Online valuations for hidden treasures

Online valuation services and iPhone apps are making it easier and quicker for investors to find out how much antiques, paintings and collectibles are worth – and one has just helped to identify “lost” paintings worth £30,000.

A number of valuation websites will now allow customers to upload photographs and written details, which will be sent on to specialist appraisers. Most will promise a fast turnaround, with some giving valuations in the space of 48 hours.

Valuemystuffnow.com provides valuations from as little as £3.89 within two days. The website, which was created by London-based former Sotheby’s director Patrick van der Vorst, requests users to attach a photograph of their items and provide a description. Prompts are then given to gather relevant information such as condition of the item, provenance, and signatures or labels.

“The benefits of using online appraisal websites is the speed that you can do it in and the low one-off fee,” says Van der Vorst. “You get the same quality as going to an auction house so it’s good value for money.”

Valuemystuffnow.com has a team of 40 experts, many of whom have worked at upmarket auction houses such as Christie’s and Sotheby’s.

The company has carried out 25,000 valuations since its launch last September and, last week, it received a £100,000 cash investment from BBC TV Dragons’ Den investors Theo Paphitis and Deborah Meaden, in return for a share of the ownership of the business.

Other websites offering a similar appraisal service include Auction Atrium, a London-based company that aims to email back a valuation within five days.

In the US, many similar online services exist, including Worthpoint.com, which charges $20 for valuing an item and offers a seven-day turnaround.

Auction house Christie’s has also realised the benefits of offering online appraisal services, having launched its free iPhone application last year.

This app allows users to send photos and details of paintings and antiques to its in-house experts, who will then come back with
a valuation. It does not offer a guarantee that valuations will be provided within a specific timeframe – but it does aim to identify and value even the rarest items.

For example, at its September 23 auction in London, Christie’s will be selling a pair of paintings that was found in an attic and then identified using its iPhone app. These rare oil paintings – by the Australian artist William Blamire Young – are expected to realise between £20,000 and £30,000.

Leonie Ashfield of Christie’s believes that there is a huge potential market for online appraisal services.

“Shows like Antiques Roadshow show that people want to know more about their antiques and possessions,” she says. So far, Christie’s iPhone app has been downloaded by more than 40,000 people.

However, while online valuations are proving
popular, some experts
warn that they are no substitute for having an object valued in person by an expert.

“We think that people should tread cautiously when using online valuations,” says Mark Dodgson, secretary general of the British Antiques Dealers’ Association. “In order to properly assess it, valuers need to see the object as there could be all sorts of things that are not visible from photographs – such as repairs that aren’t immediately seen.”

Insurance companies may also want valuers to inspect an object at first hand if it is of high value. According to Van der Vorst, his online service can provide valuations for insurance purposes for items worth up to £5,000.

For more expensive items, you will need an insurance valuation from an auction house or dealer. You can either take items to the valuer’s office or arrange a home visit.

Christie’s also has a free valuation counter at its South Kensington office which is open seven days a week. It claims that around £1m worth of items are valued each month.

Sotheby’s and Bonhams will charge for valuations that are not for auction purposes but the price depends on the size of the object. “Whereas clients can get
an initial guide from a photo they have sent in,
our specialists and valuation department feel strongly about seeing the objects physically to give the most accurate estimate,” says Alexandra Heffler of Bonhams.