Valuing your collection

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Valuing Your
Collection


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Every purchase of a Facet book helps to fund CILIP’s advocacy,
awareness and accreditation programmes for information professionals.


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Valuing Your
Collection
A practical guide for museums,
libraries and archives

Freda Matassa


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© Freda Matassa 2017
Published by Facet Publishing
7 Ridgmount Street, London WC1E 7AE
www.facetpublishing.co.uk
Facet Publishing is wholly owned by CILIP: the Library and Information Association.
The author has asserted her right under the Copyright, Designs and Patents Act 1988
to be identified as author of this work.

Except as otherwise permitted under the Copyright, Designs and Patents Act 1988
this publication may only be reproduced, stored or transmitted in any form or by any
means, with the prior permission of the publisher, or, in the case of reprographic
reproduction, in accordance with the terms of a licence issued by The Copyright
Licensing Agency. Enquiries concerning reproduction outside those terms should be
sent to Facet Publishing, 7 Ridgmount Street, London WC1E 7AE.
Every effort has been made to contact the holders of copyright material reproduced
in this text, and thanks are due to them for permission to reproduce the material
indicated. If there are any queries please contact the publisher.
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library.
ISBN 978-1-78330-187-4 (paperback)
ISBN 978-1-78330-188-1 (hardback)
ISBN 978-1-78330-214-7 (e-book)
First published 2017
Text printed on FSC accredited material.

Typeset from author’s files in 10/14pt Palatino Linotype and Frutiger by Flagholme
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Printed and made in Great Britain by CPI Group (UK) Ltd, Croydon, CR0 4YY.


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To my beloved brother
Graham William Johnston


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Contents

List of figures and tables

xi

Preface

xiii

Acknowledgements

xv

1

Introduction
Background
Introduction
The cultural economy
Public and private collections
Valuing cultural collections
Summary

1
1
2

4
10
11
14

2

The difficulty of valuation
Introduction
Private sector and public sector
The market
Significance versus price
‘Difficult’ objects
Adding and removing value
Summary

17
17
19
22
26
26
32
35

3

Law and ethics
Introduction
Laws that may affect transacting in cultural goods

The public and non-profit sector
The private sector
Auctions
Authentication and attribution
Claims
Contracts

39
39
39
42
45
46
48
50
51


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VALUING YOUR COLLECTION

Loans
Sales
Valuation
Ethics
Summary

52
53

53
55
58

4

Insurance
Introduction
The insurance business
Valuation
Risk
Variables
Getting a quote
Exclusions
Premiums
Indemnity
Summary

61
61
62
63
66
69
73
75
77
80
82

5

Alternatives to insurance
Introduction
Government Indemnity
Non-insurance agreements
Shared liability
Loans between national institutions
Combined indemnity and commercial insurance
Alternatives to full insurance
Summary

85
85
85
86
89
92
93
94
97

6

Valuing your collection
Introduction
Valuation policy
The case for valuation
When and why valuations are made
Sales and purchases

Acquisitions
Disposals
Loans
Storage and deposit
Summary

viii

99
99
99
101
105
108
109
113
114
116
116


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CONTENTS

7

Valuing an entire collection
Introduction
Considerations

When you might have to value an entire collection
Approaches to valuing an entire collection
Methodology
Valuation plan
Communication
Summary

119
119
120
122
124
125
130
136
137

8

Assigning a value
Introduction
Background
The valuer
Factors affecting value
Assigning a value
Methodology
Resources
Summary

139

139
139
141
143
145
145
152
153

Case studies: valuing different types of objects
Anthropology and ethnography
Archaeology
Archives
Armour
Fashion and textiles
Film and television
Fine art
Firearms
Natural history collections
Photographs
Prints
Rare books
Science and technology

155
155
157
159
159
162

164
167
169
170
174
175
177
179

Templates
General questions for valuation
Anthropology and ethnography
Archaeology
Archives

183
183
184
185
186
ix


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VALUING YOUR COLLECTION

Armour
Contemporary art
Decorative art

Fashion and textiles
Film and television
Fine art
Firearms
Library special collections
Natural history collections
Photographs
Prints
Rare books
Science and technology
Social history

187
188
189
190
191
192
193
194
195
196
197
198
199
200

Appendix 1: UK Government valuation of cultural items

201

Appendix 2: European Report, Valuation of Works of Art for
Lending and Borrowing Purposes

