MINUTES Minutes of the Treasure Valuation Committee Meeting 21 st May 2014 The meeting was held in the Board Room at the British Museum on Wednesday, 21 st May 2014 at 11:00 am. Present: Committee: British Museum: DCMS: Apologies: Colin Renfrew (Chair) Lucy Ellis Mark Caldon David Dykes Ian Carradice Janina Parol Hetty Gleave John Cherry Ian Richardson Peter Clayton Tim Pestell Item 1: Minutes of the meeting of Friday, 14 th March 2014 These were accepted as a true record of the meeting. Item 2: Objects Bronze Age artefacts 1. Bronze Age hoard from Lyminge, Kent (2012 T164; KENT-62FE76) The provisional valuer suggested 110. The Committee viewed the hoard in light of this, agreeing with the valuer that the plate fragments and potsherds had no commercial value. The Committee felt that the value of the hoard was contained in the looped axe, which was believed to be slightly overvalued. The Committee recommended 100. Dover Museum hopes to acquire. 2. Middle Bronze Age hoard from Durley, Hampshire (2013 T386; HAMP-1AE583) The provisional valuer suggested 600. The Committee inspected the hoard in light of this and noted that the probable torc fragment was unusual for southern England, as mentioned in the curator s report. It was felt that the provisional valuer had accurately accounted for the interest in the torc fragment and ingots, and, in agreement with the valuer, the Committee recommended 600. Winchester Museum Service hopes to acquire. 3. Late Bronze Age hoard from Chichester area, West Sussex (2012 T832; SUSS-C65251) The provisional valuer suggested 1,250. The Committee examined the hoard in light of this and noted that the valuer had suggested a figure of 500 for each of the gold lock rings. The Committee felt this was higher than figures it had recommended in the past for similar items; for instance an example from Whitchurch, Hampshire (2011 T152, HAMP-8A11A7) which had been valued at 400. Accordingly the Committee felt that the overall value of the hoard was slightly lower than the suggested figure of the valuer, and recommended 1100. The Novium, Chichester, hopes to acquire. 4. Middle Bronze Age hoard from Wylye, Wiltshire (2012 T786; WILT-038191) The provisional valuer suggested 7,600. The Committee viewed the hoard in light of this. It was felt that the quoit-headed pin was a striking piece of impressive size and that it was worth the suggested value of 2,500 assigned to it by the valuer. The torcs, too, were felt to be interesting. Overall, the Committee felt that the provisional valuation was thorough and accurate, and in agreement with the provisional valuer, recommended 7,600. Salisbury & South Wiltshire Museum hopes to acquire. Iron Age artefacts 5. Iron Age-Early Medieval silver ring from Tamworth area, Staffordshire (2013 T404; WMID-24AB05) The provisional valuer suggested 280. The finder submitted comments regarding the provisional valuation. The Committee thanked the finder for his note, and upon examination of the ring, pointed out to the finder that it was made of silver (the finder s letter implied that the ring was made of gold). The Committee felt that the suggested value was accurate, and in agreement with the provisional valuer, recommended 280. The Potteries Museum & Art Gallery hopes to acquire.
