For some, the value of a work of art lies in how it looks; for others, it is all in the price. But the two issues are often inseparable and both must be considered when deciding how to pass on such assets when a person dies.

Earlier this year, the Duke of Sutherland sold his Titian, “Diana and Acteon”, to the nation in an elaborate piece of inheritance tax planning. With his sons and grandchildren in mind, the duke arranged for the profits made from the sale to be offset against his future IHT bill.