207

Appendix 3: Glossary

211

Bibliography

217

Index

221

x


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List of figures and tables

Figures
1.1

1.2

2.1

3.1

4.1

5.1

6.1

7.1

8.1

Henry Hugh Armstead, R.A. (1828–1905), Centrepiece in
the form of a standing rose water bowl designed by H.H. Armstead,
R.A. and made by Hancocks & Co., 1872 © Royal Academy
of Arts, London
Isaac Oliver, Edward Herbert, 1st Lord Herbert of Cherbury
(1582–1648) Powis Castle © National Trust Images/Todd White
Photography
David Wilkie Wynfield (1837–1887), Edouard Manet
ca.1868 © Royal Academy of Arts, London; Photographer:
Prudence Cuming Associates Limited
Adrian Berg, R.A. (1929–2011), Cambridge Gate, Regent’s Park,
November/December, 1989 © Royal Academy of Arts,
London; Photographer: John Hammond
George Stubbs, A.R.A. (1724–1806), Finished study for
‘The Tenth Anatomical Table of the Muscles . . . of the Horse,
1756–1758’ © Royal Academy of Arts, London

William Blake (1757–1827), The Waking of Leonora, stipple
engraving by Perry after a drawing by William Blake, published
as tail-piece illustration to 1796 English edition of Bürger’s
Leonora [Anderdon 10, f.195] © Royal Academy of Arts, London
Jean Berain I (1640–1711), A Picnic for the Dauphin in the
Labyrinth at Chantilly, 29 August 1688 © Royal Academy of Arts,
London
John Aldridge, R.A., (1905–1983), The Pant Valley, Summer
1960, 1963 © Royal Academy of Arts, London;
Photographer: John Hammond
Thomas Stothard, R.A. (1755–1834), Diagrams of the
arrangement of the books in the Royal Academy of Arts Library:
Shelf D-4 and D-5, 1814–15 © Royal Academy of Arts, London

3

8

25

49

87

95

105

127

140


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VALUING YOUR COLLECTION

8.2

Field and tilt armour belonging to a member of the Hirnheim family,
Royal Armouries © Royal Armouries
CS.1 One of Charles Darwin’s pigeons, with its original label.
Image reproduced courtesy of the Trustees of the Natural
History Museum, London © Natural History Museum

148
172

Tables
7.1
7.2
8.1

xii

Approaches to valuing an entire collection
Timetable for valuation project
Factors affecting value

125

131
143


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Preface

Assigning values to items in their collection is one of the many tasks of the
curator, whether they work in a gallery, museum, archive or library, yet it is a
role for which few have had any training and that many approach with a lack
of confidence. Even if there is profound knowledge of the subject matter, there
may be insufficient experience in the market for cultural objects. Besides,
valuation is not an exact science and it is easy to get it wrong.
Items in public collections are often under-valued or not valued at all.
Valuation often takes place only for insurance purposes but there is the
dilemma of whether to insure or not, making sure that objects are fully insured
while at the same time trying to avoid high premiums and keeping costs low.
In the UK, Government Indemnity can remove or reduce the cost of commercial
insurance but does not remove the difficulty of determining values.
This book will examine the issues around valuing objects in cultural
collections. It will look at the difference between value and worth and at how
cultural value can be translated into monetary terms. It will outline the
arguments over whether financial values should be assigned at all, since many
items will never be for sale and assigning a monetary value may lead to
unforeseen consequences.
The book will focus on fine art collections but will draw on a range of
examples from high-value fine art to low- or no-value objects such as massproduced or everyday items. Examples describe current practice in museums,
libraries and archives and advice is given on how to assign values.
This book is aimed at the non-specialist who is required to assign values

for a variety of reasons. Practical guidance is given on how to approach a
valuation by making comparisons and by using a step-by-step process. There
are some helpful templates listing the types of question to ask. Overall, the
book is designed to give confidence in decision making.
A study (by the author) commissioned by the European Union, placed
valuation as one of the key issues in exchanging cultural collections. It is
hoped that this book will address the issues and offer some solutions.


