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Use this procedure when placing a financial valuation on objects, whether your own or borrowed. This is normally for Insurance and indemnity purposes, but might also be done before acquiring objects by purchase.
Apart from these collection management reasons, it is normally considered unethical to put a commercial value on collections, particularly in the context of financially-motivated disposals. The Museums Association Code of Ethics for Museums gives guidance on this issue.
It is also unwise to give valuations of objects left as enquiries. The terms on the back of the Collections Trust object entry form say that ‘museum staff are not authorised to give valuations’, and also ‘no valuation indicated verbally or written on this form at the time of deposit will be admitted by the museum.’