Roman artefacts 6. Roman gold finger-ring bezel from Bradford Abbas, Dorset (2012 T691; DOR-29D957) The provisional valuer suggested 80. The Committee inspected the bezel in light of this and noted that it had previously valued a Roman gold finger-ring bezel from the Newark area, Nottinghamshire (2005 T192; DENO-C7EA54) at 80. The current example from Bradford Abbas was felt to be more attractive and to possess a clearer design. The Committee recommended 100. Dorset County Museum hopes to acquire. 7. Roman silver finger-ring from Bighton, Hampshire (2011 T17; HAMP-C94183) The provisional valuer suggested 25. This item had been misplaced and the provisional valuation was carried out using photographs. The Committee recommended a value for the finger-ring to enable the finder and landowner to be compensated for the item and, in the event that it is located again, to be acquired by Winchester Museum Service. In agreement with the provisional valuer, the Committee recommended 25. 8. Roman silver finger-ring fragment from Bighton, Hampshire (2011 T16; HAMP-C947A8) The provisional valuer recommended 20. This item had been misplaced and the provisional valuation was carried out using photographs. The Committee recommended a value for the fingerring to enable the finder and landowner to be compensated for the item and, in the event that it is located again, to be acquired by Winchester Museum Service. In agreement with the provisional valuer, the Committee recommended 20. Early Medieval artefacts Tim Pestell left the Room 9. Early Medieval silver finger-ring (incomplete) from Oxborough, Norfolk (2013 T626; NMS-51CA37) The provisional valuer suggested 20. The Committee examined the finger-ring in light of this and in agreement with the valuer, recommended 20. The British Museum hopes to acquire. Tim Pestell re-entered the room 10. Early Medieval silver ingot from Torksey, Lincolnshire (2013 T7; DENO-703862) The provisional valuer suggested 40. The Committee examined the ingot in light of this. The Committee had seen and valued dozens of silver ingots in the past and observed that most are similar in appearance and attraction and that the biggest variable amongst these items has been their weight. The Committee took the view that it was desirable to maintain an internal consistency to its recommendations for silver ingots, based on their weight and the relative purity of their silver content. It was acknowledged that the ratio of value to weight far exceeds the bullion price of silver, but the Committee felt this was warranted as the items are regarded as having a market appeal separate to their worth as scrap. In this instance, the Committee felt that the application of this principle required an increase in the figure suggested by the provisional valuer, and recommended 80. The Collection, Lincoln, hopes to acquire. 11. Early Medieval silver ingots (2) from Lichfield area, Staffordshire (2013 T411; WMID- C36B61) The provisional valuer suggested 75. The Committee examined the ingots in light of this. The Committee had seen and valued dozens of silver ingots in the past and observed that most are similar in appearance and attraction and that the biggest variable amongst these items has been their weight. The Committee took the view that it was desirable to maintain an internal consistency to its recommendations for silver ingots, based on their weight and the relative purity of their silver content. It was acknowledged that the ratio of value to weight far exceeds the bullion price of silver, but the Committee felt this was warranted as the items are regarded as having a market appeal separate to their worth as scrap. In this instance, the Committee felt that the application of this principle required an increase in the figure suggested by the provisional valuer, and recommended 300. The Potteries Museum & Art Gallery hopes to acquire.
12. Early Medieval silver strap end from Burrington, Somerset (2012 T689; GLO-40DB82) The provisional valuer suggested 35. The Committee inspected the strap end in light of this and noted that it was heavily corroded and that the silver was crystalline, but also commented that strap ends in better condition would be desirable on the market. It was felt that despite the poor condition of this piece, it had been undervalued, and the Committee recommended 50. The Museum of Somerset hopes to acquire. 