Collecting is a passion, whether it’s art, jewellery, stamps, coins, fine wine or antiques. Beyond the pleasure of ownership, collections often reflect years of careful curation and personal significance. They can hold both financial and sentimental value, making it important to protect them properly.
The first step to protecting a collection is often having a conversation about what matters most. Understanding a collection’s history, significance and how it is enjoyed can help identify the most appropriate protection. Professional valuations then play an important role in ensuring items are accurately insured.
Peter Bailey, Bespoke Insurance Agent at NFU Mutual, explains: ‘Where appropriate, we work closely with specialist valuers to help build a clearer and more accurate picture of a collection.’
Values change over time
However, an expert valuation should not be a one-off event. Bailey advises clients to review the value of a collection regularly: ‘Any valuation older than three years is no longer a reliable reflection of reality,’ he says.
This not only applies when new items are added or inherited. Values can also fluctuate over time, leaving many collectors unknowingly overinsured or, more worryingly, underinsured. Bailey says: ‘Underinsurance rarely stems from a single oversight. More often, it reflects how collections change over time.’
According to Bonhams auction house, insurance valuations are typically based on replacement cost rather than auction estimates, meaning they can differ significantly from expected sale prices.
Values can also change over time due to market conditions, rarity and demand. As Harvey Cammell, global director of valuations at Bonhams, notes, fluctuations in the price of gold can affect the value of jewellery and watches containing precious metals.
What makes collecting a joy
For many collectors, understanding how a collection develops over time is part of the enjoyment.
Regular reviews can help track both changing market values and the growth of a collection, helping collectors appreciate its financial and personal significance. ‘Monitoring value also has a practical purpose. It enables collectors to make informed decisions about insurance, estate planning, charitable giving or the optimal moment to sell/buy,’ says Cammell.
‘The best collections are actively managed rather than simply stored away.’
Understanding the emotional connection people have with a collection they have built over time calls for a personal approach, where an insurer builds an understanding of a client’s lifestyle, their unique collection and what matters most to them.
‘Every collection has its own story, and a more personal approach allows us to understand not just what someone owns, but how it has been built over time. Some collections are built over decades, while others are inherited across generations, but each reflects something unique about the people behind them,’ says Bailey.
The reassurance of the personal touch
Through tailored insurance for homes with contents worth more than £150,000, NFU Mutual’s Bespoke Agents take the time to understand both the individual and their collection, helping ensure protection reflects what matters most to them.
Combining this personal approach with specialist knowledge helps collections remain properly protected and enjoyed with confidence.
As Bailey sums up: ‘Ultimately, it’s about ensuring collections are properly understood and appropriately protected, so they can be enjoyed with confidence.’
Speak to your local NFU Mutual Bespoke Home Insurance Agent about protecting what matters most.
The National Farmers’ Union Mutual Insurance Society Limited (No. 111982). Registered in England. Registered office: Tiddington Road, Stratford-upon-Avon, Warwickshire, CV37 7BJ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A member of the Association of British Insurers.