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xiv


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Acknowledgements

I would like to express grateful thanks and acknowledge the following
friends and colleagues who contributed to this book:
Philip Abbott, Sam Alberti, Sarah Allen, Sebastiano Barassi, Janet Barnes,
Hillary Bauer, Ursula Behr, Laura Bell, David Bellingham, Laura Van
Broekhoven, Philip Claris, Malcolm Chapman, Dulcie Conway, Cavell
Douglas, Stephen Dunn, Adrian Edwards, Anne Fahy, Stephen Feeke,
Christopher Fletcher, Tom Flynn, Dorota Folga-Januszewska, Scott Furlong,
David Gaimster, Adrian Glew, Ruth Godwin, Paul Goodman, Amanda
Gray, Elizabeth Hamer, Karen Hearn, Charles Hoey, James Hyslop, Jen
Kaines, Jane Knowles, Ray Lewis, Sarah Long, Sheilagh MacDonald, Jill
Maggs, David McNeff, Donna Meade, Mark Murray-Flutter, Lisa Nilsen,
Anna O’Connell, Mark Pomeroy, Rose Proby, Andrew Potter, John Reiss,

Georgina Ripley, Stephen Roberts, Stephanie Rose, Nick Savage, Paul Smith,
Robin Smith, Roy Stephenson, Lindsey Stewart, Emily Taylor, Anastasia
Tennant, Julia Toffolo, Fernanda Torrente, Clare Valentine, Helen Valentine,
Laura Valentine, Carol Warner, Karen Watts, Donald Wolanin, Ann Wood.


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1
Introduction

Background
In 2011 the European Commission, as part of the Workplan for Culture,
asked the author to undertake a study of valuing works of art in museums.
The reason behind the request was that in earlier studies, the high cost of
insurance had been cited as a major barrier to sharing museum collections
across the continent. The survey, undertaken with Dr Cornelia Dümke, a
German museum economist, examined the practice of assigning values to
cultural items in public collections. The study consisted of devising and
issuing a questionnaire and interviewing curators and collections managers
in each EU country. The results of the survey, including some comments and
concerns from those interviewed, were published.
It became apparent that many of the people who were required to assign
values felt unqualified to do so and had had little or no training. The report
therefore came up with some suggestions on how to address concerns and
produced guidance on how to undertake a valuation. In particular, it was
decided to create a process to help curators to determine values. Several

templates were produced which could take curators through a number of
questions to ask when deciding on a value.1
The study generated a great deal of interest both within and outside the
UK and led to a desire to share experiences and to examine the subject in a
more open manner. There was particular interest in looking at alternatives to
full-value, nail-to-nail insurance (see Chapter 4, p. 74) and a desire to learn
more about how to assign a value. This book grew out of ongoing discussions
on the subject.
The idea of holding an entire conference on valuation was developed at
the Natural History Museum, where the huge variety of different types of
object presents considerable challenges in terms of valuation. The conference,


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VALUING YOUR COLLECTION

covering all types of cultural collections, took place in April 2016.2 This book
was already under way, but the ideas and expertise of the conference speakers
as well as the ensuing debate, have been drawn upon to add up-to-date
information and to give practical examples.

Introduction
Valuation has often been seen as a difficult subject for non-profit cultural
collections. Curators, archivists and rare book librarians often wish to
separate their primary purposes – research, curatorial care and exhibition –
from the financial value of the items and it is often with reluctance that the
subject of money is raised. They may never have to think about the actual
financial value of their collections and many of the items may never have
been assigned a price tag. They prefer to look at the significance of the items

in their care instead of considering their monetary value.
In some sense, it may be seen as diverting attention from the unique
qualities of a particular object or ‘devaluing’ its aesthetic, historical or
scientific worth by reducing it to a financial asset. It seems preferable to focus
on the importance of the item for curatorial or educational purposes and not
to mention money. It may also be the case that once a financial value is
mentioned, it immediately takes precedence over cultural importance, which
then gets lost. The ‘price tag’ quickly defines whether the item is worth
studying or not worth a second glance. A particularly drab or ugly specimen
suddenly becomes important if it is attached to a six-figure sum, while a
beautiful or ground-breaking item is immediately neglected if it is likely to
fetch only a small amount at auction.
In his book Breakfast at Sotheby’s3 Philip Hook suggests, ‘jestingly’, that a
good way of increasing visitor figures would be to display the value of each
item on the label beside artist, title and date. The idea seems preposterous,
and yet press releases from the organisations themselves and headlines such
as ‘British Museum could send loans worth £1bn to the Gulf’4 increasingly
focus on the money as well as the cultural significance. It is difficult to identify
the true value of cultural items to society and to history and it can be made
more difficult when a financial value is attached. It may be better simply to
avoid all mention of cost or price in publicly held collections.
There are other difficulties around the monetary value of publicly held
objects. At one end of the scale is the high cost of fine art. Art collections suffer
in many ways from this over-inflated, high-finance attachment. At the other
end are those items which have little or no market value, which probably
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INTRODUCTION

