§ Mr. LawsTo ask the Secretary of State for Culture, Media and Sport, pursuant to his answer of 1 November 2001,Official Report, column 802W, on departmental assets, if he will estimate the value of the Government art collection; and if he will make a statement. [13125]
§ Dr. HowellsIt is not possible to give an accurate estimate of the value of the Government art collection, which, as a non-operational heritage asset, has no current market valuation. The current monetary value of a work of art can be accurately assessed only at the time of its purchase or sale or by professional valuation. The collection is not actively traded, and it would not be a justifiable expenditure of public funds to have the whole collection valued professionally.
However, from 1 April 2000 additions to the collection have been included at cost in the asset register of the Department for Culture, Media and Sport, on the grounds 502W that the purchase price provides a reliable basis for capitalisation. This accounting policy will apply to national museums and galleries and other collections from 1 April 2001. The value of purchased additions to the Government art collection as at 31 March 2001 is £124,000.