Why Watch Boxes and Papers Matter for Your Insurance Valuation

Posted on March 11, 2026March 11, 2026 by Jenny Serra

When arranging an insurance valuation, the watch box and papers that accompany your timepiece can make a meaningful difference. Original packaging and documentation help valuers verify authenticity, confirm details about the watch and ensure the correct replacement value is recorded in your valuation report.

Why Watch Box and Papers Are Important for a Watch Valuation

Paperwork acts as a ‘birth certificate’ of the watch, and on a commercial level helps to authenticate timepieces. They verify details of the watch, such as model number, serial number, time and location of purchase. As such, on the secondary market, watches with paperwork secure higher retail returns as a result of higher buyer confidence. Many collectors will not consider purchasing a watch without paperwork. When replacing from the Secondary Market, as is the case for models with long waitlists, a watch with a ‘full set’ is the closest and most immediate solution for New For Old Value. The absence of these, unfortunately, forces us to look for comparables with similarly lacking accompaniments.

As an example: the Rolex Daytona ref. 116506

This exercise (figures from 9.3.26) demonstrates a 31% uplift in value for the same watch, with the presence of paperwork. This is not an isolated example, across the board, watches without paperwork, even from the same year, condition, boxes present, will generally be listed on the secondary market for a fraction of their counterparts with full paperwork.

As valuers, we need to independently verify the existence of these accompaniments, record them, photograph them and include them in our description of your watch. If boxes and paperwork can be presented together with the watch at the time of the valuation, this will save time and additional administration requirements post valuation. It will also prevent you, in the case of the Daytona ref. 116506, being 31% underinsured.

Here are examples of paperwork that our valuers would be looking for during your watch valuation:

Rolex

Rolex ‘box and papers’ means the complete set included with the watch when sold at retail – this can include additional links, swing tags, Guarantee Worldwide Service Manual, Model Guides, Anchor tags, all depending on model and year purchased.

The appearance and design of Rolex ‘papers’ has changed over the years, from a folded paper certificate, to the modern technologically advanced cards of today. It is worth noting that paperwork for vintage Rolexes up until the 2000’s can vary in design from model to model, year, and location of sale, but below is a typical example of a more modern Guarantee from the brand.

Pre 2006:

The pre 2006 Rolex papers are printed on folded paper. These documents have features such as the perforated or embossed serial number, dealer details from where the watch was originally purchased from, the date of sale, land code, and a watermark that can be seen when held to bright light.

2006 - 2020

From 2006, Rolex introduced a plastic card to replace the paper certificate. These cards were white and green, with a hologram visible under UV light, containing details of the retailer, date of purchase, land code, and purchaser to one side, with the watches model and serial numbers to the other side.

2020 to present

The most recent warranty card from Rolex was released in 2020. This card removed much of the information found on previous cards, as data was stored electronically. The details remaining on these cards are the model number, serial number, and date of original purchase.

Design features include a holographic strip visible under UV light, as well as a chip within the card that directs a mobile phone to a secure part of Rolex’s website to access further details. These new technologically advanced features made forgeries much more difficult, and increased a level of privacy to the paperwork, no names, addresses or country codes were any longer instantly visible.

Rolex Service Paperwork:

If your watch has been sent to Rolex for a service, they will return with an International Service Guarantee, detailing the model number, serial number, and date of service. These are laminated cards, and make no replacement for the original warranty card in terms of value, but evidence and history of Rolex servicing all helps our valuers to put together a true picture of the watch history.

Patek Philippe

Patek Philippe issues a Certificate of Origin with each of its timepieces, in the form of an A4 certificate, printed and signed with details such as the reference number, serial number, movement information, and design features: dial, case, bracelet and gemstones. This folded form is typically housed within a brown folded leather pouch, underneath the box.

Audemars Piguet

Audemars Piguet paperwork has varied over time, but Certificate of Origin and Warranty Cards typically contain the information needed to support a valuation. Below is an example of a printed booklet-style certificate of origin, including reference and serial numbers, case numbers, movement details, date of original sale and retailer information.

From 2020, Audemars switched to digital warranty cards, a plastic card with QR code that scanned to verification of a watch’s authenticity and warranty period.

Omega

Omega watches are supplied with a warranty card, which includes the serial number, watch reference number, the date of purchase and the retailer details. Other cards included in a full set include the Master Chronometer and Pictograms card, each also detailed with the watch reference and serial numbers.

Here are examples of other brands ‘Paperwork’

Cartier

Contemporary Cartier ‘paperwork’ is in the form of a plastic card, or a folded booklet for earlier watches.

Hublot

Contemporary Hublot paperwork is in the form of a black card, embossed with the reference and serial numbers plus logo hologram to front, and written or stamped detailing to the reverse.

Breitling

From 2013, Breitling started using electronic warranty cards, each with an RFID chip that can be read by devices at authorised dealerships. These are thick, plastic cards, displaying the watch model details, serial number and warranty information.

In 2020, Breitling introduced their blockchain-based digital passport as their paperwork. Accessed by scanning the QR code to the top right hand side of the paperwork, this provides a digital certificate of ownership.

Franck Muller

Franck Muller Certificate of Origins are typically a folded A4 certificate, written or stamped with the watch details, and typically housed within a folded leather pouch.

We hope this guide helps you in your preparation for a valuation. If you have any queries, or need any help on locating or identifying paperwork for any other watches not listed above, do get in touch with our team.

The Risks of Unspecified Jewellery

Posted on February 12, 2026February 12, 2026 by Rachel Doerr

Unspecified Jewellery is becoming more of a concern when we are conducting valuations as it is mostly overlooked by people in their jewellery boxes and forgotten about when it comes to their insurance policies.

With the rise of laboratory grown diamonds found on the market, political uncertainty and sanctions applied by and on various countries, the prices of natural diamonds have taken a tumble. However, it would be naïve to consider that the price tag of these precious gems has not increased in the last 5, 10 or 20 years. From bread and milk to diamonds and gold, no product has escaped from an increased price tag.

