Undervaluation in probate inventories probate inventory values and auction protocol market prices in eighteenth and nineteenth century Sweden

ABSTRACT In this article we examine the accuracy of valuations of movable property for a sample of 22 probate inventories from Swedish. The sample comprises a total of 785 probated items which we have been able to match with contemporary auction protocols, giving us an official sales price for each item. This enables us to determine the consistency between the appraisal values in the probates and prevailing market prices, despite the fact that the probated items were invariably second-hand and of uncertain quality, as the comparison can be made for one and the same items. Our results show that probate appraisal values were marked underestimates of contemporary market prices, but also, that they lacked internal consistency. We find a mean undervaluation for probated items of −36 ± 3 percent, but the degree of undervaluation varied both depending on (i) the category of item, (ii) the year of the probate, as well as depending on (iii) the social class of the deceased. Our results apply, first and foremost, for the Swedish counties of Uppland and Södermanland, but as there is no reason to assume that Swedish probate proceedings exhibited significant regional variation, our results are most likely valid for the whole country.