Art is appraised primarily through market research to determine its current value.
Appraising art involves a detailed process focused on understanding its value within the current market. At its core, the appraisal is based on market research. This research is crucial for finding comparable objects that help establish a fair market price for the artwork being appraised.
The Art Appraisal Process
The process relies heavily on finding similar artworks that have recently sold or are currently available for sale. Appraisers delve into various sources to gather this critical market data:
- Consulting Auction Records: Looking at past sales results from major and regional auction houses provides data on what similar pieces have sold for in the public market.
- Private Sales Records: While often less accessible, records of private sales between individuals or galleries can also offer valuable insights into market value.
- Artworks Currently For-Sale: Examining the prices of comparable works currently being offered by galleries or dealers indicates the current asking prices in the market.
By reviewing these sources, appraisers identify objects that are comparable based on factors such as the artist, medium, size, subject matter, period, and quality. The sales data from these comparables helps project a likely value for the artwork being appraised.
Key Factors Contributing to Value
Beyond direct market comparables found through research, other elements significantly contribute to an art object's value:
- Provenance: This refers to the history of ownership and of exhibitions of the artwork. A documented history, especially ownership by notable figures or inclusion in significant exhibitions, can significantly enhance an object's desirability and therefore its value.
- Condition: The physical state of the artwork is paramount. Damage, restoration, or lack of conservation can negatively impact value.
- Artist's Reputation and Market Demand: The current standing of the artist in the art world and the demand for their work play a huge role. An artist's career trajectory, recent sales performance, and critical recognition all factor in.
In summary, art appraisal is a research-intensive activity that uses market data from sales records and current offerings of comparable works, combined with the specific history (provenance) and condition of the artwork, to determine its current value.