If you were lucky enough to get engaged some ten years ago, you may have purchased a diamond three-stone ring, such as the below ring mounted in platinum and totalling 2.50 carats of diamond, for a price tag of £4,000. Having slowly climbed to £6,500 in 2020, in today’s market, that same ring would cost £25,000 to replace.

With many insurance policies requiring items over £20,000 to be itemised you probably don’t realise the cost today of the ring that is on your finger but would be very disappointed if you couldn’t replace it in the event of a loss.

Equally this diamond line bracelet by Tiffany & Co., set with a total of 5 carats, would have retailed for £5,000 in 2010.

Today, Its equivalent from the Tiffany Victoria range, set with 4.25 carats of diamonds, retails for £30,700 – again over the single item on your insurance policy.

Whether you own a pair of diamond earstuds, a bracelet or a ring, and have had the opportunity to wear theses for the last few years but haven’t thought to update your insurance valuations, you could be at risk of being under insured as the prices of precious materials continues to rise as a reaction to geo-politics. In the worst-case scenario, you could find you are not insured atall.

The gold price is currently £3,456.49 (02.02.2026) a troy ounce in 2015 this was £716.37 – so it doesn’t take a genius to work out the prices of jewellery in the last 10 years has increased in value.

At Doerr Dallas Valuations, we are currently recommending clients update their valuations if they haven’t been valued in the last 12-18 months with the gold price being at its highest level in years and if you have never had a valuation please call us to find out more – it doesn’t cost anything for us to send you a proposal but count the pieces in your jewellery box first!

Why handbags should form part of your insurance valuation

Posted on September 18, 2025September 18, 2025 by Jenny Serra

It is a frequent occurrence for me as a Handbag specialist working for Doerr Dallas Valuations to travel to a job with the expectation of valuing 20 handbags, only to discover there are 200, so why do these appreciating assets with great investment potential get overlooked by their owners when it comes to insurance? While assets such as diamonds, jewellery and watches are commonly itemised, handbags are, often disregarded. Such oversights can prove disastrous in unforeseen circumstances, and given current market trends, individuals may be astounded by the significant appreciation in these assets value.

The world of exclusive handbags is made up of many brands often renowned for their unparalleled craftsmanship, heritage, and scarcity. At the pinnacle is Hermès, with its iconic Birkin and Kelly bags being the epitome of luxury, often having extensive waiting lists and achieving astronomical prices on the resale market due to their limited availability and meticulous handcrafting. Chanel follows closely, celebrated for its timeless quilted designs like the Classic Flap, which embody enduring elegance and sophistication. Louis Vuitton stands out with its rich history in trunk-making and its globally recognised monogrammed canvas, producing highly coveted bags like the Neverfull and Speedy. We can’t discuss designer handbags without mentioning Dior, famed for its Lady Dior and Saddle bags, and Gucci, known for its distinctive motifs and popular styles like the Jackie bag. Not forgetting Prada, with its sleek and minimalist designs, Saint Laurent, recognised for its modern aesthetic and the Sac De Jour, Fendi and its iconic Baguette, Loewe for its innovative and artisanal leather goods, and Bottega Veneta, celebrated for its distinctive Intrecciato weave and understated luxury. Goyard the Parisian trunk maker with its iconic Goyardine canvas and finally The Row founded in 2006 by Mary Kate and Ashley Olsen, known for its minimalist design and often lacking any visible branding or hardware. Of course, the list continues however these brands are popular examples which collectively represent the ultimate in exclusivity, artistry, and investment in the realm of high-end handbags.

There are a few things which also contribute to the value of a designer handbag and one of those is the skin. Popular leathers used by Dior and Hermès include smooth calfskin. A more durable grained calfskin used by Chanel and referred to as Caviar is a popular choice for a Classic whilst Louis Vuitton’s Epi leather is also very popular for a Speedy. Hermès also use pebbled options called Togo and Clemence. Prada’s favours scratch-resistant Saffiano. Let’s not forget the soft supple lambskin used often by Chanel and Dior. It may be personal preference; some leathers can be more popular than others, selling out quicker. There is however, when it comes to value, a clear leader in this race. Handbags made of exotic skins seem to appreciate at a greater rate than others. Prized for their distinctive textures, inherent rarity, and the unparalleled craftsmanship required to work with them. Materials such as crocodile and alligator are among the most coveted and are distinguished by their unique scale patterns and available in various finishes from high-gloss to matte. The rarest and most expensive Hermès Birkin and Kelly are often made of exotic leathers. The Hermès Himalaya, made of niloticus crocodile hide, sold at auction in 2022 for just over $450,000! Making it one of the most expensive handbags to ever go through auction. Another example is Ostrich leather, instantly recognisable by its characteristic quill marks, offering a durable yet supple option that develops a rich patina over time, also a staple in Hermès’s exclusive collections. Furthermore, lizard skins present a more delicate, intricate scale pattern, often favoured for smaller, exquisitely detailed bags, while python and other snake skins provide striking natural patterns and a distinctive tactile feel, frequently incorporated by brands like Gucci and Fendi to add an element of bold, exotic allure.

Here is the Hermes Himalayan which sold at Sothebys in 2022:

Each brand come in a vast array of styles, each serving different purposes and aesthetics, reflecting both timeless elegance and contemporary trends. The foundational styles include the tote bag, shopper, crossbody, top handle handbags, and clutches to name a few. The shoulder bag is a classic, designed to hang from the shoulder with a single strap, varying greatly in size and structure, from Chanel’s iconic Classic Flap to Fendi’s Baguette, which is often more compact. Crossbody bags feature a long strap worn across the body, offering hands-free convenience and security, typically smaller in size and popular for casual outings. Top-handle bags, such as the Hermès Kelly or Dior Lady Dior, are characterized by a rigid handle at the top, exuding sophistication and often requiring a more formal carry. For evening wear, clutches are small, strapless bags held in the hand, while minaudieres are even smaller, often rigid and highly embellished, designed for just the essentials. More unique styles include the hobo bag, known for its slouchy, crescent shape and soft construction, and the backpack, which has been elevated to luxury status by designers like Louis Vuitton and Gucci.

