You may have a deep sentimental connection to your art collection, as it may represent your expressions, life values, history, and culture. These aspects are priceless — there’s not enough price tag to qualify them. But what happens when you need the market value of your art collection for insurance purposes, estate division, or for auctioning? You seek art valuation services from a certified fine art appraiser.
How do art appraisers value your art? What elements of your art collection do appraisers consider? Let’s dig in.
1. The General Details of Your Art Collection
Art valuation is based on deep research and intricate knowledge of all the little details of a piece of art. It’s both an art and a science. Art appraisers seek to establish the art’s provenance, the materials and techniques used to make the art, and the overall condition of a piece of art.
2. Condition of The Artwork
If some of the artwork in your collection has sun damage or has some torn parts, it’s likely to have a lower valuation. The certified fine art appraiser will also consider the pieces have undergone paint restoration. These pieces will fetch a lower value than the artwork in its original condition.
3. Art Techniques
Some art techniques such as hyper-realism, portrait painting, acrylic painting, and Renaissance painting are considered more sophisticated because it takes a lot of time to master and execute. Some of the most valuable and world-famous art pieces, such as the Mona Lisa and the Last Supper, are Renaissance artworks. During art valuation, the art appraiser will investigate the techniques and materials used for each artwork piece.
4. The Provenance of The Art
Certified fine art appraisers also seek to establish the origin of the artwork in your collection. They conduct deep research to know the origin of the art, previous owners, and where the art was first displayed. Art appraisers will also investigate if the artwork was previously valued by searching for information in their database. If a piece of art was owned by a famous art collector or displayed in a renowned art museum, it will attract a high valuation.
5. The History of the Artist
Paintings from globally-acclaimed artists such as Jean-Michel Basquiat, Van Gogh, Salvador Dali, and other famous painters are usually rare and very valuable. Globally, artworks from famous painters attract a high valuation from art appraisers. For instance, the Mona Lisa painting by Leonardo da Vinci is worth about $161 million today. Pieces in your art collection from renowned painters will be worth more than those from a less-known artist.
6. The Historical Significance of the Artwork
If a drawing captures moments and events that changed and shaped the history of a nation, race, religion, or culture, they may have a higher valuation. When a painting is part of the story and origin of a large group of people, it will be more valuable. During art valuation, the appraisers will consider how the artwork influenced the history of the world.
7. The Market Demand for the Artwork
The demand for artwork is mostly tied to the artist’s fame and the artwork’s historical significance. When famous painters pass on, their artworks may increase in value significantly because there’ll be limited supply since the artist can’t paint again. The demand is also influenced by the current status and fame of a painter. When painters receive more global attention and exhibit their works in international museums, all their artworks may increase in demand. Additionally, the rare artworks remain in constant demand all year round. For instance, the Salvator Mundi is 600-years old and very scarce. It’s valued at $450 million.
These are some of the aspects that art appraisers will weigh during art valuation. As much as you have a sentimental value to your collection, it’s important to have the monetary value well documented. In 2018, the global art market was valued at more than $67 billion, a steady rise from $64 billion recorded in 2017.