Stamps are still popular when it comes to collections. And some individual stamps or stamp collections can be worth a significant amount of money.
If you are a collector do you know where to get stamps valued? And if you do have a stamp or collection which is worth a large amount of money do you know what insurance considerations you need to keep in mind?
Where to get stamps valued
If you have a stamp collection it is important to know how to have it valued. One of the key elements is knowing who to go to for a valuation. You need to ensure that you choose a trustworthy source given the potential for high sums of money to be involved.
There are number of places where you can get stamps valued. These include:
An auction house
Many auction houses will have their own team who can appraise the value of a stamp collection. There are a range of options of how to get stamps valued in this way such as; an in-person appointment with a specialist who works for the auction house, emailing scanned images of items, home visits or some auctioneers hold regional roadshows which you can attend.
Internet searches can help you identify a local auction house who may have the expertise needed to value your stamps. Many will give you a value with no obligation to sell but it is always worth checking before you go ahead.
The Philatelic Traders Society
The Philatelic Traders’ Society (PTS) was formed in 1929 and is a UK based society with members from around the world.
Whilst the PTS do not value stamps directly, their website states that their members may be able to help when it comes to stamp valuations. They have a search function on their website which allows you to search their ‘valuation service’ category for members who specify that they provide a valuation service.
Stampex is a free stamp event which is usually held twice yearly. It is organised by the Philatelic Traders Society (PTS) and is usually held at the Business Design Centre in London.
The event offers stamp collectors or those interested in stamps access to a range of exhibitors meaning it may be possible to have a stamp or stamp collection valued.
Due to the COVID-19 pandemic, this year’s event went virtual but you can find out more about future events on the Stampex website.
Examples of high value stamps and collections
The right stamps and collections of stamps can offer a significant return on investment. Some sources suggest returns can be higher than for gold, fine wine and the broad stock market.
This recent article looks at the world’s most valuable stamps and gives an idea of what investment quality stamps can be worth.
The most expensive stamp, The British Guiana One-Cent Black on Magenta, sold for $9.5million in 2018.
Of course, stamps attracting such a high value are extremely rare but investing in stamps and building a collection can provide good returns.
Insurance considerations for stamp collections
If you have a stamp collection which you have had valued or a collection which you believe to be worth a large amount of money, then you will want to consider insuring your collection.
You’ll want to protect your stamps from a range of risks such as fire, theft and water damage.
You may want to include your collection with your home insurance policy. But you need to be sure that you can get the right level of cover if you take this route.
Some things to bear in mind when it comes to standard contents insurance policies include:
- Some standard contents insurance policies may not provide provision for collections
- The value of your collection may be higher than cover levels stipulated in a standard contents policy
- A contents insurance policy may require you to itemise your collection
- Always check the full policy wording if you are insuring a stamp collection
Therefore, you may want to consider a specialist policy such as a high net worth insurance policy if you do have a stamp collection. A high net worth insurance policy will have higher cover limits and provide more extensive cover for high value possessions such as stamp collections.
At Anthony Jones we are specialist high net worth insurance brokers and focus on getting you the right insurance for your possessions. We can also provide risk management advice to ensure that your valuable possessions stay out of harm’s way. Get in touch with us on 0208 8290 9086 or email us at firstname.lastname@example.org