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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. |