13. Early Medieval gold finger-ring from St Osyth, Essex (2012 T89; ESS-FA05C2 The provisional valuer suggested 3,000. The Finder submitted comments and private valuations from 8,000 and 8,000-12,000. The Committee inspected the finger-ring, taking account of this information. The Committee noted the lack of enamelling on the ring and commented on its relatively light weight. It was observed that the examples which were cited by the finder in his letter were rings of a much higher class. In addition to its own provisional valuation, the Committee paid regard to the valuations of and but noted that their submission gave no rationale for the figures suggested nor did they suggest any comparable pieces. The Committee felt that it required further information before arriving at a recommendation on the value, and asked the Secretariat to commission a second provisional valuation. The ring would be reconsidered at a subsequent meeting, after that valuation is received. The Committee further noted the circumstances of the find, and that it had been impossible for the Secretariat to identify the owner of the land where the ring was found. The Committee clarified that this meant that the finder would still receive 50% of the value of the find as his reward in due course. Colchester & Ipswich Museum Service hopes to acquire. Medieval artefacts 14. Medieval silver brooch from Framlington area, Suffolk (2013 T736; SF-A578C0) The provisional valuer suggested 50. The Committee viewed the brooch in light of this and noted that it was neat and quite plain. In agreement with the provisional valuer, the Committee recommended 50. Colchester & Ipswich Museum Service 15. Medieval silver pendant from Kirton, North Lincolnshire (2013 T623; YORYM-662485) The provisional valuer suggested 80. The Committee examined the pendant in light of this and found the item to be an attractive example, and commented that it could be worn, which would increase its attraction on the market. The Committee recommended 100. North Lincolnshire Museum hopes to acquire. 16. Medieval silver-gilt ring from Pettlaugh, Suffolk (2013 T300; SF-0D09B2) The provisional valuer suggested 250. The Committee inspected the ring in light of this and commented on the appeal of the clear engraving of the bezel. This was felt to warrant an increase in the provisional valuation, and the Committee recommended 300. Colchester & Ipswich Museum Service hopes to acquire. 17. Medieval silver finger-ring from Gussage All Saints, Dorset (2013 T139; DUR-ACD512) The provisional valuer suggested 40. The Committee viewed the ring in light of this and in agreement with the provisional valuer, recommended 40. Priest s House Museum hopes to acquire. 18. Medieval silver seal matrix with Roman intaglio from Lewes area, East Sussex (2012 T416; SUSS-628524) The provisional valuer suggested 3,000. The Committee examined the seal matrix in light of this. The absence of the attachment loop was noticed, but aside from that the Committee found the item to be very appealing. The suggested figure corresponded nicely with previous recommendations of the Committee (see for instance 2005 T75; KENT-683033 from Swanley, Kent, valued at 2,750) and comparison suggested by the provisional valuer was felt to be apt. In agreement with the provisional valuer, the Committee recommended 3,000. Lewes Castle Museum hopes to acquire. 19. Medieval gold pendant from Tamworth area, Staffordshire (2013 T710; WMID-115B76)
The provisional valuer suggested 2,500. The finder submitted comments regarding the provisional valuation and provided a comparison piece. The Committee took account of this information as it examined the pendant, which was seen to be attractive and well-engraved, but also missing its backplate. The Committee felt that the finder s comparison, a medieval gold pendant from Stagsden, Bedfordshire (2008 T660; BUC-96EBF1) was an interesting object from the same period, but noted that it was not a very close parallel. The Committee felt that it required further information before making a recommendation, and requested that the Secretariat commission a second provisional valuation. The Committee will consider the case again when that valuation is received. The Potteries Museum & Art Gallery hopes to acquire. 20. Medieval gold finger-ring from Tytherington, South Gloucestershire (2013 T49; GLO- E21C31 The provisional valuer suggested 1,500-2,000. The Committee examined the finger-ring in light of this and noted its squashed condition. Although the ring was clearly meant to be a signet ring, its light weight and fragility gave the impression that it would not have been of much practical use in making impressions. The Committee felt that the suggested range was too high, and recommended 1200. Bristol City Museum hopes to acquire. 21. Medieval silver-gilt pendant from Temple Guiting, Gloucestershire (2013 T140; GLO- 75A2B8)- 2 nd viewing The provisional valuer suggested 3,500. The Committee viewed the ring at its meeting of 14 March 2014 and disagreed with the valuer s assessment that the pendant was a rare object and that it may have originally contained a relic. The Committee believed it to be the terminal on a belt or some other cord. The Committee asked for a second valuation. The second provisional valuer suggested 800. The Committee examined the item again in light of this and noted the discrepancy between the two figures suggested. Despite the misleading attribution of the first valuer, the Committee observed that the presence of the inscriptions of the names of the three Magi suggested an amuletic property to the piece. The clarity of the inscriptions, the tear-drop decoration and the gilding were felt to contribute to the attraction of the piece and the Committee felt that the second valuer s suggestion did not fully appreciate this. The Committee recommended 1500. Corinium Museum hopes to acquire. Post-Medieval artefacts 22. Post-Medieval silver thimble from Owslebury, Hampshire (2013 T297; HAMP-0F65B2) The provisional valuer suggested 60. The Committee examined the thimble in light of this and in agreement with the valuer, recommended 60. Winchester Museum Service hopes to acquire. 