Even if you aren’t interested in art from a personal perspective, you may be interested in the art market and the financial benefits it has to offer. According to, the worldwide art market was valued at $67 billion in 2018. This was actually an increase from the previous year, in which it was valued at $64 billion.
The value of art can be difficult to pinpoint, however, and doesn’t necessarily have anything to do with your personal taste. You may look at a piece and think that it’s not right to hang it on your wall. However, it could be a wise investment. What’s most important is that you work with certified fine art appraisers to ensure that what you’re purchasing will bring you the best possible return in the future. But how does a fine art appraisal work? Let’s find out.
How do certified Fine Art Appraisers do their job?
It’s incredibly important that you work only with certified fine art appraisers. An individual can be very knowledgeable about art, but unless they have been trained and certified in appraising fine art, you may not be able to trust their opinions entirely. A certified appraiser can also add more value to your investment. Whereas saying that you had the piece appraised by someone less reputable before you invested in it could damage people’s perception.
An art appraiser will begin by doing their market research. They will typically delve into records, including auction records, private sales records, records surrounding artwork that is currently for sale, and much more. This is done for the sake of comparison to similar pieces. They will also investigate the piece’s history What is its provenance? Has it been exhibited before? Issues like these can affect the piece’s value.
Certified fine art appraisers will write up a description of the piece, which will detail the facts surrounding the piece. They will also include their opinions, which will ultimately lead to the piece’s monetary value.
How long is an appraisal relevant?
The value of a piece can change as the artist or art style goes in and out of fashion. An appraisal is therefore valid for about 10 years. Afterward, you may want to have the piece re-appraised.
When investing in art, you must work with an appraiser. Don’t try to get around it!