Art can take many forms, including painting, sculpture, design, photography, and many more. Appreciating art Properly requires a great deal of knowledge and experience. This is something that not everyone can and should do.
The art market is characterised by its inherent complexity and lack of transparency due to the nature of the products it deals in.
The uniqueness of these assets, the possible differences in criteria when assessing their artistic quality and execution, as well as their commercial expectations and the risk of the investments made, are variables to consider when determining the value of a work of art.
And in that sense, there are numerous Reasons to have a painting valued: to determine their quality and market value, whether as part of an inheritance, to update an insurance policy, or in preparation for a loan to a museum. However, among the The most common reasons for valuing works of art include an upcoming sale and as collateral for loans and debts.
Who determines the value of a work of art?
An art and antiques appraiser is a specialist professional who can appraise new and/or antique items. There are several values that an appraiser can determine, such as the insurance value, replacement value, resale value or market value of the items.
However, unlike real estate assets—where the purpose of the valuation will largely determine the final value—, The result of a valuation report on art and antiques is independent of its purpose.
How long is an appraisal valid for?
As the value of your artwork will fluctuate intermittently with trends and fluctuating markets, valuation is the best tool for deciding the selling price of a work of art. Thus, the validity of reports is usually 6 months.
What does an art appraisal report include?
A good valuation report clearly explains how a certain value was arrived at and who carried out the valuation. This makes it clear exactly what needs to be paid if necessary. In most cases, an insurance company will indicate who can provide the valuation so that the items can be properly insured. It may also be important to value items for other reasons, such as for a possible auction.
Assessment criteria
The valuation criterion par excellence in art consists of the synthetic or comparative method. It involves comparing the work of art to be valued with similar pieces sold on the national and international market, taking into account the various factors that would affect the final result.
Artworks of this nature can vary significantly in value, depending on their history, origin, location, or value as a reminder of a specific event or because of their connection to a particular social group.
In order to make an accurate valuation, it is advisable to be familiar with the characteristics of the work, as well as the various socio-artistic factors that influence its final value.
By way of explanation, some of the most relevant aspects are listed below, all of which influence the final value of each work of art:
It is considered to be by the artist:
- The importance and reputation
- Place of birth, residence, and occupation.
- Artistic movement
- Style
The work includes:
- Size
- Theme
- Technical Quality
- Authenticity
- Technique and support
- Conservation status
- Date of acquisition/creation of the work
- Surface area or size of the stain
External aspects:
- Variations in supply
- Author's presence in the market
- Distribution channel
- Presence of collectors or investors
- The country's fiscal policy
- Financial events
- Assessment of demand
- Legislation.
How does Gesvalt assist in the valuation of art and antiques?
Gesvalt offers art and antiques valuation services, accepted by organisations and financial institutions, for various purposes:
- Insurance of works or collections.
- Advice on purchase and sale transactions.
- Distribution of assets in inheritances.
- Appraisal for damage, theft or fraud claims.
- Donation in payment of taxes.
- Accounting reconciliations for financial purposes.
ASSESSMENTS
- Art appraisal: painting, engraving, drawing, watercolour, photography, etc.
- Assessment of sculpture: relief, wood, stone, etc.
- Valuation of antiques.
- Evaluation of decorative arts: tapestries, ceramics, period furniture, etc.
- Valuation of relics.
CATALOGUES
- Cataloguing of art and sculpture collections for private clients, private individuals and public institutions.
- Inventory and labelling projects of different artistic typologies.
Do you have any questions? If you want to know the value of a work of art, contact our experts in the valuation of works of art and antiques.