Here is a Gucci Jackie 1961 from the Gucci website retailing for £2820:

Here is a Louis Vuitton Alma from the Louis Vuitton website retailing for £2750:

Here is a The Row from The Row website retailing for £5190:

With the rise in the handbag market, which by 2034 is estimated to be worth 60 billion dollars, also sadly comes a rise in reported thefts. Some people are looking to track their handbags using Apple Air Tags and Bluetooth devices. The market for this is still relatively young. Although tracking your precious Birkin may be hard, there are many more experts out there to help you stay clear of any fakes.

So how do I know what I am purchasing is real?

Authenticating a designer handbag requires a keen eye and knowledge of the brand’s specific characteristics, as counterfeiters become increasingly sophisticated. While no single factor is definitive, a combination of observations can help determine a bag’s authenticity.

As experts in handbags, we will look at the craftsmanship and quality. Authentic designer bags are meticulously made and go through stringent checks before being able to leave the factory.

We look very closely at the level of stitching, there should be no loose threads, frayed edges, or inconsistent spacing. There certainly shouldn’t be any sign of glue. Hardware (zippers, clasps, buckles, feet) should feel substantial and high-quality, often engraved with the brand’s logo in a precise, clear manner. The plating should be even and not chipped or tarnished. Zippers should glide smoothly without snagging.

Chanel Stitching:

We also pay close attention to the materials used. Genuine designer bags utilise premium leathers (calfskin, lambskin, exotic skins) or high-grade canvases that feel luxurious, have a specific texture, and often a unique scent. Counterfeit bags often use cheaper, synthetic materials that feel rigid, plasticky, or look overly shiny, and may have a chemical smell. For bags with monograms, like Louis Vuitton or Goyard, inspect the pattern alignment; it should typically be symmetrical and continuous across seams, with logos often intentionally cut off at specific points to maintain consistency.

We scrutinise the brand’s markings. This includes examining the logo placement, font, and spacing, both on the exterior and interior. Check for specific serial numbers, date codes, or authenticity cards, and understand where they should be located and what format they should follow for that particular brand and model. For example, Chanel bags have serial numbers that match a sticker inside and an authenticity card, while Louis Vuitton uses date codes. Hermès bags often have blind stamps indicating the year and artisan. Research the specific model you’re interested in, as these details vary widely by brand, collection, and even production year.

Consider the seller and price. If the price seems too good to be true, it almost certainly is. Authentic designer bags rarely come with significant discounts outside of authorised sales. Reputable sellers, whether boutiques, authorised retailers, or trusted pre-owned platforms, offer guarantees of authenticity. Be wary of sellers who cannot provide original receipts, dust bags, or boxes, or who refuse to provide detailed photos. While these accessories can also be faked, their absence is a red flag. Consulting with an expert is often the most reliable way to confirm a bag’s legitimacy, especially for high-value purchases.

The resale market for designer handbags has undergone a dramatic transformation in the last decade, shifting from a niche, somewhat stigmatised sector to a booming, mainstream industry. This evolution is driven by several key factors, profoundly impacting prices.

Here is an example of Hermes selling for more than their retail prices at auction

In the last decade there has been a huge increase in dedicated online resale platforms and auctions selling designer items. At the beginning of my career a handbag being offered at auction would have been jammed in a miscellaneous section in-between the medals and silver, whereas now specific designer auctions dominate multimillion pound auctions every year. There are better experts in the field with professional authentication services, high-quality photography, and streamlined selling processes, significantly mitigating concerns about counterfeits and making it easier for both buyers and sellers to participate. This increased trust and convenience have normalised the idea of buying and selling pre-owned luxury, expanding the market to a wider demographic.

Examples of changes in the resell market over time with a Hermes Kelly selling at Christies in 2007 for £400 and in 2023 selling at Bonhams for £7650:

Sustainability has also become a powerful driving force. As consumers, particularly Gen Z and Millennials, become more eco-conscious, the concept of circular fashion – extending the lifecycle of goods – has gained immense traction. Purchasing a pre-owned designer bag aligns with sustainable values, reducing demand for new production and minimizing environmental impact, making resale an attractive, guilt-free option for luxury consumption.

Finally, and perhaps most crucially, the escalating retail prices of new designer bags and often extensive waiting lists or difficulty in obtaining a bag at retail have pushed many consumers towards the resale market. Iconic styles from brands like Chanel and Hermès have seen significant, often biannual, price hikes. For instance, some Chanel Classic Flap bags have more than doubled in price in less than a decade.

Furthermore, for highly coveted models such as the Chanel Classic and Hermès Kelly and Birkin resale prices have soared, often appreciating significantly beyond their original retail cost, effectively making them investment assets. Reports show some designer handbag models have seen valuation spikes of up to 83% over the past 10 years, with Hermès Kelly bags increasing by 129% and Chanel Classic Flap bags by 132% in value. This phenomenon is particularly true for limited editions or bags with long waiting lists.

So, If you own a collection of handbags but lack a professional valuation, your bags may not be accurately valued or insured. It’s not enough to simply consider the retail price. If you needed to replace a bag, you’d likely have to purchase it on the secondary market, where its cost could be significantly higher than the retail price.

Why Relying on Old Valuations Could Cost You Thousands

Posted on July 17, 2025August 13, 2025 by Jenny Serra

The Case for Up-to-Date Jewellery Valuations in a Rapidly Shifting Market

Gold at an all-time high, diamonds in freefall, ruby values that look like telephone numbers. Welcome to jewellery valuations in 2025 as the jewellery market is moving and shifting at great speed and it can sometimes be difficult to keep up.

Which is why it is so important you have your appraisals up to date.

The global diamond jewellery market reached £46 billion in 2023, £49.3 billion in 2024 and is set to reach over £90 billion by 2032. Why the continuous rise? Let’s explore a few key areas impacting jewellery value and market trends.

