| answer text |
<p>The value of the Parliamentary Art Collection at the House of Commons, as recorded
in the published annual accounts for the financial year 2013/14 was £6.7 million.
The accounts for 2014/15, to be laid before the House prior to the Summer Recess,
will contain an updated valuation.<br><br>For valuation purposes, the Parliamentary
Art Collection at the House of Commons is divided into two categories; those items
held as at 31 March 2000 and those items acquired since that date. No valuation for
the Collection at 31 March 2000 is currently included on the Statement of Financial
Position because obtaining a valuation for a collection of this size and diversity
would be costly. During 2012/13, it was decided that the benefit from a valuation
exercise would not justify the expense incurred. The House has no plans to conduct
such a valuation.<br><br>Acquisitions since 1 April 2000 have either been made by
purchase or donation. Purchases are recorded at cost and donations are recorded at
the value current at the date of acquisition, ascertained by the House’s Curator of
Works of Art with reference, where possible, to commercial markets using recent transaction
information from auctions.</p>
|
|