23. Post-Medieval silver ewer from Kingston Russell, Dorset (2013 T476; DOR-D03CB6) The provisional valuer suggested 22,000. One of the finders submitted comments with regards to the provisional valuation, and the collective finders submitted a private valuation from of Christie s for 60,000. The Committee took account of this information as it viewed the ewer. The Committee agreed that it was an impressive piece whose lack of ecclesiastical engraving would make it more appealing on the market. It took account of the damage suffered by the item, some of which might be easily improved and some which would require more extensive and costly restoration were it to be sold on the market. The Committee noted the discrepancy between the provisional valuation and the private valuation supplied by the finders. The private valuation was seen to come from a respected source and contained references to silver pieces of the period, however the Committee noted that the first two parallels suggested were of a different class, as they were silver dishes with arms identifying them to specific personalities. The third parallel provided by the private valuer, a wine goblet sold for 17,000, was felt to be more relevant. The Committee understood that the goblet was 1/3 of the weight of the ewer and that more of these items survived than did ewers of the period, but on the other hand it was observed that the goblet was in better condition than the ewer and had been linked to a named craftsman. The Committee commented that the provisional valuer was very experienced in the trade of silver artefacts of this period and that his judgement was well-respected. However it also noted that the provisional valuer had not suggested any possible parallels from which his figure had been extrapolated. The Committee therefore requested that the provisional valuer provide, if possible,
examples of items which he felt offered a guide price for the figure he suggested that the ewer might achieve. The Committee will consider the case again when it has this information from the valuer. The Committee further made clear that it had made no criticism of the finders or implication that they had caused the damage to the ewer, and pointed out that this had simply been a supposition by the provisional valuer. Dorset County Museum hopes to acquire. 24. Post-Medieval gold finger-ring from Tamworth area, Staffordshire (2013 T678; WMID- 11E732) The provisional valuer suggested 1,400. The Committee viewed the finger-ring in light of this and found it to be a pleasant example. It was observed that the suggested figure was consistent with prices achieved by a number of similar rings sold at Timeline Auctions and fit in with past recommendations by the Committee itself. In agreement with the provisional valuer, the Committee recommended 1,400. The Potteries Museum & Art Gallery hopes to acquire. 25. Post-Medieval gold finger-ring from Launde, Leicestershire (2013 T363; LEIC-734E08) The first provisional valuer suggested 12,000; the second provisional valuer suggested 15,000. The finder submitted comments regarding the provisional valuation. The Committee inspected the ring in light of this and pointed out that it felt that the ring demonstrated the early incorporation of a diamond, and that it dated from the late 14 th /early 15 th century, rather than the Post-Medieval period. In that respect, the 1 st, 3 rd and 4 th parallels cited by the finder were also noted as being Late Medieval diamond-set gold finger-rings, though of a different style to this ring. The second parallel cited by the finder was noted to be a gold signet ring, and was felt to bear little relevance to this case. The Committee felt that it required further information before recommending a value for the ring. The Secretariat was asked to write to the provisional valuers and to present them with the Committee s view on the age of this ring and to ask them whether this would cause them to amend their suggestions at all, and whether they had any comparisons in the market that they could provide. The Committee will consider the case again when it has the answers of the valuers. Leicestershire County Council Museum Service hopes to acquire. 