When you start collecting art, you build a close and intimate bond between yourself and the artworks you acquire. As time goes by, an art collection becomes the essential part and reflection of the art collector. However, collecting paintings and sculptures is not only about aesthetic pleasure and joy but also about the responsibilities you take on when buying pieces of art.
For example, if you want to insure art or plan to sell your collection at an art auction, you need to appraise it first. That is when you turn to professional art appraisers who can provide you with an objective cost estimation. In this case, you need to know what elements appraisers consider in the first place when valuing your art collection.
5 things that appraisers consider when valuing your art collection
1. Condition of art
If your artwork has visible damage, its value will obviously go down. Even some minute scratches can influence the final price of the item.
2. Provenance & origin
Certified art appraisers will also research the origin of art and its previous owners. Thanks to the comprehensive database, this is pretty possible nowadays.
3. Artists’ names
Works by acclaimed masters are valued more than works by emerging artists. Your art collection will be much more valuable if it contains some famous works of art.
4. Historical context
Art is also a cultural phenomenon. When a painting is connected to historical events or renowned figures from the past, art appraisers will certainly take it into account.
5. Market demand
Market demand is subject to change, so the value of the same artwork may be drastically different depending on art world trends.
Art appraisers will definitely pay close attention to these elements. Knowledge is key, so you need to be aware of all the details necessary for a clear understanding of the situation.