could not be sold for any significant sum of money. In the first case, the
museum may not wish to broadcast the fact that their items are valued at
many millions of pounds. In the second, the organisation may not wish the
public to think that their collections have no financial value at all.
There are also questions around the need to assign a value to an item which
may not or cannot be sold. Many museum, archive or library collections are
ring-fenced, particularly those held by trusts or charities. Most national
collections are prohibited from being sold5 in order to preserve the cultural
history of the nation. In these cases, it could be argued that there is no need
at all to establish the cost of an item and even that it has no ‘value’, as it will
not be sold. If an item has no monetary value, can it be said to be worthless?
Can an item with no value be an asset?
For decorative arts, good craftsmanship, rather than materials, influences
value (see Figure 1.1).

Figure 1.1

Henry Hugh Armstead, R.A. (1828–1905), Centrepiece in the form
of a standing rose water bowl designed by H.H. Armstead, R.A.
and made by Hancocks & Co., 1872, © Royal Academy of Arts,
London
3


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In the distant past, value, or price, could be determined by costing the
materials of the item. For example, an icon painting made with gold leaf and
lapis lazuli could be given a value according to the cost of the raw materials.
Precious metals or jewels in a sculpture, decorative or household item would
determine the price or value of that item. Later, the time taken to produce an
artistic, scientific or practical item could inform the final price. At some point,
craftsmanship also became important to price or value. The name of the artist
or maker would be added to the finished work or recorded in some way.
Items produced as early as the Middle Ages have known creators, such as the
stone Eleanor Crosses, erected in the last decade of the 13th century, which
have named carvers listed in the accounts.6
In our great cultural collections, items have attained value by skill, history
and association far beyond the raw materials; these more nebulous
determinants of value present us with challenges.

The cultural economy
Economists have argued for centuries over the meanings of value and price
and their inter-relationship. A rare consensus in that profession is that value
is a subjective concept reflecting a measure of worth of something to
somebody. Price, on the other hand, is objective, and determined between a
willing seller and a willing buyer in an unencumbered and free market. Of
course, terms such as ‘willing’ and ‘free’ are themselves subjective. This
book attempts to explore the concepts of value and price and how they
feature in cultural collections.
Culture and cultural activities generate a huge amount of income and these
activities are often referred to as the ‘cultural economy’ or the ‘cultural
industries’, as if they are like any other area of business. There is a large
private sector in all areas of culture. Fine and decorative art may be more
evident in terms of sales than art galleries and museums. More scientific
research is undertaken in industry and commerce and gains more publicity

than in museums. Archives are retained in all corporations and companies
and are far more numerous than publicly held archive collections, although
they are more likely to be disposed of when legally permitted and may not
be seen as publicly significant. Many areas of cultural activity are driven by
ticket sales and the necessity of creating a profit.
There is far more cross-over between public and private sectors of culture
than in the past. Traditionally there was a gulf between selling art for profit
and raising funds in order to care for art and a divide between commercial
4


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INTRODUCTION

and academic scientific research. On the commercial side, economists and
accountants may measure the price of everything; on the non-profit side,
cultural industries are concerned with intrinsic value. Culture is now,
however, recognised as big business and its contribution to the national
economy is significant. Culture is a large employer; culture attracts tourism
and is successfully exported and sold abroad. The cultural and creative sector
is growing in significance and is acknowledged as a major money-earner and
as vital for national and regional economic health.
The economic aspects of museums, archives and libraries are fundamental
to good management and careful use of assets. In many areas, both in the UK
and elsewhere, government monies are gradually being withdrawn from
institutions that were formally 100% government-funded and the institutions
themselves are required to raise some of their own income. In this changing
situation, public collections are required to reassess their collections in order
to maximise the income obtained from their use. The unique nature of cultural

