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Evaluating Fine Art

Determing the Value of Fine Arts and Crafts

Evaluating Fine Art and Crafts

It has often been said that the true value of art is ultimately what it is worth to the purchaser. Unlike many objects, art is inherently subjective. Purchasing decisions are made largely on factors that are individual to each person, including emotionality, sentimentality and other impossible to predict factors.

For this reason, even the most professional appraisal is ultimately an educated guess and most appraisers in the United States will not guarantee their appraisals.

Nonetheless, with a bit of research it is possible to draw a reasonable conclusion about the approximate cost and value of any piece of fine art.

The First Steps

Before performing extensive research or hiring a professional appraiser, there are a few basic steps that you should take with any new piece of art.

• Take several photos of the piece from different angles.
• Write down the materials that were used in its creation.
• Precisely weigh and measure the piece and write down the results.
• Write down how the piece was made – etched, carved, etc. If it was painted, what type of paints?
• Note any markings, dates, inscriptions, signatures, stamps or damage.
• Look for a signature.

Distill your notes into a one page summary that will be easy to share with others or use for reference later in your search.

Online Research

The next step is to perform some preliminary research online.

You can search for the artist in a variety of art databases. You can also search for dealers who may carry the artist’s work.

It is also a good idea to research similar pieces by other artists, which can help you determine the average going rate for such items.

Real World Research

At this point, you should have a general idea of how much other pieces by the artist have sold for. You should also have a general idea of the prices commanded by other artists for similar works.

In order to develop a more specific price range for the item in question, however, you will need expert assistance.

If you are trying to sell or insure the piece, then it may be worth hiring a professional appraiser.

There are different types of appraisals including tax, insurance and sales. If you plan to hire an appraiser, be sure that you select the type that best meets your needs.

If your interest is more general, you may want to begin with a library search.

Many city libraries have reference librarians who are reasonably knowledgeable about fine art. He or she can direct you to specific resources that can help you with the piece in question.

You can also take advantage of a free assessment. Some of the larger auction houses will assess items from photographs.

Some appraisers offer free short assessments on designated days of the week or month.

Some art museums also offer free or low cost short evaluations.

The Bottom Line

Evaluating the cost and value of an original artwork, particularly a piece by an unknown artist, can be tricky.

However, a bit of research and some educated guesswork can help you to arrive at a reasonable estimate.

Ultimately, however, being able to buy or sell a piece at a price that you want is a matter of negotiation.

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