It’s been an interesting year for everyone but for insurance teams that depends on accurate and dependable valuations, then it’s become increasingly vital to work with valuation specialists.

For a private client to ensure your values are up to date and you are not going to have a shock in the event of a claim, a valuation needs to be within the last 24 months.

Look at any jewellery auction across the country this year and every heavy gold piece will have early offers ahead of the auction. Small time gold buyers have sprung up all over the country and are making the most of the increasingly high gold bullion price.

Brick and mortar jewellers are reviewing their prices every three months and this week I received an email from a goldsmith who I regularly use stating;

“All gold prices are estimated at present, we advise that the final bill will be slightly amended due to the fluid nature of the gold price”. To qualify the need for this unusual statement, as I write pure Gold is trading at $2481 per troy ounce. It was $1805 per ounce 12 months ago.

Insurers and their clients need to be reviewing their policies, not just for gold.

Diamonds – What price difference are we talking about?

Comparatively, a De Beers ring set with a brilliant-cut diamond weighing 0.51 carat, G colour and VS1 clarity retails for £5,900. Pandora offers the same diamond, but lab-grown for £825. There’s no denying the price tag is attractive and not surprising that they are projected to represent 25% of the market by 2030.

Another shift is the confidence in online shopping and the rise of E-Commerce. Consumers will spend a great deal more without seeing the item than they did prior to Covid. A recent study showed that online jewellery sales had gone up by 30% during that period.

Art Deco Tutti Frutti bracelet by Cartier – This stunning bracelet came up for sale at Sotheby’s on 28th April 2020 over the course of a four-day sale, online only due to confinement restrictions. It sold for £1 million and set a world record for any jewel sold online and any jewel sold in 2020.

When reputation and trust precede a brand, clients will happily buy blindly. And that is what luxury brands are banking on and it’s working. There is a steady continuous increase in prices each year on the most popular items.

A pair of Tiffany & Co. Victoria diamond earrings have gone from £3,100 in 2003, to £4,925 in 2010, £8,775 in 2021 and up to its current value of £9,125.

There are no signs of slowing down for luxury brands. When it comes to branded pieces, such as De Beers or Tiffany & Co. it still seems to be a safe investment with return on investment definitely worth the waiting for. With values of signed pieces creeping up and diamond markets fluctuating as do the insurance values.

Rubies and sapphires have seen some big increases. If your clients’ purchased sizable gemstones in the 1960’s,70’s,80’s, 90’s ( before excessive treatments became the norm) then these gems are very attractive to the market. There are simply not enough to fill demand.

Interestingly there is far less demand for emeralds at present! But, that could change due to fashion or popularity (if the stars start wearing emeralds, we could see market changes)!

The big question over the next 18 months will be how to value diamonds? Natural diamonds that is.

It is now common knowledge that manufactured diamonds (also known as Lab grown diamonds) currently change hands for about 5-15% of their natural counterparts. If you would like to know a little more as to why this is do look back at some of the previous articles. Manufactured diamonds are here to stay and have found a home in the Bridal and costume jewellery market. This has sent the market for smaller, natural lower quality diamonds tumbling. Why have a lower quality smaller natural stone when you could have a fine colour and clarity manufactured earring set which you don’t mind losing on the beach!

However, the smart minds will be watching the bigger, higher quality natural stone prices. That is diamonds over 3ct, G/H colour and above with a good cut and proportions.

Why? Because these will be in smaller and smaller supply in the coming years – and we are already seeing the effect at the point of sale both on the high street and at auction.

American Tariffs, the Ukrainian / Russian conflict and the Israeli/ Palestinian conflict have interrupted the long-established routes for rough diamond via the cutting centres to the waiting consumer. This is a subject, in its own right, to explore in the future.

There are still plenty of diamonds to purchase in Europe. Despite Americans holding tight onto their precious stocks as increased tariffs mean they cannot competitively purchase at the moment.

The stock of the better-quality stones, so loved by high-net-worth clients, may well start to dry up due to the convulsing diamond industry and therefore those prices will rise. These thoughts have been recently reinforced following published comments from the London diamond Bourse and Diamnet Founder Howard Levine.

This is a defining period for the jewellery trade as rarity, real luxury, taste and craftsmanship will continue to be sought out. These rare pieces, newly purchased or family held, need to be valued effectively and not be confused and undervalued with the mass produced, lower quality pieces.

The need for a valuation – for clients who haven’t had their jewellery values in the last 24 months, they will see a difference in valued and could find any claim could be problematic without one. Applying generic inflation percentages as a tool to update valuations, would be incorrect and inevitably lead to jewellery being under or over insured.

Because jewellery is the product of so many moving parts, it is essential to revalue one’s jewellery collection on a regular basis. Prices may vary several times within a single calendar year and our recommendation would be to get an official jewellery valuation at least every other year. And while your specialist is there, make sure every clasp and setting of stones is checked. A lost stone has monetary value but, in most cases, the emotional attachment to the piece makes the gem priceless and irreplaceable.

As Chelsea Celebrates Gardens, We Uncover Their Hidden Worth

Posted on May 22, 2025May 21, 2025 by Jenny Serra

The RHS Chelsea Flower Show 2025, is currently underway. In recognition of Chelsea, we are considering an often-neglected area for insurance: the garden.

We will be sharing some recent auction highlights, illustrating the fascinating and valuable items that can be hidden in our outdoor spaces.

The history of British gardening has deep “roots” dating to The Romans. The first pleasure gardens were planted in England almost 2000 years ago. Domestic gardening, as understood today really evolved over the past two centuries. Currently, it is estimated that 78% of British adults have access to a private garden, with the UK garden market worth over £8 billion annually. It is clear, we are a nation of gardeners.

