types of application there is a tendering process listing the requirements for the position. For example, criteria such as experience, size of company, flexibility and costs can be used to compare candidates and given appropriate weightings.

In a similar way, the various questions asked during a valuation can be weighted with percentages attached. For example, if the signature makes a particular manuscript important, this would have the highest rating of perhaps 50%, with other factors such as the rarity, condition, or relevance of the manuscript itself coming lower. Each type of item will have its own criteria for value. Assigning a value to a walrus tusk will require a different understanding from valuing a Bernini sculpture. The factors that affect the final decision will be different every time.