Treasure Valuation Committee - A guide to what happens

[Brianmo]

I?m always keen (aka nosey) to know the exact process and procedure on anything to help me understand where we are and why ? and the Treasure Act is no different. I wanted to know now the DCMS have taken over this part of the process on my find exactly what would happen in the lead up to the Treasure Valuation Committee and what happens afterwards. Laura Dance from the DCMS has very patiently provided me with information and also answers to numerous questions ? sorry Laura!

Here goes:

Once the coroner has notified the British Museum that he/she has declared the find treasure, the British Museum sends an object report and the treasure receipt form (and sometimes images) to The Department of Culture, Media and Sport (DCMS).

Independent Assessments
Before a find goes before the Treasure Valuation Committee (TVC), The DCMS commissions independent assessments from one or more members of the antiquities trade (their panel contains members from auctioneers such as Bonhams, Sotheby?s, Morton and Eden, Dix Noonan Webb etc).
This, along with the experience of individual TVC members and any comment from the finder/landowner/museum, provides a starting point for the TVC discussions.

Provisional Valuation
The next stage for your find is for it to be seen by a provisional valuer. The DCMS start commissioning valuations about six weeks before the meeting. The batch of inquest notifications from the British Museum are sorted through into object/period types and are then sent to the most appropriate provisional valuer (for example, Roman and Iron Age coin finds will go to Morton & Eden).
The provisional Valuer is sent a letter listing the items the DCMS would like them to see as well as the object reports. The provisional valuer then goes to the British Museum to view the actual items.
The DCMS ask for the provisional valuations to be back about 2-3 weeks before the TVC meeting

Notifying the Finders/Landowners/Museums
As soon as the provisional valuations are back the DCMS write to the finders/landowners/museums, telling them of the date of the next TVC meeting and sending them copies of the object report and the provisional valuation.
If the finders/landowners/museums wish to comment on any aspect of the report or provisional valuation, or provide their own privately commissioned valuation, but do not have time to do so, they can request that the find is considered at a later meeting. Otherwise, DCMS try to get finds to the earliest possible meeting.

The TVC research finds in advance of meeting
About a week before the meeting, the TVC will be sent a briefing pack by the DCMS, containing all the info they have on the finds to be seen (object report, provisional valuation, scientific analysis if available and images if available). This enables the members to research the finds in advance of the meeting.

The TVC Meeting
At the meeting (which is held in the British Museum, as finds are kept there for security), the find is examined by each member of the TVC. They have access to the British Museum curators if they wish to ask technical questions about the find. They talk about the current market for the type of object and discuss the provisional valuation. They offer an opinion on its condition/interest/archaeological significance/etc and how this might affect the market. They might decide that they want a second opinion on the find, in which case the DCMS have to defer it to another meeting (they try and avoid this by discussing in advance with the British Museum which finds are likely to be problematic, either because they are unusual or significant, and by commissioning two valuations in advance). All being well, the TVC will decide on a valuation to recommend.

Notifying the Finders/Landowners/Museums of the Valuation
After the meeting, the DCMS writes to the finders/landowners/museums, telling them that the TVC has said xxx and recommends a valuation of ? xxx. Finders/landowners/museums must then say within one month if they feel TVC should reconsider this valuation.

If the Finders/landowners waive their ?reward? then it stops the process dead and the find is just handed over to the museum, and the finder and landowner get a certificate to thank them (new from this year).
If one waives, then the valuation has to continue for the person who does want his share.
For the process to be speeded up, the earlier it happens the better, though people can waive at any time in the process, even after the museum has paid (in that case the DCMS would refund the museum).

Museum gets Invoiced for the valuation amount
As soon as all parties have agreed the valuation (or the Secretary of State has made a determination, if a dispute continues), the museum is invoiced and has 4 months to pay (this allows for the fact that museums generally need to apply to external funding bodies for purchase grants). At the same time, the DCMS will ask Finders/landowners for their bank details so that the reward can be transferred into their accounts once the money is received

Payment to the finder and landowner
As museum payment deadlines get nearer, the DCMS might start to get in touch with the Museum to check that fundraising is going well. As soon as DCMS receives the money from the museum, they pass it on to the finder and landowner


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