So let us turn our attention to these spaces. Earlier this year, Chiswick Auctions uncovered a fascinating piece in a London garden. What at first glance appeared to be a forgotten broken flowerpot, surrounded by weeds, turned out to be a significant discovery. This unassuming ceramic vessel was an unknown work produced by the eminent studio potter Hans Coper (1920 – 1981). (Chiswick Auctions, Design, 15th April 2025, lot 267). Notable for its monumental proportions, it was one of Coper’s largest creations. Coper’s work is highly desirable and can fetch hundreds of thousands of pounds.

Working with the family, the auctioneers found it commissioned by their late mother in 1964. Unfortunately, at some point, it had been broken into two pieces, the owner then choosing to place it in her London garden.

A lost treasure, the work was estimated at £6,000 to £8,000. Despite its condition, it sold for a total of £45,990.

Investing in garden statuary can significantly enhance an outdoor space, and historical influences continue to shape the design of our gardens.

This results in exceptional items from antiquity, occasionally being unearthed in British domestic gardens.

In May, auctioneers Toovey’s, offered an important bust of the Roman Emperor Septimius Severus (Toovey’s Auctions, Furniture etc, 15th May 2025, lot 2350). Produced in the late 2nd or early 3rd century AD, the sculpture was once part of the collection held at the Perthshire estate of Rossie Priory. It was subsequently obtained in the mid 20th century by the artist Edward Halliday CBE (1902 – 1984).

Halliday chose to exhibit it outdoors. Photographs from the 1950s, show the impressive figure of Septimius Severus on display in the garden of Halliday’s St. John’s Wood home, in one image even wearing a policeman’s helmet. The ancient figure of the emperor remained outdoors until he was consigned for auction.

The bust was offered with a pre-sale estimate of £40,000 to £60,000. The total selling price for this rare survivor was just over £142,000.

Edward Halliday additionally acquired a 2nd century AD cinerary urn also from Rossie Priory (As before lot 2351). This artifact was similarly utilised by the Halliday family as a garden ornament. The carved marble was estimated at £2,000 – 3,000, the result on this occasion was £5,176 (hammer price £4,000).

Several of Britain’s foremost artists and designers have created works specifically for outdoor use. These striking objects and artworks can be prominent features in British gardens.

Archibald Knox (1864 – 1933) was a pivotal figure in the Arts & Crafts movement. Knox’s work was wide ranging. As principal designer of Liberty & Co., his designs helped shape the Liberty ‘look’.

While many are familiar with Knox’s metalwork designs for Liberty, it is worth noting that he also created pieces for the garden. Marketed as ‘Modern Celtic Art’ the range included planters, garden urns, and objects in sandstone and terracotta.

These understated pieces deserve careful attention. In summer 2024, auctioneers Rosebery’s sold a scarce sundial designed by Knox, manufactured by Liberty & Co., circa 1905. (Lot 59, Rosebery’s, Design, 17th July 2024). The ‘Floralis’ pattern work in terracotta and brass sold for a total of over £6,000.

This collection can go unrecognised. If you are considering replacement costs, Liberty urns typically exceed £1,000 on the open market (for an example to illustrate see lot 1491, Mallams Auctioneers – The House & Garden Sale, 25th March 2025).

Edward Bawden (1903 – 1989) was a central figure in British art. As a printmaker, painter, and illustrator, he captured a distinctly English perspective. Surprisingly, his work extended to designing garden furniture. Initially creating furniture for his home in Saffron Walden, these pieces were produced commercially in the 1950s, by the Bilston Foundry in Staffordshire.

Bawden’s seating sometimes appears at auction and can occasionally go unattributed. In early 2024 an example of a Bawden cast iron bench emerged at Sworders. In apparently excellent condition it reached a hammer price of £4,000 (Sworders, Design, 16th January 2024, lot 180).

Other notable names include the Coalbrookdale Company (circa 1709 – circa 1927) renowned for its production of cast iron garden furniture, primarily during the 19th century.

Coalbrookdale originals can be worth several thousand pounds. For instance, a rare example of the Osmunda Fern Pattern bench, manufactured in the late 19th century was sold by Dreweatt’s last year. It achieved just over £10,000 (Dreweatt’s, Ken Bolan: My Mind’s Eye, 14th May 2024, lot 185).

Garden enthusiasts may appreciate a quote from British garden designer Gertrude Jekyll (1843 – 1932), “The lesson I have thoroughly learnt, and wish to pass on to others, is to know the enduring happiness that the love of a garden gives…”

To arrange a valuation of your items, call us on 01883 722736 or email us on [email protected].

Diamond Prices and Jewellery Insurance – The Truth Behind the Headlines

Posted on February 27, 2025July 24, 2025 by Jenny Serra

Anyone in the jewellery or related industries can’t open their laptop without being hit by another doom-laden headline about diamond prices.

The latest reports declare that Anglo American, the majority owner of De Beers, has published another vast write-down of its investment. Meanwhile, Alrosa, the Russian diamond giant, has been propped up by the Russian government. Both companies are reportedly stockpiling around $2 billion worth of unsold diamonds in an increasingly challenging global market, driven by geopolitical tensions and advancing technology.

These are mining giants, and the headlines are dramatic. However, it takes around two years for a diamond to move from the mine to the shop window. This is a crucial factor when valuing an engagement ring. Despite the headlines, these market shifts do not immediately affect valuations or replacement costs. Diamond prices fluctuate constantly, and experienced valuers rely on top trade sources such as RapNet. The best valuers consult at least three independent sources for each stone they assess.

A knowledgeable valuer will also understand the impact of Russian sanctions introduced in 2024, the conflict in the Middle East, and the downturn in Chinese middle-class spending. All of these factors influence diamond pricing and the ability to source replacements in case of loss.

The Danger of Headlines

Professional brokers, insurers, and jewellery owners are often short on time, scanning dozens of headlines each day. Decisions made solely on headlines risk being based on incomplete or misleading information. At worst, they could be influenced by an opinion piece paid for by a company with something to sell.

Diamonds hold a unique place in the retail market, as they have for centuries. Once reserved for royalty and the wealthiest elites, diamonds became a mainstream expectation by the 1950s, particularly as engagement rings for modern, independent women.

