An Open Market valuation is one in which the valuer has been asked to give an estimate on the possible sum which might be obtained if the goods were offered for sale in the most appropriate market available.

This valuation is for the owner who wishes to know the worth of the goods in question to themselves at a given time. Many factors can affect the true worth and some of these might be: DEMAND, followed by - availability, condition, quality, intrinsic content, aesthetic appeal, provenance, current fashion trends, artistic interpretation and period of manufacture, materials, rarity, craftsmanship,  quality, size and weight to mention only a few. The true worth could be said to be established only when a willing buyer and a wiling seller meet and agree to buy/sell. This is in effect what happens in a shop but a private person is in a different position to the trader and so values are calculated with this in mind.

In many ways the Open Market valuation is similar to the Probate valuation. The goods in question will be offered on the secondary market and the most obvious venue would therefore be a jewellery or antiques retailer who buys such items to sell them at a profit. If the items are indeed fashionable or desirable antiques and in good to very good condition a higher price might be offered for "good sellers". On the other hand if the items are out of fashion and/or worn or otherwise difficult to sell then the value might well be little more than scrap.

If the items are of sufficient merit to warrant being sold at auction the valuer would rely on researched results from recent sales to give a broad estimate of the band into which the proceeds could fall.

An Open Market valuation is therefore an informed opinion based on previous sales and other data and the calculated basic cost of the raw materials. Since it cannot predict the desirability of an item to the individual purchaser it must be regarded as a guide only and not a prediction.

Clients who are thinking of obtaining an Open Market valuation and subsequently selling jewellery should bear in mind that a retailer of second-hand or period jewellery will make an offer and auctioneers will give estimated sale prices, free of charge.

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