You collect fine art, collectibles, furniture, or decorative crafts and want your children to learn…
Fine art is a billion-dollar industry. According to the latest statistics, the National Science Foundation has funded about $5 billion dollars while federal funding for the arts and humanities rolls around $250 million each year. With such high stakes, fine art appraisals are an essential component of the industry. Below we will take a look at the key factors that influence fine art appraisals.
The identity of the artist is the number one factor that will influence the appraisal process. The artist’s name is a brand on its own, and some artists have bigger brands than others, even when you look at history. The main thing that makes an artist’s work more valuable is how prolific they are. Generally, an artist’s work will hold more value if they produce more work or larger-sized pieces and if they tend to focus on more interesting subject matters. Most importantly, if an artist produces consistently good works, it’s likely their art will be considered more valuable.
Provenance is one of the crucial factors to consider when determining the value of art. Typically a certified fine art appraiser will look at the history of a particular piece of art when appraising it. They will look at the documents that authenticate the art piece. These documents will contain information about the art’s history and things like a famous former owner helps to create a stronger provenance and pedigree, meaning the artwork will be more valuable.
However, keep in mind that if the art’s history includes a restoration, this might lower the value of the work. Since authenticity documents can be forged, working with an experienced and certified fine art appraiser is important.
When it comes to fine art appraisals, the law of supply and demand still applies. Even if the artwork is beautiful and breathtaking, it won’t fetch a higher value when there’s no demand for that type of art. On the other hand, if everyone is interested in buying certain artwork, this automatically increases its value.
There are many benefits that come with hiring a certified fine art appraiser. In a nutshell, knowing the exact value of your art is important for donations if you want to make the most of your tax benefits. In addition, it’s easier to sell art that has been appraised, and you can also be confident when purchasing artwork, knowing that the appraiser used the right factors to perform their valuation.