14 October 2020

Is your musical instrument valuation up to date?

By Lark Music
Stage with piano, drum set and double bass
After a challenging year of adjusting our lifestyles we now need to prepare for autumn – from thinking of warmer clothes, checking heating systems and making cars ready for the colder days ahead – it is also timely to ensure your musical instrument’s valuation is up to date.

Salesrooms have now reopened and auction houses have released dates for sales in the coming months and, according to experts, the price of musical instruments continues to rise.

Having a current valuation is really important and this should be reviewed on a regular basis. We advise this should be done every two to four years otherwise you could be under-insured, meaning that should the unthinkable happen you will get back less than the current value.

We understand musical instruments are often your livelihood, so it pays to ensure you are fully protected.

The recent news that The Staffordshire Brass Band, based in Walsall, suffered the loss of instruments and equipment when their vehicle was stolen brings home how important it is to be up to date with cover. This was a devastating loss and although not a Lark Music-related claim, the music world is small and we hope that the instruments, stands and banners will be recovered.

The Lark Music team prides itself on closely supporting clients and we understand musical instruments are often their livelihood. We therefore want to ensure they are fully protected.

Getting regular valuations is endorsed by London-based professional auctioneers Tim Ingles and Paul Hayday of Ingles & Hayday.

Mr Ingles said: “Investors see musical instruments as a fairly safe place to have their money and the values of quality stringed instruments and bows increase relatively quickly.

“It’s important for owners to have their instruments re-evaluated regularly, to ensure they are not underinsured.”

Being underinsured may mean if your instrument was damaged or stolen and you needed to make a claim, you wouldn’t be covered for the full amount the instrument is insured for, leaving you out of pocket.

If you do not have an existing contact for your instrument valuation, we recommend using the Strad Directory to find a relevant contact. If you have any queries about your instrument please do not hesitate to get in touch with our team who will be happy to help.

Get in touch here or call 020 3846 5271

Need to arrange some musical instrument insurance?

If you are looking for musical instrument insurance, our team is happy to help. We have built bespoke policies for all types of instruments, musicians and collectors.