The Perception of Falling Prices

“But diamond prices are falling,” you may say.

Historically, younger buyers and the bridal market have been major consumers of small natural diamonds. However, over the past decade, their social feeds have been flooded with man-made diamonds (not ‘laboratory-grown’ which is a misnomer) and high-quality, stylish dress jewellery from brands like TJC and Pandora. The shift in pricing, environmental concerns, and changing consumer preferences have had a major impact on the lower-to-mid market.

It is true that diamonds under 1.50ct have seen price drops, in some cases by as much as 30%, as their key buyers have moved away.

Prices are per diamond for a round brilliant cut, F colour VS1 clarity GIA diamond Report in March of each year.

These are approximate selling prices in the UK at that time with the historic approximate retail margins and timely interest rates taken into consideration.

But Do Not Be Fooled

The high-net-worth market is thriving.

Diamonds over 2ct have always been beyond the reach of most buyers, making them the preferred size for professionals and affluent individuals. Second marriages, milestone anniversaries, or the sale of a business often drive purchases at this level. This is not the market that man-made diamonds have disrupted.

For high-net-worth and ultra-high-net-worth clients, jewellery values are not falling. Rubies bought in the 1990s, heirloom Art Deco and Cartier pieces, and upgraded engagement rings all hold their worth. In fact, many of my clients own multiple engagement rings, one for weekday wear and another for weekends.

Man-made diamonds are certainly purchased, but often as travel jewellery or gifts for daughters rather than as investment pieces.

A glance at recent fine jewellery auctions shows that branded vintage pieces from Cartier, Verdura, and Van Cleef & Arpels continue to command strong prices, along with larger, certified diamonds. These are not easily replaced and require an expert valuer to determine a proper replacement figure. Some brands such as Cartier and Tiffany increase their prices twice a year. On average the basic beautiful LOVE bangle from Cartier increases £300 every year.

New

Pragnalls Jewellers 1.51ct - £18,000	Pragnalls Jewellers 3.02ct - £74,650
Second Hand

Cartier yellow and white diamond cross over ring Wooley & Wallis auctioneers Estimate £4-6k Hammer £9.5k	Victorian antique cluster ring Harper Field Auctions Estimate £8,500 - £10,500, Hammer £28,500	1980's Cartier Panthere earrings $66,000 at Opulent Jewellers - USA

Additional Factors

Another important factor is the price of gold – the value of a 1 Troy Ounce of gold has increased 819% from 2000 – 2024, as displayed in this graph:

Pound / Dollar interest rates have fallen and retail margins have had to be pared back to compete with global and technological competition and wages for goldsmiths, polishers, cutters, apprentices, setters have in some cases tripled since 2000.

The Role of Professional Valuers

Valuing jewellery, like the value of a car, is a sum of its parts plus the brand, popularity, rarity and condition. One would not stop valuing cars because the price of steel had dipped. So too is the case for the valuation of diamond jewellery even when the markets are in flux.

Jewellery valuation is a specialised profession that does not always get the credit it deserves. It requires years, often decades, of expertise, and valuers do not typically shout about their knowledge.

But in a world flooded with misinformation and sensational headlines, their insight is more relevant than ever.

So, where do you get your information?

To arrange a jewellery valuation call us on 01883 722736 or [email protected]

General Contents – The invisible problem

Posted on February 26, 2025March 20, 2025 by Jenny Serra

Back in 2022, I wrote an article that quickly became one of the most read pieces that I had created up to that point and it focussed on what I believed to be a hidden problem in the world of insurance – the things that clients and brokers overlook – the hidden general contents.

In the three years since then, you would be amazed how many conversations I have had with brokers about washing machines and carpets – it is not what I would describe as the glamorous end of what we do as valuers, but it is of such importance that it really needs to be at the forefront of people’s minds when correctly insuring a property and its contents.

Back in 2022 we saw what can only be described as an astonishing increase in the cost of goods and services, and according to the office of national statistics a 16% increase in the cost of furniture over the 12 months previously – meaning that a £10,000 settee bought in 2021, would now be £11,600 just 12 months later.

This surge in furniture costs was driven by a combination of factors that all collided at once. Supply chain disruptions from the pandemic were still causing delays, raw material prices were climbing, and labour shortages meant longer lead times and higher production costs. On top of that, a shift in consumer behaviour saw people investing more in their homes, with demand for larger, more comfortable furniture increasing as remote working and home entertainment became the norm. Retailers, faced with rising expenses and strong demand, passed these costs onto consumers, resulting in the sharp 16% rise. While inflation has eased slightly since then, the cumulative effect means replacement costs today are far higher than most people realise.

Where we are at in 2025 isn’t quite as bad, but cumulatively that same settee would be close to £15,000 now after the past few years increases reducing to around 2.5%. However, there was a peak at the end of 2024 – so it is unknown where this could head.

The forgotten items are always the same pieces, from 2022 – to now. Whilst we all remember the £5,000 painting that we bought, the name of the gallery and we have probably tracked the increase in value of the artist – maybe in a little file of ‘important things’. What most of us have not done is looked at a similarly priced pair of curtains and thought about what they would cost to replace….to be fair it isn’t on a list of ‘exciting things to do at the weekend’ is it?

One of the major misconceptions that many clients still have is that they don’t need to have a valuation, because they last purchased anything new in 2003 and they would do things completely differently now if they had to redecorate…..however….whilst this may be true, it is in fact the exact reason why they need to have an up to date valuation completed.

In the years since the end of lockdown, so many new standard ways of living have emerged. For example, the first year encompassed the “I must not let go of my lockdown hobbies and ways” period, meaning that £2,000 bread maker was still being used weekly, as was the kiln for your newly found love of studio pottery, but most likely it was the newly built summer house where one of the family spent a significant amount of the year, usually with a very large television, and a bar. It’s actually quite frightening how common it is for these additional parts of the property to be excluded from the schedule and usually at best there is a small amount on the policy included for their general contents.

