Antique and art valuers: jargon-buster

Antique
This is how antique valuers describe an object that has special value because of its age, its artistry, its appearance, or because of the historic importance of the person who owned it.

Authenticity
Antique valuers will always check that a work of art or an antique is genuinely what it appears to be.

BADA
The British Antique Dealers' Association. The association can recommend independent antique valuers.

Fashion
When antique valuers talk about fashion, they mean whether certain items, or even whole periods, are currently popular with dealers and consumers. For this reason, antique valuers often base their assessments on the price a similar object recently sold for.

Insurance value
This is a valuation by antique valuers based on the cost of buying a replacement. As this may force the buyer to compete with other interested parties in an open market, antique valuers may quote a value higher than a valuation for sale.

LAPADA
The Association of Art and Antique Dealers. The association can recommend independent antique valuers.

MRICS
These letters follow the name of antique valuers who are fully qualified and accredited by the Royal Institute of Chartered Surveyors.

NAVA
National Association of Valuers and Auctioneers. This association can recommend independent antique valuers.

Probate values
If someone dies without leaving a will, or the will is contested, the estate is put into probate, which means it is suspended until it can be valued. For this reason, antique valuers ensure probate values are set at realistic market prices.

Provenance
This relates to any documentation that comes with the item, including purchase receipts or letters describing how the item came to its current owner. These help the antique valuers to establish the authenticity of the item and are described as the provenance of the object.

Replacement value
This is the cost of replacing an item on the open market.

Valuation
When antique valuers look at an item, or collection, and decide how much it is worth, this is a valuation. Things antique valuers will consider include: when and where it was made; who made it; quality and condition. As well as looking at the item, antique valuers will examine any documents relating to the object and may then do further research on it.

Valuation documents
Once antique valuers have made their assessment they will issue a valuation report outlining how much they think the item is worth and how they came to that conclusion. This report by the antique valuers is described as a valuation document.