The interdisciplinary study of two reliquary busts from Sarezzano (Piedmont, Italy) is a perfect example of the necessity to provide for material characterisation as a recurring common practice in historical studies and a mandatory step in conservation assessment. Furthermore, the diagnostics of cultural heritage play a crucial role in art historical research, providing relevant information on artefacts’ genesis, production technology, and conservation history. The study of the materials of the reliquary busts was performed by non-invasive (portable X-ray fluorescence spectrometry) and micro-invasive (stereomicroscope, attenuated total reflection Fourier transform infrared spectroscopy and powder X-ray diffraction analysis) methods. According to the results, the busts were found to be made of a tin–lead alloy, a rather unusual material for mediaeval reliquary busts. Moreover, the outcome suggests that the busts were originally silvered, except for the hair and beard which are still gilded. The analysis reveals the use of colophony as an adhesive buffer layer on the busts’ alloy, as well as inside them, to favour the metal working process, since it is found as degraded residue. Finally, even the typology of alloy decay is defined. All this information has enabled us to determine the artistic technique and estimate the value and quality of the material employed. In addition, it has led to the correct choice of materials and methods to be adopted during the restoration, and therefore the usage of more suitable solvents and tools.