Deaccession policy

Pursuant to the continued exploration, discovery and recovery of shipwrecks of historic and intrinsic value, it is necessary that the portfolio companies of Historic Discoveries Inc., engage in deaccession of legally recovered artifacts.

This policy applies to all appropriate portfolio companies of Historic Discoveries Inc.,:

Artifact Recovery and Conservation, Inc.,
Sea Research, Inc.

Deaccessioning must be undertaken in accordance with the highest professional standards and ethics. Deaccessioning must only take place with artifacts legally acquired in accordance to a given national or provincial policy on artifact recovery and disposition or with a documented provenance.

The artifacts being deaccessed must be thoroughly documented in accordance to commonly accepted historical and archaeological standards. These records will be retained by Historic Discoveries Inc., and will be made available to researchers by request.

An effort will be made to allow public institutions to be offered the right of first refusal on artifacts.

Deaccession Methods:
An Effort will be made to keep a deaccessioned artifact in the public domain by offering museums and similar institutions the opportunity to purchase the artifact at fair market value. Fair market value as determined by the average of no less then two independent appraisers adhering to the standards of the Appraisers Association of America standards. Consideration will be given to institutions in the region of origin.

The eventual deaccession will follow one of three options.

Sale- In order of preference deaccession will follow:

1. For fair market value to a museum, university or public institution collections.
2. By publicly advertised auction to the highest bidder.
3. By private sale based upon fair market value.

Exchange- With approval of the Board of Directors, artifacts can be exchanged for another artifact from a qualified museum, university or public institution collection to further complete the present collection of that institution. Allowing that the exchanging institution does and has executed a policy allowing for final deaccession to a private entity.

Gift- With approval from the Board of Directors, artifacts will be deaccessed to a qualified museum, university or public institution collection to further complete a given collection.