Thomas Reinshagen

DE/EN

Art appraisals and valuation reports

Vendor-neutral valuations for art and luxury goods, recognised by banks, insurers and tax authorities.

Thomas Reinshagen discussing the valuation of a painting with a client

“A valuation is more than a price. It is the basis for every calm decision.”

When a serious appraisal really matters

An appraisal is never an end in itself. It becomes necessary when a decision needs to be made and you cannot rely on a vague price tag. Typical triggers:

Collage: collectors viewing a modern painting and three classic Porsches

Insurance. You want to protect works against theft, damage or fire. The insured sum determines premium and coverage. What counts here is the correct insurance value (replacement value), not the market value.
Inheritance and estate. A collection has to be divided, paid out or declared for tax. Heirs, lawyers and notaries need a written valuation that holds in negotiation and calculation.
Preparing a sale. Before you place a work at auction or a private sale, you should know what it is really worth and what proceeds are realistically achievable.
Tax and authorities. Wealth tax, gift tax, inheritance tax or exit taxation. Tax authorities in Switzerland, Germany and Austria require recognised valuations.
Collateral or art lending. When a collection is used as security for a loan, the bank needs a lending value calculated according to its own criteria.
Structuring into a holding or foundation. Moving a collection into its own legal or tax structure requires a documented value.
Divorce and separation of assets. Collection values need to be distributed fairly between the parties. Absolute discretion and a neutral value are essential.
Clarity about your own holdings. Sometimes the trigger is not an event, but simply the wish to know where you stand and how the value has developed.

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Which type of value you actually need

Valuations are not a uniform service. The type of value stated in a report depends on its purpose. Five types of value come up most often:

Market value (fair value)

The price that could be achieved today in the open market between a willing buyer and a willing seller. The basis for sales, gifts, estate division and tax declaration.

Insurance value (replacement value)

The amount it would cost to acquire a comparable work again on the market, including buyer’s premium, transport and insurance. Usually higher than the market value.

Tax value

The value officially recognised by authorities, often with its own rules per canton or country. Relevant for wealth tax, inheritance and gift tax.

Lending value

The value a bank accepts as collateral for a loan. Typically more conservative than the market value, depending on liquidity and market depth of the work.

Connoisseur value

The amount a particular collector is willing to pay above the market value. Rarely documented, but a real factor for unique provenances, signed pieces or works with a collector history.

We clarify in the first conversation which value you need and when. That avoids ending up with a report that does not fit your actual purpose.

What is in one of my valuation reports

Every report I produce is in writing, fit for use in court and built so that banks, insurers and tax authorities accept it without further questions.

Detailed description of the work, with dimensions, material, technique, dating, signatures and inscriptions
Provenance research and ownership history as far as traceable
Condition report with photographic documentation, restoration notes and preservation recommendations
Market analysis with current auction results and comparable private sales
Clearly named value type (market value, insurance value or other) with reference date
Reasoning for the result, so the conclusion is verifiable
Signature, stamp and proof of accreditation

Available in German, English, French or Spanish. For sensitive mandates, also in a redacted form that can be used without identifying the owner.

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Thomas Reinshagen, independent art adviser and valuer in Zurich

Which objects and collection categories I appraise

Paintings, drawings and sculptures are the most common assignment. The largest blind spot tends to be at the intersection of watches and jewellery, where many collectors hold values that have never been seriously assessed.

Art

Paintings, sculptures, photography, contemporary works, antiques

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Art

Luxury watches

Brand-name watches, collector’s editions, vintage pieces (Rolex, Patek Philippe, Audemars Piguet, A. Lange & Söhne and others)

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Luxury watches

Jewellery and gemstones

Designer and couture jewellery, signed pieces, individual stones, pearls

Jewellery and gemstones

Classic cars

Historic vehicles, concours-grade collector’s pieces

Classic cars

Wine collections

Premium wines, en primeur holdings, intact collections

Wine collections

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How a valuation actually runs

For single works, the finished report is often delivered within a week. Collections of 10 to 50 items typically take two to six weeks.

Confidential first conversation

We clarify which value type you really need, whether an on-site visit is necessary, and how deep the research needs to go. Free of charge, no obligation.

➝ 30 to 45 minutes.