In addition, the shift to remote work has brought an increase in home office setups, which often involve high-end furniture, equipment, and technology. These items are frequently overlooked when it comes to valuations but can significantly affect the overall value of your contents. As more people continue to work from home, ensuring these assets are properly covered is essential.

There has of course been “Cluttercore” which, don’t laugh was an actual thing…..Walking into someone’s house where a single wall may have had 30 pictures all intricately squeezed in isn’t uncommon, and suddenly a grandmothers antique frog collection from the 1920s needs to go on display.

Whilst the future of TikTok has been in jeopardy of late, the one place where it has always been at the forefront is convincing people that they should paint their own furniture, stain their own curtains and generally create many houses full of unfinished projects – (don’t ask my wife about the outhouse full of chairs, it’s a work in progress) which in turn has created houses of ‘things’ which has been a big change to the ‘minimalist’ ways of living for the last decade or so, and personally I am a fan, I like to know that I can find a pasta pan without having to drive to the storage container.

One of the biggest things that I have seen a rise in is subscriptions. Whilst most people reading this will have enjoyed Netflix for a few years before 2020, what one couldn’t envisage was the template of subscriptions to be copied over into many more areas; books, food, plants, clothes and many more which of course have not been included in recent valuations or schedules.

One of the biggest areas that have changed is the “massive settee that you can fit nine people on” trend that seems to be occupying the country, before when a quiet farmhouse in Wiltshire was happy with the three red leather Chesterfields that had been there since the 1980s, it was clearly the right time to replace with a corner unit where a family could literally eat, sleep, and watch previously mentioned Netflix subscriptions.

Meanwhile, another often-overlooked asset class is memorabilia. With memorabilia auctions on the rise, the value of collectibles – from sports items to historical artifacts – has seen dramatic increases over the past 12 months. We’ve seen the auctions of Freddie Mercury, Vivienne Westwood, Mark Knopfler and Nigel Mansell, to name a few in the past 18 months. If you have any memorabilia, now is the time to review its current worth, as it may have appreciated substantially in a short time.

So hopefully a few of these examples might convince you that you or your clients are long overdue a valuation – we won’t judge, unless that corner unit has a built in fridge and drinks holders, that is.

To arrange a valuation of your house contents, call us on 01883 722736 or email us on [email protected].

Protecting the Cash in the Attic

Posted on May 21, 2024August 23, 2024 by Rachel Doerr

Frequently, for those whose homes are filled with antiques and art – particularly when they have been treasured family possessions for generations – potential replacement values for insurance can be overlooked.

Whilst jewellery and silver are often undervalued for insurance – recent costs having increased – there are certain types of objects which can be discounted completely.

With that in mind, Doerr Dallas Valuations would like to share a few examples where interesting history and excellent quality have led to growing value and this fact may lead to under insurance.

Georgian Costume Jewellery

The 18th and early 19th centuries were a time of great innovation and advances in technology. One of the fields in which this was obvious was jewellery design. With sumptuary laws being ignored, and with a growing middleclass keeping up with the latest trends, the desire to own the most fashionable jewellery became widespread. This demand was met by advances in artificial stone production – what would now be described as paste jewellery. Paste stones could be manufactured in a range of dazzling colours – mimicking – or even more vivid than their precious stone equivalents. It made jewellery more affordable to the fashionable of the day.

Costume jewellery, in terms of its financial value, has often been disregarded in comparison with fine jewellery equivalents. However, in recent years a strong market for costume jewellery as a whole is evident. Recently, the Georgian paste jewellery market has strengthened resulting in rocketing prices.

At auction, estimates have been smashed – in February 2023 a suite of blue paste jewellery (parure) comprised of a necklace (which would have been attached by a ribbon), a bracelet and a pair of earrings was offered in auction (Woolley & Wallis lot 148) with an estimate of £200 – £300. The eventual total selling price was over £25,000!

Domestic Metalware

Objects made from brass, copper and pewter may appear ordinary but again their values can be surprising. Lighting, fire grates, door furniture, mortars are all things to consider when arranging an insurance valuation.

Early pieces are highly prized by collectors and their replacement value can be in the thousands. In a recent auction, (The Chapman Pewter Collection – Bishop Miller; April 2023) a rare pewter candlestick manufactured during the reign of Elizabeth I/ James I achieved a selling price of over £30,000 (Lot 43). If you are uncertain as to the origin of your metalware, it is always best to consult a specialist valuer.

Furniture

In recent years the antique furniture market has been much maligned, with reports of the decrease in values being widespread. While the market may not be that of the 1980s, quality antique furniture continues to be esteemed and seeking replacements competitive.

Modest oak and antique country furniture should be closely looked at when considering insurance. Windsor chairs, mule chests, dressers and farmhouse tables are respected amongst collectors.

Treen

In a similar vein to country furniture and domestic metalware – treen – domestic objects made from wood may have been disregarded. In this fierce collecting field, prices can be surprising and some objects extremely rare.

Toys, Games and Juvenilia

When considering a valuation, looking at the playroom or nursery may not be the first area for attention but with the market for antique toys and games proving ever popular, replacing these treasured possessions can be costly.

Important and interesting 18th and 19th century dolls houses are collected not only by those interested in toys, but for those with a passion for architectural history. These microcosms of the family home often include complete furniture and decoration – showing how families lived and operated their homes. To replace good examples, the anticipated cost will be upwards of £10,000.

Rocking horses have a history which dates back thousands of years – the toy in the current form has existed since the 19th century. Rocking horses, both antique and modern, are a focal point for a playroom and as such should often be insured. When looking to acquire a good 19th or early 20th century example, one should budget over £2,000.

Playing cards, board games and games compendiums may be valuable depending upon age, manufacturer and scarcity. Toy specialists can offer guidance on teddies, dolls and antique toys and games.

Exploring the hidden treasures in your attic could be a delightful journey down memory lane. These items which hold dear memories close to your heart might even surprise you with their financial value.