26. Post-Medieval gold ring from Loxwood area, West Sussex (2012 T554; SUSS-3C7D12) The provisional valuer suggested 600. The finder submitted comments regarding the provisional valuation and provided parallels from a Timeline Auctions sale of 5 th /6 th February 2014. The Committee took account of this information as it viewed the ring. It thanked the finder for his letter, but felt that the evidence from the highlighted and other sales at Timeline Auctions supported the provisional valuer s suggested figure. Indeed the first parallel provided, from Lot 499 of the 5 th /6 th February 2014 sale was seen to be similar in size to the ring under discussion, and despite a pre-auction estimate of 500-800, remained unsold. The Committee further noted that the ring was plain and that the inscription was not rare. In agreement with the provisional valuer, the Committee recommended 600. The Novium, Chichester, hopes to acquire. 27. Post-Medieval silver cufflink element from Winslow area, Buckinghamshire (2013 T602; PUBLIC-595E25) The provisional valuer suggested 80. The finder submitted comments regarding the provisional valuation. The Committee took account of these as it inspected the cufflink element. It commented that although the valuer was not able to provide a commercial parallel, many examples of similar cufflink elements had been valued previously by the Committee. Based on those items, the provisional valuation was felt to be slightly high, and the Committee recommended 70. Buckinghamshire County Museum hopes to acquire. Item 3: Coins Iron Age coins:
28. Iron Age silver units (8) and copper alloy brooch from Hotham, East Riding of Yorkshire (2012 T772; YORYM-CF53F6) The provisional valuer suggested 3,480. The Committee inspected the coins and brooch in light of this and found the valuation to be well carried out. The Committee felt that the itemised values for each of the coins and for the brooch were accurate, and in agreement with the provisional valuer, recommended 3,480. The British Museum hopes to acquire. 29. Iron Age gold staters (33) from Tamworth area, Staffordshire (2013 T157; WMID- 092343) The provisional valuer suggested 8,510. The finder and landowner submitted a private valuation from of for 14,550-15,750. The Committee inspected the coins in light of this and made the following observations: With respect to the first group of coins, the South Ferriby type, the Committee felt that the provisional valuer had failed to appreciate the very fine condition of several of these coins, and therefore his suggestion for the group was felt to be low. The Committee felt that a more accurate figure for this group was 2,710. For the second group of coins, those of Domino type, the Committee felt that the provisional valuer s grading was accurate. However it noted a mathematical error in the summation of the value of the individual coins in this group, and pointed out that the provisional valuer actually suggested a subtotal of 7,330 instead of the 4,330 written in his report. This miscalculation was part of the reason for the discrepancy between the provisional and private valuations. The Committee accepted that 7,330 was correct for these coins. For the final group of coins, those of the Kite type, the Committee agreed with the provisional valuer s suggestion of 2,100. Overall, the Committee felt that the private valuation was too high because, as its author disclosed, it was based partially on fixed price (retail) sales, which the Committee maintains are higher than market prices equivalent to auction hammer prices. In total the Committee recommended 12,140. The Potteries Museum & Art Gallery hopes to acquire. Roman coins: 30. Roman coins (108) and associated material from Knutsford, Cheshire (2012 T406) The first provisional valuer suggested 1,500-1,700 for the coins; the second provisional valuer suggested 1,500 for the objects. The Committee viewed the coins and associated material in light of this and felt that the suggested figure was justified and properly accounted for the condition of the coins. It was noted that the coin of Galba featured a very bold portrait and those of Vitellius were attractive as well. The Committee agreed with the suggested value for the coins, and recommended 1,600. As for the objects, the brooches in particular were felt to possess market appeal, and the Committee felt that a slight increase in the suggested value was called for, to 1,600. Overall, the Committee recommended 3200. National Museums Liverpool hope to acquire. 31. Roman gold coins (159) from Sandridge, Hertfordshire (2012 T674; BH-D67AF4)- 3 rd viewing This case was seen by the Committee at its meeting of 29 th January 2014 where it recommended a value of 98,850, to be apportioned as 54,367.50 for the landowner, and 44,482.50 for the finder. The landowner challenged the recommended apportionment of the reward and the Committee confirmed its recommendation at the meeting of 14 th March 2014. The landowner submitted a further challenge to the recommended apportionment of the reward and supplied a letter from the to support his position.
