Knowing how to find the value of artwork is important for all art collectors. Whether you collect art as a hobbyist or an investor, knowing the market value of art comes in handy when buying or selling art. Given that 53% of art collections worldwide contain more than 500 artworks, art valuation is key when trading in art. Good thing you can always rely on certified fine and decorative art appraisers near you to get your art appraised.
Even so, as an art collector, you should have some basic knowledge to help you figure out how to find the value of artwork. Here are some of the factors that influence art valuation you should know.
1. The Overall Condition of Artwork
Wear and tear affect artwork the same way it affects other objects. However, most wear and tear can be prevented through proper maintenance of artwork. Some of the factors that cause damage to art are excess moisture, damage from insects and rodents, air pollution, and negligent handling and storage of artwork.
Well-maintained art will command a higher valuation compared to the pieces that have been neglected and subsequently damaged. You also need to consider the restored pieces. In this case, art restorations refer to the repair and renovation of artwork that has sustained damage.
Damaged art pieces that have undergone professional restoration from an expert will have more value than those that have been poorly restored. A good restoration job will preserve the overall appearance and structural integrity of the artwork. Hence, examining the condition of a piece of artwork is a good place to start when determining how to find the value of artwork.
2. The Reputation of the Artist
The reputation, influence, and contribution of an artist are the most decisive factors in art valuation. Artwork from famous and influential artists who are globally celebrated is highly valued. A good example is Leonardo da Vinci’s Salvator Mundi painting, which ranks as the most expensive piece of art globally, commanding a value of $450,312,500. Top painters such as Pablo Picasso, Vincent van Gogh, Amedeo Modigliani, Andy Warhol, and Claude Monet have some of the most expensive art pieces one can buy.
The iconic paintings from these top artists are also scarce, making them even more valuable. As such, when considering how to find the value of artwork, look at the artist’s reputation and the rarity of the artist’s artwork. For instance, if a famous artist produced artwork in large editions and others in small editions, pieces in the smaller editions will be more valuable than those in the larger editions. Take Salvator Mundi, for instance. The original piece commands a higher value, north of $450 million, while copies and variations of the same painting attract a lower valuation.
3. Consider History of Ownership
Establishing the provenance of a painting is an effective strategy when determining how to find the value of artwork. Researching the history of the artwork may give you access to former sales records that would indicate the artwork’s monetary value. Additionally, knowing the previous owners of a painting will give you an idea of how valuable the art is.
Artwork will be even more valuable if you can trace it to the original painter. Establishing the origin of a painting takes time and requires thorough research. Good thing you can seek the services of a certified fine art appraiser to help you establish the provenance of a piece of artwork. Art appraisers will record the artwork’s provenance professionally in an appraisal report that you can use for official purposes.
You don’t have to figure out how to find the value of artwork by yourself. A far more effective and efficient way is to enlist the services of art appraisers near you. All the same, the above-discussed factors will give you a good idea of what influences art valuation.