Blue-chip art is well-known art that sells for the highest amounts at auction and appreciates…
As an art collector or art lover, you already know that not all artwork is created the same. Whether it’s in your art collection, art galleries, or art museums, you’ll find that some pieces of artwork are more valuable than others. As such, you must know how to find the value of artwork whether you’re selling your fine art or buying your fine art.
For that reason, it’s imperative to understand some of the factors that influence art valuation. Let’s dig in and explore some of them.
1. The Artist
The reputation, contribution, and influence of an artist in the art industry is a major factor that affects the valuation of art. Artworks from painters seen as the leaders of an art movement or those considered legends for popularizing a particular art form will attract more value in the art market. For instance, Pablo Picasso is credited as the godfather of the Cubist movement, while Andy Warhol is praised as the most eminent artist of the pop art movement. By and large, artists considered pioneers of an art movement will have their artworks valued higher than their peers.
The length of the artist’s career is another factor that should guide you on how to find the value of artwork. Typically, artists are classified into three categories: emerging artists, established artists, and mid-career artists. Painters who are within the first five years of their career are categorized as emerging artists, and their artwork attracts a lower valuation.
Mid-career artists have much more experience in the industry. They may have several solo and group exhibitions in national and international art galleries. Artworks from mid-career artists will have a higher valuation than their emerging counterparts. Established artists are recognized worldwide for having great influence within and outside the art world. Their artworks will attract a higher valuation because of their colossal influence in the art world and beyond.
2. The Overall Condition Of the Artwork
The condition of a piece of art will influence its value because it indicates the quality of the materials used in making the artwork and the artist’s workmanship. Original paintings without scratches or broken parts will attract a higher valuation than restored paintings. When a painting has retained its original structural integrity, it shows that it’s well maintained. It’s also an indication that it was created using top-quality materials by a master artist.
This is an important consideration when determining how to find the value of artwork, given that paintings account for 83% of art collections. Collage, drawings, and works on paper make up 15%. As such, evaluating the condition of a painting will help you get top-quality artwork. When a painting has undergone restorations, you should assess the quality of the restoration. A good restoration job on a painting will help it retain much of its value, but a poor restoration job will further deteriorate its value.
When considering how to find the value of artwork, consider exploring the ownership history of the artwork. If possible, trace the artwork to the original artist, especially when dealing with fine and antique artwork. If you can prove that the piece was created by an influential artist or it was once owned by a reputable person in society, it will attract a higher valuation. Proving the origin and history of an artwork requires a lot of research and the application of complex scientific methods. You’ll be better off working with a certified fine art appraiser near you to help you accurately establish the provenance of an artwork.
Artwork has both intrinsic and commercial value. While it’s hard to quantify the intrinsic value of an artwork, you can consider the above-discussed factors on how to find the value of artwork to determine the market value of a piece of art. Good thing you can get your art appraised by a certified fine and decorative art appraiser near you. Whether you are a hobbyist art collector or a professional collector, understanding how art valuation is done is key in finding quality fine art.