By accessing this resource, you agree to the Spectrum licence.
You should have a policy on valuation. This could either be a standalone document or part of a wider collections management policy. Either way, in deciding your policy you will most likely need to consider these questions:
- What ethical principles will you apply to object valuation?
- Why might you put valuations on objects?
- Who is authorised to seek valuations?
- Who is authorised to provide valuations?
- Who has access to valuation information and how will you keep it secure?
- How, and how often, you will update valuation information?
You should also have a written procedure that explains the steps to follow when carrying out valuations. Spectrum’s suggested procedure is a useful starting point, but however you do it, your own procedure should meet the following minimum requirements:
|Minimum requirement||Why this is important|
|Valuation information is available as needed for collection management, and is only used in line with current ethical practice.||You can insure some or all of your objects appropriately.
You do not use collections as security on a financial loan.
|You have agreed, and consistent, methods for valuation.||You have confidence in the valuations that you obtain.
Valuations do not depend on the ‘whim’ of individuals.
|Valuation information is treated as confidential, and only available to authorised people.||Valuations are only available on a need-to-know basis.
You do not increase the security risk to high-value objects.
|Valuations are kept up to date.||Incorrect valuations are not used when renewing insurance, leading to inadequate cover.|