Under Pressure – The Exponential Growth of Underinsurance

Posted on January 9, 2024March 20, 2025 by Rachel Doerr

The Exponential Growth of Underinsurance

As 2023 drew to a close, I look back on the year and reflect on the subjects I have found myself discussing most and even on the morning of the 27th of December at 9am I received a call from a long term client of ours whom is not only well respected, but incredibly astute, and this case highlights without a shred of doubt, the biggest problem in our collective industry currently.

A client of theirs is looking to insure a collection of jewellery with insurance values ranging from £1,000 – £20,000 – individually not huge sums, but collectively a significant amount. The figures have been gathered through somewhat standard avenues of what was paid for the item and “what we think it is worth/or worth to us”.

In my estimation, the collection is probably underinsured by a figure close to 50%, and on some individual items, close to 75%. We are now working out when we can get to the client as soon as possible in the New Year.

Whilst it may have been considered the ‘elephant in the room’ for many years, brokers and insurers are now discussing the problems that underinsurance can cause. We all know that the implications of underinsurance can be catastrophic, but how do we pass that knowledge on to clients and give them the knowledge that they need to make an informed decision about their cover, and having a professional valuation?

A recent example occurred during the summer, of which I was part of the team assessing a large estate that had been inherited from parents of a well known farming family. The figures provided were done so in the mid 1990s, and index linked from that date, with a figure of around £250,000 for the entire contents of the property.

Following the valuation, the figures were certainly surprising to the client, and the broker.

A general contents figure of £200,000
An antiques and collectibles figure of £210,000
A silver figure of £101,000
An art figure of £210,000

What astounded me is that despite being a heritage property, the insured still had all the contents in one general contents pot, with no specific categories indicated on their policy. Following the valuation, the client and broker now have a far better image of what they are insuring with correct figures for different areas, representing far better value for the client and a far better risk evaluation for the broker and insurer.

A recent survey completed by one of the biggest insurers of high net worth clients in the United Kingdom has revealed that 67% of their clients need more guidance and assistance with their collections. This offers great potential for brokers to have the conversation with their clients about how they can help and offer an ever greater service.

What is clear is that the market is changing, with people’s tastes moving from more traditional avenues of collections and investment. The same survey indicated that 44% of high net worth clients invested in jewellery, and the same percentage in watches, which have both seen exponential growth in the last decade.

The great opportunity that a valuation always offers for the client is not only knowing the value of specific items within their collections, but also the figures of the collection total in addition to the individual items mentioned previously, so one can gather a ‘snapshot’ of the property.

So, should the subject of under insurance still be swept under the rug? Well, if its increased in value by 60% in the last five years, probably not.

General contents the invisible problem?

Posted on November 29, 2022January 15, 2025 by Rachel Doerr

Every week we see record prices being achieved by some of the greatest artworks known to man, with some of the most glamorous jewellery and watches going to auction at incredible sums, but how often do you talk with your clients about the carpet in the drawing room, or the suite of furniture purchased in the 1990s?

Just this week we have heard more news about inflation and cost of living rising again, and potentially this could increase well into 2023 and beyond.

So how does this effect your mid – high net worth clients and their contents?

The value of items within the ‘General Contents’ section of most customers insurance schedule has been rising for many years, even before COVID–19 and the dreaded lockdowns of 2020.

According to the Office for National Statistics, the values that we are seeing are increasing year on year for general home furniture by around 16% per year so a settee purchased for £10,000 this time last year would now be costing £11,600, with garden furniture increasing by up to 25% per year. So why is this?

The cost of manufacturing has sky-rocketed since 2019, with many companies having issues recruiting staff and/or sourcing materials, in turn the supply chain has suffered with transport issues in abundance – it’s not unusual to see waiting times run in to months for some items.

Two of the items that I am constantly surprised by are curtains and carpets, with some of our clients spending six figure sums on carpeting their homes, and a pair of lavishly lined silk curtains for a 13ft high sash window costing nearly £10,000, however on paper these have only increased by around 5% this year – but, this is only for the material and not the fitters or the makers, so in turn I believe that these figures are increasing by around 24% with that same pair of curtains now costing £12,400.

Whilst statistics are not available for the inflation of electrical goods, this market is different as the advancement in technology means that many items are out of date the minute they are released, there has of course though been a general increase across the board in most items of this nature.

Clothing will continue to be an interesting question with a broad figure of 8.5% inflation across the board, this however will absorb the designer and couture elements alongside the high street fashion world, which does not always give a totally accurate reflection of the mid-high net worth spending habits.

Whilst each manufacturer is different and sometimes these inflation costs will be absorbed into the operating profit of the company, in most instances, and especially in High Net Worth accounts, it is passed on to the client.

When taking an overall look at your clients, by all means be sure to look at the fine art, the jewellery and many other of the ‘visible’ items that clearly will have changed in value, but be sure that you don’t ignore the invisible ones that may well mean your client is underinsured.

Walk-through Valuation – SPECIAL OFFER

The Walk Through Valuation is a beneficial offering for you or your clients if current content values are based on a ‘guestimate’ or a ‘rough idea’ to ensure the values provided are accurate and up to date. For the comfort and security and assurance that in the event of any claim you are covered why wouldn’t you?

You don’t want to find a claim is not paid in the event of a loss, so ensuring your insurer has a true reflection of your values is so important. The Walk Through Valuation is designed for the Mid Net Worth client to establish/categories the contents correctly, on a room by room, category by category basis, itemising items of single value, identifying issues and providing cross room photographs. We don’t value the jewellery but we will discuss/establish if the current cover is adequate and any other areas of concern which would require a specialist visit.

A Senior valuer will attend the property to complete and the survey takes approximately 3 hours to complete. Our report will be issued within 15-20 working days providing recommended figures and illustrated.

So, to ensure you/your clients values are true and accurate, recommend the need for a Walk Through Appraisal today – up to 4 bedrooms – £540 plus VAT@ 20% including travel.

Call us today on 01883 722736 to book an appointment or email [email protected]