Assigning values to items in their collection is one of the many tasks of the curator, whether they work in a gallery, museum, archive or library, yet it is a role for which few have had any training and that many approach with a lack of confidence. Even if there is profound knowledge of the subject matter, there may be insufficient experience in the market for cultural objects. Besides, valuation is not an exact science and it is easy to get it wrong.

Items in public collections are often under-valued or not valued at all. Valuation often takes place only for insurance purposes but there is the dilemma of whether to insure or not, making sure that objects are fully insured while at the same time trying to avoid high premiums and keeping costs low. In the UK, Government Indemnity can remove or reduce the cost of commercial insurance but does not remove the difficulty of determining values.

This book will examine the issues around valuing objects in cultural collections. It will look at the difference between value and worth and at how cultural value can be translated into monetary terms. It will outline the arguments over whether financial values should be assigned at all, since many items will never be for sale and assigning a monetary value may lead to unforeseen consequences.

The book will focus on fine art collections but will draw on a range of examples from high-value fine art to low- or no-value objects such as massproduced or everyday items. Examples describe current practice in museums, libraries and archives and advice is given on how to assign values.

This book is aimed at the non-specialist who is required to assign values for a variety of reasons. Practical guidance is given on how to approach a valuation by making comparisons and by using a step-by-step process. There are some helpful templates listing the types of question to ask. Overall, the book is designed to give confidence in decision making.

A study (by the author) commissioned by the European Union, placed valuation as one of the key issues in exchanging cultural collections. It is hoped that this book will address the issues and offer some solutions.