A personal view of the Nation's Treasures

Andrew Cheney began his career at auctioneer Sotheby’s and has appeared on television as a valuer in the UK and US, prior to joining Hiscox. He speaks to lloyds.com about his work in the world of risk:

Describe what you do?
Steve Langan, Managing Director of Hiscox UK, describes my job as one of the best in Hiscox and I agree with him. My title is Senior Risk and Valuation Adviser but it’s a very difficult role to describe.

The only analogies I can draw are that it is a cross between being forward reconnaissance in the Army and being an exploratory surgeon. I’m the eyes and ears of the underwriter, giving them a better idea of and the specifics of what they’re insuring. In my role as surgeon I peel back some layers of skin to see if anything nasty is lurking underneath. If there is a potential issue, then I try to help resolve it with the client and also report back to the underwriter.

What attributes do you need for the job?
You need knowledge of the aspects of risk and covers that are available and you need knowledge of art and buildings. Then you need to be able to put that across to people who are hugely successful in their own fields. Many of these people are in the public eye and appear at the top end of The Sunday Times Rich List.

Have you had to tell people their prized family heirloom is a fake?
In my previous career I had to do it quite frequently, from pieces of ‘Chippendale’ furniture that were less than 100 years old to forged ceramics and paintings. But thankfully I haven’t had to that in this role, which is a great relief because often people don’t take it too well.

In this job my skills are tested more by under-insurance. People know their painting is by a particular artist but they might not have checked regularly the market fluctuations for this artist’s work. A lot of successful people are very busy; they might have had a valuation done ten years ago, but they haven’t had it updated since. Often they needn’t go through the intrusion of having people come in to revalue their collection, but instead they can have their old valuation ‘desktopped’ – where the original firm of valuers reassess the figures in the light of latest market conditions.

Do wealthy people scrimp on insurance?
I’ve never encountered a serious penny-pincher. But I have encountered one land owner who described himself as ‘asset rich but cash broke'. People such as him need very careful handling. In such cases, valuers will value works of art between an auction estimate, rather than at what it could cost to get a replacement from a West End gallery. We’re happy to insure them on that basis providing everything is crystal clear between the parties, which is where I come in.

What does a typical day consist of for you?
That’s what I love about the job. No two days are the same. I travel a lot to meet clients to see what we’re insuring, whether in their London homes or country houses. I also visit art galleries, antique dealers and auction houses.

What’s the best part of your job?
It’s simply knowing what is out there. There are incredible collections of art secreted away, which include items that Sotheby’s and Christie’s would love to put in a top-end sale, but which they have no idea about. These range from phenomenal paintings and items of furniture that are museum quality to collections of cars that are absolutely mind-blowing. Apart from the owner and his close friends and family I am the only person to have seen these treasures.

Often too they are housed in buildings that take your breath away. They range from houses built hundreds of years ago by famous architects to a new eco-home that I visited last month. You get to see the most wonderful things and, by doing your job properly, you are helping to preserve these items for future generations. I feel very privileged.

What has experience taught you?
Never think you’ve seen it all. There will always be something you’ve never seen before or someone who may know more than you. In situations such as those remember to be humble. 

What does Lloyd’s mean to you?
Whenever I look at the Lloyd’s building I have an enormous sense of pride. I view it as an iconic institution in an iconic building. I love being involved in it. In these uncertain times Lloyd’s is recognised around the world for offering a service people can believe in.