Fine Art Appraisal and Art Authentication
Many mistakenly think that an art appraisal is the same thing as art authentication. However, they’re not the same thing. They are distinctly different. Following is an explanation of the difference between art appraisal and art authentication. Knowing the difference can have a significant impact on determining your valuable(s) actual value.
What is Art Authentication?
Art authentication is the process of proving that a piece is original or not. It involves a lot of research by qualified, recognized authorities.
Art can be authenticated in several ways. The method used to authenticate a piece all depends on what the particular piece in question is. For example, the process of authenticating a painting is different from the process of authenticating a sculpture.
No matter the piece of art, though, all proper art authentications have the following in common:
(i) The art authentication is done by a qualified authority. A qualified authority related to art is a noted professional in the field who has the credentials to back up their assertions.
The artworld is very insular. Qualified authorities will often be curators, noted experts who’ve authored hundreds or thousands of articles in their field, the artists themselves, and descendants/friends of the artist in question.
The most important thing to remember regarding qualified authorities and art authentication is that there are go-to individuals in every niche. All you have to do is mention the piece, and the name of a few noted authorities will roll off the tongue of everyone in the art community.
Provenance is a documented history of a piece of art. (ii) An art authentication is accompanied by documentation: This is referred to as provenance in the art world. Provenance comes in many forms, e.g., sales receipts, newspaper and magazine articles mentioning the piece, previous named owners, films/recordings of the artist discussing the piece, etc.
Verified provenance, in most cases, increases the value of a work of art because it provides a detailed history of the piece. While provenance can be faked, it is also relatively easy to investigate and detect.
Now that you have an understanding of art authentication let’s turn our attention to art appraisals.
What is an Art Appraisal?
An art appraisal is simply the valuation of a piece of art. Many factors contribute to determining the value of a piece, i.e., current market value, current market demand, replacement value, resale value, etc.
In short, an art appraisal considers two factors primarily: (i) the marketplace; and (ii) what the art is being appraised for.
For example, the fair market value of a piece may be different from the estate value, which can differ from the replacement value.
The most important thing to keep in mind about fine art appraisal is that they are only as reliable as the credentials of the art appraiser doing the appraisal.
Have a piece of art you’d liked to have appraised or authenticated? You could be sitting on a fortune and not know it.
Things To Cover Before An Art Appraisal
Suppose you have a personal collection of art, or a collection of heirlooms handed down from generation to generation in your family that you’re thinking of selling or insuring. In that case, you’ll need to have an art appraisal first. If this is your first time getting an art appraisal, there are several things you need to take note of.
An Art Appraisal is a service that involves examining art pieces and determining their value. Art appraisers can appraise several valuables, from paintings, vases, jewelry, and even furniture.
Here are some things you’ll need to take care of before having your artwork appraised.
Take Photos
It’s essential to keep an inventory of your art collection. To do that, you’ll need to take photos of each piece. Make sure photos are clear and color, and each piece is at the center of every photo. Also, be sure to capture any unique aspects of the artwork as well. As a rule of thumb, it’s best to have 3 to 4 shots for each object in your collection. Digital photography allows you to print and digitally store your photos, so make sure you take advantage of both options.
Keep a Physical Inventory
Aside from documenting your collection through photos, it’s essential to have a physical master list of all the items up for appraisal. Be sure to include a detailed description of all the pieces in your list. An inventory is crucial for a smooth insurance process, so make sure to have a few backups in paper and digital spreadsheet form.
Keep Track of Receipts
The appraisal process can be made faster if you can present original sales receipts for all items in your collection. This is, of course, only applicable if you bought the items in your collection. If you inherited them as heirlooms or received them as gifts, it’s a good idea to present information from any previous appraisals done in the past.
These are just some things to consider when having your art collection or individual pieces appraised. So next time, take the time and effort to make the necessary preparations to have as smooth a process as possible, and you will receive more significant results.
Art market Analyses provide financial performance index data on the global Art Market for professional Investors, Art Appraisal Insurance Companies & offer Advisory Services.
Also Read: What Makes NFT Digital Art Valuable and What Is Its Future
Key Reasons To Get A Professional Art Appraisal
You’ve probably heard of that story of the average, middle-class homeowner who bought an old painting she thought was a cute piece of junk at a flea market, only to find out later that it was worth tens of thousands of dollars on the art market. On the other hand, you’ve probably also heard of stories of people getting unusual vases from their relatives as hand-me-downs or as part of wills. Which they would later find out to cost a small fortune.
While such tales may sound fantastical, they are far from impossible. You could have something old and dusty in your home that could be worth a substantial amount of money. If you have art pieces lying around at home whose origins you’re not quite sure of, don’t discard them or give them away just yet. Don’t even make any attempts to fix them if they’re in a state of disrepair. Instead, have a professional art appraisal done on your piece for a small fee to see if it’s worth anything.
Here are some reasons to get an art appraisal for your art pieces.
To Satisfy your Curiosity
You probably now have an urge to see if the odd everyday items in your possession are worth anything. If you bought an art piece, there’s a 50-50 chance that you bought something not necessarily very valuable but worth a few hundred dollars. If you’re truly lucky, you may come across something priceless and discarded. Because the previous owner, or owners, didn’t know its true value. Having a professional art appraisal can help you avoid making the same mistake.
To Determine Resale Value
In the world of art investment, many pieces bought today can increase in value in as little as 5 years. This is usually the case if the artist becomes famous in the art world or passes away. In which his or her works instantly increase in value. If you’re an art investor, an appraisal can tell you of how much your piece is worth on the market.
For Insurance Purposes
If you have a collection of art pieces, getting an online art appraisal will help determine their value, which you will need if you want them insured in the event of a fire, flood, or theft. This keeps your investments intact when any untoward incidents happen.
Art market Analyses provide financial performance index data on the global Art Market for professional Investors, Art appraisals, Insurance Companies & offer Advisory Services.