goods makes it difficult to measure the value of an item to the organisation
or to the city, region or nation. Measurements of ‘worth’ include visitor
numbers, website visits, visitor satisfaction, donations, sponsors, participation
in events and the age range, gender, ethnicity and social demographic of
visitors. These subjective criteria are gathered as a measure of the ‘worth’ of
the collection or exhibition. There is a value in having an enjoyable experience,
although there is no easy way to measure it.
While some objects have both cultural worth and financial value, others
do not. Items may have outstanding research potential but no market value.
Others may be eminently sought after on the open market but would never
enter a public collection. A famous signature removed from a letter may
change hands for huge sums but for the public archive, it has lost its context
and information and is of no real value. A contemporary artist may suddenly
be fashionable and have a waiting list of buyers but museums and art galleries
have to take the long view and concentrate on artists whose work is
established and who have gained recognition over time.
In the commercial cultural industries, value is the driver of business and
is certainly not seen as a problem or as difficult to determine. An auction
house or dealer would not lose sleep over a value whereas a curator may
agonise about what figure to choose. For the commercial sector, business is
basically about how much money is attached to a particular item, whether
for purchase, sale or insurance. For the curator, there is less clarity; the task
is to come up with a fair and balanced monetary value after doing the
research, weighing all the evidence and making comparisons. Even then there
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are other considerations, such as what message this figure will send about
the object, whether the sum will make the item more or less appreciated by
the institution or by the borrower and how the monetary value will affect the
insurance premium and, if so, if the premium is affordable.
In many areas of commerce, annual reports include other assets as well as
income. This ‘soft’ capital could include in-kind or pro bono activities. For
museums, archives and libraries, this type of accounting could include social,
cultural, or sustainability capital which benefits the region or the wider catchment area. Whether measured and reported or not, the worth of a museum or
archive is intertwined with many aspects. Although a balanced budget is
essential, the wider benefit to the community should be taken into account.
In our cultural collections, custodians know the items of greatest
significance within the collection in terms of cultural history, information,
research potential or aesthetic beauty. The finance director, on the other hand,
may wish to know which are the most financially valuable in order to
calculate assets and arrange insurance. The head of security needs to know
which items may be most desirable and have a ready market in order to plan
security resources and prevent theft. For the education department, items
with the most potential for learning programmes and workshops are the most
valuable to their work.
The value of the creative industries to the UK national economy is not in
doubt. The Department for Culture, Media and Sport estimated in 2016 that
cultural industries are worth £84.1 billion per year to the UK economy and
contribute £10 million each hour. While this sum includes all the cultural
industries, not just museums, libraries and archives, it is clear that culture
and cultural activities generate huge sums of money and have a significant
financial value. In addition, the cultural economy is said to be growing at
almost twice the rate of the wider UK economy.7

Cultural goods as collateral

In the commercial sector, cultural goods can be used solely as financial
assets. Ownership of cultural items with high values is included in the net
worth of individuals and companies. Many large corporations, and some
public institutions, invest in high-value fine art as part of their portfolio of
investments. Fine art is seen as a good investment as it is believed that values
will always go up.
As well as buying and selling assets, there is a growing industry in using
cultural collections in order to borrow against their value. They are accepted
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INTRODUCTION

as collateral against a loan or as equity release. This means that the owners of
items such as art, antiques, collectibles or other luxury items, whether an individual or a business, can use the value of their property to raise capital. Some
commercial galleries use this form of financing to purchase new stock, while
others borrow against items sent to auction before they receive the sales profit.
The equity release companies offer loans against many types of high-value
item or against entire collections. They assess and value the items, make an
offer and quickly release the funds to the owner. Most companies will take
the items into their own secure storage until the loan is repaid in full, while
others make a point of stating that they will allow the owner to keep the items
during the period of the loan. Some companies put a lower limit of value,
such as £2 million per item and a time limit on payment of the loan, e.g. a
maximum of two years, but the loan can usually be extended if the interest is
paid at the end of the initial loan period and a second agreement entered into.

Valuing National Trust collections

The National Trust in the UK manages geographically dispersed collections in
their historic contexts. There are currently 372 places with collections, of
which 145 are Accredited Museums.

