§ Baroness Birkasked Her Majesty's Government:
Whether they will ensure that the valuations of works of art which could involve either directly or indirectly in part or in whole public funding, are examined as carefully and efficiently as those valuations involving works of art accepted in lieu of capital taxes.
§ Baroness TrumpingtonThe trustees and directors of the national museums and galleries are responsible for the acquisition of works of art by their 673WA institutions. They have available to them the expertise and knowledge to determine what is a fair valuation. The National Heritage Memorial Fund Trustees take expert advice on all applications which come before them; they will request justification for the price and ask for a second valuation if not completely satisfied. When the NHMF has helped with the acquisition of a country house and its contents a second, detailed valuation of the contents has always been sought. The fund aims to secure at all times good value for the public money it uses.
The reviewing committee on the export of works of art gives full and detailed consideration to the prices shown on export licence applications. No valuation is accepted without justification by the applicants, and it is incumbent upon them to provide supporting evidence of the claimed valuation. In the case of a recent sale this would normally be a copy of the invoice or bill of sale. Where there has been no recent sale, the applicant has to prove to the committee's satisfaction that the value claimed would be an achievable price if the item were sold on the open market. If necessary, an independent valuation of the item will be sought.