Art Valuation: One can easily say the taste is the factor when valuing art. However, there are many factors to consider when you want to value art. The value of art is the market or monetary value. Both cultural and emotional values are essential, but they have little effect in Art Valuation
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Factors in valuing an art
Some of the factors used to value an art are:
The current market demand is a significant player in valuing artwork. The need for a particular artwork is dependent on the similar artworks demand. Nevertheless, using similar artworks to determine the art valuation can be a problem due to an artwork’s unique nature.
An artwork is a highly illiquid asset that can quickly become liquid when highly demanded. Thus, consider the liquid risk related to art investments when you want to check the value.
This is one of the essential factors in artwork valuation. When you consider history, you will see some artists have more relevance than others. This simply means their works were of more value than others. An artist’s profile can affect the value of an artwork significantly. The value of an artwork that produces more art differs from the artist who made less.
- Market data
An art evaluator can use the market research data offered by different companies in art valuation. The data gotten from the research shows the sales rate of significant price levels and auctions. Companies and auction houses offer market data specializing in market research.
Size is another parameter that is used in art valuation. This does not mean great artwork is better. Nevertheless, it shows a particular drawing skill level that adds value to such work. Finding out what a buyer is looking for as a significant piece may not affect the value.
- Technique Size
The technique affects the art valuation. You have to identify if the work is hand-painted initially or a rare photo. If such art has these attributes, the value will increase.
- Activity of the art dealers
The activities of artwork dealers change the price of an artwork. The art dealer usually has a contract with artists. When an art dealer decides to buy the works of an artist at an auction, the value of the art will be affected.
The importance of documents in everything on earth matters with the art valuation. Documents are proofs of authentication. When private buyers directly purchase artwork from fairs or auctions with the right advice, the accompanying certificate of the artwork becomes vital.
Many factors affect the value of an artwork. Whether you are a seller or buyer, consider the above elements to buy or sell it at a fair market price.