Nail the Basics - What you need to know about valuing your fine art collection
Being a Confident Collector is about more that finding the right work of art. It’s also about caring for your art collection and one way to do this, is through valuing. Valuations are a significant yet sometimes curious part of collecting fine art. In an effort to shed some light on this process, we’ve compiled our own FAQ on valuing fine art.
What’s the point of valuing my collection?
There are two kinds of reasons people value their collections. The first is practical. If your collection is a financial asset for example, a valuation may be necessary. If so, valuing your collection can be used for insurance, superannuation, asset validation, liquidation, estate planning or estate settlement purposes.
The other reason people value their collections, is sheer curiosity. Ever wondered how much that Charles Blackman in your collection is now worth? Then find out.
Can I value my own collection?
Professional fine art valuers are required for formal valuations. At Angela Tandori Fine Art for example, we provide written substantiated valuations based in our director’s extensive experience and expertise.
How is a work of art valued?
Here’s the thing about valuing anything - while it certainly requires a special kind of expertise, it should still make sense. That is, the value of a work should be reasoned and demonstrated. At Angela Tandori Fine Art, we engage models of comparison and substitution of market data, alongside principles decreed by the International Valuation Standards Committee to produce thorough valuations.
What is taken into account when valuing a work of art?
The economic value of a work hinges on several individual attributes that contribute to the specific value of a work of art. These include - provenance, condition, exposure, quality, rarity size, exhibition and publication history. It is the valuer’s job to interpret the sales data in relation to these attributes, using their experience to provide insight and judgement.
Valuation is a prime way to engage with, record and understand your collection. While never an exact science, it’s a skill cultivated by those passionate about art. To find out more about our valuation services, click here. Alternatively, send any enquires to firstname.lastname@example.org.