Acquisitions
Valuations are often needed when acquiring collection items.
The work of identifying and ‘repatriating’ items with a provenance linked
to places preserved by the Trust is a continuing process. This approach is
recognised and generously supported by external bodies and government, for
example through the Acceptance in Lieu scheme administered by Arts Council
England, the National Heritage Memorial Fund, the Art Fund and many others.
Items valued by and acquired through a government department will be
insured for repairable damage, for the tax settlement value only, if
indemnified under the Government Indemnity Scheme (GIS). National Trust
items are generally not valued individually, as they are insured for repairable
damage only. If commercially insured, items are valued by staff or external
experts for the current market value.
The Trust also acquires by private treaty sale objects which have been on
loan to the Trust from donor families (families who once owned the
properties now owned by the National Trust). An example of this type of
acquisition is the portrait of Edward Herbert, Figure 1.2 on the next page.
The provenance of this portrait, now at Powis Castle, is: commissioned by the
sitter and thence by descent; on loan to the National Trust from 1952;
purchased by the National Trust by private treaty, with the help of grants
from the National Heritage Memorial Fund, the Art Fund, a fund set up by the
late Hon. Simon Sainsbury and a bequest from Winifred Hooper, 2016.

7

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Figure 1.2 Isaac Oliver, Edward Herbert, 1st Lord Herbert of Cherbury
(1582–1648) Powis Castle
© National Trust Images/ Todd White Photography
Gifts and bequests are accepted in line with the collecting policies of individual places. Gifts are not generally valued, as there is no monetary
transaction. Bequests are valued independently for probate purposes.
Acquisitions are reported in the National Trust Annual Report8 and in Apollo
(National Trust Historic Houses and Collections Annual), the Trust’s Arts and
Collections Bulletin and on the National Trust collections website.9
Valuations are sometimes needed, too, for the relatively small number of
items which are acquired to furnish rooms open to the public, and which are
not held for preservation.

Loans in
Despite many acquisitions for permanent preservation, there remain some
40,000 items historically associated with properties on long-term loan to the
Trust from donor families. Items may also be borrowed in the short term for
exhibition or display purposes. Loans in and out are insured for loss:
therefore a monetary valuation needs to be obtained. The Trust’s policy is to
arrange fixed-term loan-in agreements. There are then three possibilities for
valuations and insurance:
1 The owner values and insures their own objects and pays all costs – this is
the preferred option. No valuation by the Trust is needed.
2 The owner values but the Trust insures. This option generally applies to
loans from museums and some private owners. A valuation is provided

8

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INTRODUCTION

and paid for by the owner. The Trust’s curator agrees the valuation and the
registrar ensures the insurance office is asked to insure the objects. The
valuation should be a fair market value of the object at the time of loan
or renewal. National Trust insurance for loans in covers ‘all risks’ (with
some exclusions) for the agreed value. If the item is valued at over £1
million the valuation must be checked on an annual basis, otherwise
values are checked every three years.
3 The Trust values and insures – this is the least preferred option but may be
used in certain circumstances. The curator obtains a valuation of fair
market value, generally from an external source, and agrees it with the
owner for all risks insurance, as above.
There are a few instances where the Trust uses the Government Indemnity
Scheme (GIS) for long-term loans in, under the Non-National Institution
Guidelines.
The National Trust also has many archival deposits in Record Offices. The
current policy is that all archives should be valued. This is a work in progress.
Such collections are generally valued by an external expert in conjunction
with the relevant curator or registrar.

Loans out
The National Trust manages a substantial programme of loans out to external
exhibitions in the UK and abroad, for which valuations are required. The fair
current market value is used as the basis. When lending to UK institutions the
valuation is double the low market value; when lending abroad it is normally

double the high. Valuations are made by the Trust’s curators or external
valuers, and the items are insured by the receiving institution, as is normal
museum practice.
Valuation of objects for short-term loans in, for exhibitions or display, is
also obtained, for use in conjunction with the Trust’s commercial insurance
cover.

Increasing values
While historic context is a heritage measure, it can also lead to increases in
market value.
Such single provenance collections may be increasing in value by some 30–
40% or more because of their special character. It is of course this quality
which also increases their popularity for requests for loans to exhibitions –
and a rise in the accompanying need for accurate valuation and insurance.
New research (often in conjunction with exhibitions), cataloguing and
reattribution also contribute to increases in historic and monetary value. A
large proportion of the Trust’s collections is far from fully documented or
understood, let alone published or specifically exhibited. As more of the
National Trust’s collections are documented, researched, published and

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