Mandate definition

In writing and clearly defined: scope, fee, data protection, delivery date. ➝ 1 to 3 days.

Viewing and research

Inspection of works (on site, from photographic documentation, or at the storage location), provenance research, market analysis, comparable values. ➝ 2 to 4 weeks.

Written report

Full report as PDF and printed, signed and stamped. In multiple languages on request. ➝ Delivery date as per mandate

Follow-up

Updates, extensions or adjustments when the market moves. Annual value updates on request. ➝ Ongoing

Thomas Reinshagen, art adviser in Switzerland

Who this appraisal service is for

Private collectors who need clarity about single works or an entire collection, before a sale, for insurance or simply for themselves
Family offices and multi-family offices that include art as an asset class in their balance sheet and reporting
Lawyers and notaries in inheritance or divorce mandates, where collection values need to be established in a legally robust way
Tax advisers and trustees who need valuations for tax declarations, expatriation or holding structures
Banks and insurers for collateral, lending and claims settlement
Foundations and museums for donations, inventories and collection care
Groups of heirs deciding between payout, division or sale of an inherited collection

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Why clients commission my appraisals

Over 30 years of market experience in the art and luxury goods business
Former Senior Director at Sotheby’s Zurich
Accredited adviser to leading Swiss private banks. Valuations and advisory are recognised by tax authorities, insurers and financial institutions
Vendor-neutral. I do not sell works and do not hold any auction mandate. My report serves your decision, not my follow-on business
Network of recognised specialists for fields that require special expertise (Asian art, old masters, gemstones, vintage movements), including technical examinations when needed
Multilingual. German, English, French, Spanish. International mandates are routine
Discretion as a standard, not as a promise. Mandates are not referenced, works are not shown, clients are not named

About me

Frequently asked questions

What does a valuation report cost?

Fees depend on the work involved. Three models are common: hourly rate for single valuations or second opinions, fixed fee per work for small to medium assignments, or a collection package for larger holdings. Travel costs are billed separately. In the first conversation, you receive a binding fee range before a mandate is signed.

How long does a valuation take?

A single work usually takes three to seven business days from viewing. Medium-sized collections of 10 to 50 items take two to six weeks. Express timing is possible for urgent mandates (for example during an active estate division), with a moderate surcharge.

What is the difference between market value and insurance value?

The market value is what you would achieve in the market today. The insurance value is what it would cost to acquire a comparable work, including buyer’s premium, transport and insurance. The insurance value is therefore usually 20 to 40 percent above the market value.

Are your reports also recognised by Swiss tax authorities?

Yes. My reports meet the formal requirements of cantonal tax administrations and are accepted in Switzerland, Germany and Austria. For specific requirements of individual authorities, I adapt the format accordingly.

Can you also appraise from photographs or online?

For a first orientation, yes. For a robust written report that must stand up to scrutiny by banks, insurers or tax authorities, an on-site inspection is necessary in most cases, since condition, provenance and authenticity often cannot be conclusively judged from photographs. For works outside Switzerland, I work with established partners on site.

How current does a valuation need to be?

That depends on the purpose. Insurance reports should be updated every three to five years. Sale-related reports should be as close as possible to the planned sale date. Tax reports should refer to the reference date of the tax event. Annual updates are available on request.

Do you also work for lawyers, executors and family offices?

Yes, a large share of my valuation reports are commissioned by professional advisers: estate inventories, market value versus insurance value in an inheritance, valuations for wealth structures. What you receive and how the process works is described on the page For lawyers, executors, private bankers and family offices.

Ready for a conversation?

If you want a single work, a watch collection or an entire holding appraised in a way that holds up, write or call. The first conversation is confidential, free of charge and without obligation.

Direct contact:
+41 79 293 46 85
reinshagen@thomasreinshagen.com

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With over 30 years of experience in the art and luxury goods industry, I provide discreet, independent and market-based valuations for private clients, companies and institutions.

Services

Art and luxury valuation

Collection strategy and management

Buying and selling of luxury goods

Art lending and art leasing

Contact

Thomas Reinshagen
Art and Luxury Consulting
Dufourstrasse 26
CH‑8702 Zollikon
+41 79 293 46 85
reinshagen@thomasreinshagen.com