How Jewellery is Valued in a Succession

“What is this jewellery worth?” In a succession, the answer is not solely a matter of the market: it follows a hierarchy set by Article 764 of the General Tax Code. Understanding this allows heirs to choose the fairest — and often the least costly — path.

1. Public sale within two years

If the jewellery is sold at public auction within two years of the death, the net price obtained is used as the taxable value. The rule has a logic: the market has decided.

This is a transparent path, but it has its constraints: sale deadlines, auction house fees, and the uncertainty of the outcome — a piece may go unsold or be sold below its estimate. We detail the differences with direct purchase on our page dedicated to auctioneers.

2. Inventory within five years

In the absence of a public sale, the estimate contained in an inventory drawn up within five years of the death is used. This is the most common path for jewellery: each piece is described, weighed, characterised, and then valued.

It is also the most controllable: you know what you are declaring, you can keep the jewellery if you wish, and you have a document that can be used as evidence. Our written appraisal serves precisely this purpose; it is frequently requested by notaries, and we have written a guide intended for them: jewellery appraisal for notaries.

3. The heirs’ estimative declaration

In the absence of the first two, the law uses the detailed and estimative declaration of the parties. This is the most exposed path: without an appraisal to support it, a value given “by guesswork” is difficult to defend in the event of a tax audit.

The insurance floor: the rule that is often forgotten

For jewellery, gemstones and works of art, section II of Article 764 adds a constraint: if an insurance policy against theft or fire covering these items was in force at the date of death and had been taken out less than ten years before the opening of the succession, the declared value cannot be lower than that stated in the policy. When several policies coexist, the average of the valuations is used as the basis.

Practical consequence: before declaring, it is necessary to know whether the jewellery was insured, and for what amount. We devote an entire page to this point: insurance and declared value.

Insurance value, market value, buy-back price: three different figures

This is the most frequent source of misunderstanding in our appointments, and it deserves to be clearly stated:

• the insurance value corresponds to the replacement cost as new, in a shop: it is the highest figure;
• the market value is the price at which the piece actually trades second-hand: it is the reference for a succession;
• the buy-back price is what a professional offers immediately, in cash.

The same piece of jewellery can thus be “insured for €30,000”, “worth €14,000” and “bought back for €11,000” without any of these figures being wrong: they do not answer the same question. For the declaration, it is the market value at the date of death that counts — subject to the insurance floor mentioned above.

Updated on 24 July 2026 — scales and allowances are subject to change with each Finance Act.