Hi Cadger, it is something I have thought about quite a lot in the past. Actually valuing an entire collection is very difficult because there are so many factors involved such as the condition of the smurfs, which variations are included and probably the most difficult to establish, what exactly each smurf is worth, do you go by the catalogues / guides / Ebay / more esatblished collectors, dealers etc. I often have emails asking me to give a value to single smurfs and collections, for the more common smurfs it is fairly easy to give an approx. value but even then there is much to take into consideration. Here is an article I wrote sometime ago to help visitors to Blue Imps:
How much are my smurfs worth?
This is actually quite a difficult question to answer because there are so many factors involved. Firstly, there is a wide range in value between different figures because some smurfs were produced over a long period of time and have also had later reproductions, while there are other smurfs that were only produced for one year and only in certain regions. Smurfs of earlier productions and licenses will inevitably be worth more because they are harder to find than later reproductions. Condition of the smurf is also a big factor, a mint condition figure holds a far greater value than a figure that has been played with and has rubs, marks and discolouring present, also whether the original box or packaging is inlcuded will effect the price. Paint variations and promotional smurfs again vary in value due to the limited number of smurfs produced in often a single production and availability to the public at the time of release. With the huge increase in internet availabilty over the last few years with internet auctions and online selling, it is now increasingly difficult to definitely say how much a particular figure is exactly worth. The nature of auctions means that a smurf is worth how much someone else is willing to pay for it (or sell it for) at that particular moment in time - we have seen auctions finish for absolutely bargain prices and also auctions finish way above what we would consider a reasonable value for that figure. Online smurf shops and guides often mean guaranteed mint figures so prices do tend to be higher (this isn't always so) but availabilty isn't always great with certain rarer smurfs very difficult to find. There are a number of smurf catalogues and price guides available, again these prices don't always reflect the ever changing values that are being seen on Ebay and the online guides. You must remember most of these book catalogues are produced by smurf dealers, they are not done just for information purposes. Basically, check out the figure in question on Ebay, in on-line smurf shops and guides or in a catalogue, check to see what markings and paint variation it is, consider its condition and then try and work out roughly how much someone else would pay for it!
http://www.blueimps.com/smurf_faq.html#worth
As for insurance, I have contacted our company in the past and was told that I didn't need to insure the collection as a whole as every individual item would be automatically insured. Personally I would like to insure the collection as a whole but then of course you are back to the problem of how and where to get it valued. It is a difficult one I am afraid.