Carefully selected artwork can help make a house a home, but art can also be a valuable investment. What defines the worth of an artist’s work is a recurrent topic in the art industry. What makes one piece of art sell for $10,000 while another sells for $10 million—or even $100 million? The correct response is that it is more than talent or ability. It is the accumulation of criteria that are measured against each other, including evident items like the size and less obvious ones like an artist’s reputation and collector demand.
If you’d like your choice of art to be an investment too, here are a few significant aspects that influence the commercial value of art.
1. Consider History of Ownership
Investigating the artwork’s history may provide access to previous sales records that reveal the artwork’s monetary value. Knowing the former owners of a picture will indicate its
worth, assisting in how to value art. It’s good to hire a trained, acceptable art appraiser to help you determine the provenance of a piece of artwork. Art assessors will carefully record the artwork’s
provenance in an appraisal report that you can use for official purposes.
2. Certificate of Authenticity
Authenticating a piece of art can be as simple as asking the artist or as complicated as putting it to lab tests, but documentation is essential in both cases. As more individual purchasers purchase art directly from auctions and fairs without professional assistance, the certificate that should accompany a work of art has become increasingly significant.
Restorations of any kind reduce the value of art; in fact, some collectors will only pursue works that have not been restored. Of course, the quality of the restoration determines how much the value will decline. A work that has been skillfully restored is more valuable than one that has been the victim of shoddy restoration.
When dealing with a restored item, it is critical to analyze how the restoration influenced the work’s look, structure, and integrity. The better the condition, the bigger the value, but it must also be considered alongside the other factors on this list.
The value of art is unquestionably affected by technique. Is it a hand-painted original? Or perhaps an extremely uncommon photographic process? These will undoubtedly bring value. To help establish the worth, it is also necessary to examine works created in the same media. Comparing two paintings from the same artist may provide a more accurate indicator of worth than, say, comparing a painting and a print, as one will have little to no effect on the value of the other.
When valuing art, the most crucial aspect to consider is the artist. Looking back through history, it is clear that some artists were more critical than others, so their works will be more valuable than
The value is also affected by the artist’s prolificacy. When all else is equal, a work by an artist who created more will not have the same value as one who produced less. Additionally, other factors of the artist to evaluate are when he created the work and whether it represents their style.
Although it is to some extent a matter of taste, certain subjects will generally sell better than others, enhancing the value. A feminine nude, for example, is more appealing to consumers than a
photograph of an elderly guy.
It’s vital to remember that one factor cannot decide the value of a work of art on its own. It would be best if you used it in conjunction with other elements. For example, the subject of a piece will
reduce the market of potential customers, and as with anything, demand drives price.
Provenance is essential! Obviously, the greater the provenance, the better. If you can track a piece back to the artist and develop a good pedigree, it will almost surely increase in value. When it comes to provenance, evaluate if the piece has been included in the artist’s ‘catalogue raisonné,’ if appropriate.
Furthermore, if you can show that the piece was initially held by someone renowned other than the artist, it will be more likely to attract a more fantastic price. Finally, it can be helpful to try to locate the piece in previous sale records to gain an idea of its value.
Every artist has produced both good and poor work. The higher the quality of the work, like with most other things, the more valuable it will be. Aside from the job’s quality, the materials’ quality
can also influence the value.
In art, size counts. Not to imply that bigger is always better, but it signifies a certain level of competence, frequently adding value to a work. However, evaluating what the buyer is looking for is
crucial, as an oversized item may not fit in every space.
Finally, the market has an impact on the value of all artworks. You may have an excellent work of art in your possession, but if no one wants to buy it, it doesn’t have much monetary value. The art
market is volatile, and paintings and other luxury items become more valuable in a thriving economy.
The same piece could sell for half its original price in a deteriorating economy. Significantly, various things can influence the art market, so it’s critical to keep an eye on it, recognize trends, and
understand what collectors are searching for right now, especially if you’re looking to sell your piece of art in the near future.