The Committee considered the case again, noting that the value itself was not in dispute. Regarding the landowner s disagreement over the proposed apportionment of the reward, the Committee reviewed the submissions before it again, as well as the latest letters from the landowner and the The Committee found nothing in either of the letters to cause it to depart from its original recommendation as to the apportionment of the reward. The Committee s decision was aided by the representations of the Coroner, the acquiring museum and the finder himself, and the Committee formed the view that the finder s actions in discovering the hoard displayed no nefarious intent and, given his actions subsequent to recovering the coins, it was clear that he was not deliberately breaking the law to make a secret profit. Though the Committee had observed that its recommendation was in line with earlier precedent, it pointed out that the earlier precedent had not bound it to this decision and that the case had been considered on its own merits, as all cases before the Committee are. In response to the specific points raised in the landowner s letter, the Committee observed that items 1 and 2 had already been discussed and the Committee had explained the reasoning behind its decision. The Committee pointed out that with regard to item 3, it is not possible to claim that it was only due to the landowner s intervention that the overall valuation was increased, since the lower figure was only a provisional valuation and the Committee had yet to discuss the case when the landowner provided his private valuation. The Committee always assesses a case itself, using as a framework for its discussion the provisional valuation and any comments received as supporting evidence. The Committee s recommendation may depart from the provisional valuation regardless of a private valuation being received. In any case, the decision to hire a private valuer was the landowner s alone, and has no bearing on how the Committee decides to apportion the reward. As to item 4, the letter had now been produced and the Committee read and took account of it, but felt it contained no new information to cause it to alter its recommendation. Finally, item 5, regarding the use to which the landowner might put any money that is rewarded to him, was observed to be irrelevant to the Committee s decision as to the apportionment of the reward. In conclusion, the Committee maintained a recommended reward of 98,850 for the coins, to be apportioned as 54,367.50 for the landowner, and 44,482.50 for the finder. Verulamium Museum (St Albans) hopes to acquire. Early Medieval coins: 32. Early Medieval silver-gilt coin brooch from Nether Wallop, Hampshire (2013 T296; HAMP-0F4407) The provisional valuer suggested 125. The Committee examined the brooch in light of this and felt that the suggested figure was accurate. In agreement with the provisional valuer, the Committee recommended 125. Hampshire Museum Service hopes to acquire. 33. Early Medieval silver coins (66) and silver ingots (4) from York area, North Yorkshire (2012 T341; YORYM-BC3AB2) The provisional valuer suggested 120,935. The Committee inspected the coins and ingots in light of this. It expressed the view that the provisional valuation was thoroughly carried out and wellsupported with relevant auction precedents, and the Committee accepted the suggested values for all of the coins. The ingots were observed to be similar to examples that had frequently been valued by the Committee in the past, and to maintain a consistent figure for those items, the suggested figure of 160 for items 33-36 was raised by 40. In total the Committee recommended 120,975. York Museums Trust hopes to acquire. Medieval coins: 34. Medieval silver coins (18) and silver fragment from Halesworth area, Suffolk (2013 T550; SF-4DD785) The provisional valuer suggested 205. The Committee viewed the coins and silver fragment in light of this and observed that the provisional valuation accurately accounted for the condition of
the coins. In agreement with the provisional valuer, the Committee recommended 205. Halesworth & District Museum hopes to acquire. Post-Medieval coins: 35. Post-Medieval silver coins (2) from Biddulph, Staffordshire (2013 T809; WMID-3A4C82) Provisional valuer suggested 40. The Committee inspected the coins in light of this and in agreement with the valuer, recommended 40. The Potteries Museum & Art Gallery hopes to acquire. Item 4: Any Other Business: Committee Membership: The Chairman updated the Committee on recent developments in the future membership of the Committee. Peter Clayton The Chairman announced that Peter Clayton had been re-appointed to the Committee for two more years by the Minister. Peter Clayton will serve on the Committee through February 2016. John Cherry It was confirmed that John Cherry s membership on the Committee will come to an end when his term expires in October 2014. David Dykes It was confirmed that David Dykes membership on the Committee will come to an end when his term expires in November 2014. Expert in Medieval objects and Expert in Medieval Coins These roles had been advertised and a list of suitable candidates sent to the Minister, who will decide on an appointment for each role in July 2014. Finders Representative This position was re-advertised by the DCMS and a short list of candidates will be interviewed and the Minister will confirm an appointment in July 2014. The DCMS had created a statement regarding potential conflicts of interest which the successful candidate will be expected to take account of should he or she wish to continue searching for artefacts whilst serving on the Committee. This will be circulated to Committee members. The Committee hoped that the appointments could be announced in the appropriate trade magazines when they were confirmed. Review of the Treasure Act Code of Practice: The Committee heard that the consultation document, a draft of which had been circulated in advance of the January 2014 meeting, was still in preparation. Conversations were still to be conducted with the Church of England and the Ministry of Justice regarding potential areas of revision of the Code. It is still hoped that the consultation document will be able to be published at some point in 2014. Next Meeting: The next meeting will be held on Wednesday, 16 th July 2014 in the Board Room at the British Museum, at 11:00am.
Provisional Valuations: