🖼️How is art valued?
10 criteria that determine the value of Art
1. Authenticity:
It is the true and intended manifestation of an artist's idea. Anything that is worth something is worth being faked. So it is necessary for an art work to pass the authenticity check by a seasoned expert.
Jean-Michel Basquiat's untitled work set a record at Sotheby’s, selling for $110.5 million. The staggering selling price spurred the owner of another Basquiat painting to have the work authenticated. An ultraviolet light examination revealed that the painting included elements drawn by Basquiat in invisible ink(1).
2. Condition:
A crack on the surface of a canvas could be a signature feature of the artist’s work or just a sign of damage. So, it becomes necessary to get an artwork assessed by an expert who can determine the work’s physical state and understand how the condition impacts the value of art.
Joan Mitchell's paintings from the 1950s should not have developed cracks over them. If a crack has developed to an extent where there is paint loss and this has been covered by a conservator, the valuation of the artwork drops substantially.
3. Rarity:
Supply and demand are the most basic factors that determine the value of any commodity. Now, consider something so rare that it is impossible to be recreated. It is this very desire to own something that is only one of its kind in the world that multiplies the value of art.
One of the fundamentals of auction dynamics is the idea that you walk away when something outpaces the real market value. There's always a next one, another one, but in the case of Kay Sage's artworks there isn't another one - there are only about a few hundred works in the world by Kay.
4. Provenance:
It is the history of ownership of art. It is the story of ownership that is just as fascinating, if not more fascinating than the story of the artist. The feeling of wanting to own something that once belonged to a popular figure also determines the value of art.
A painting by Sebastiano Conca (1680-1764), which contains an old hand-written note that describes its title and date, as well as providing provenance - that it was gifted to one D. Domenico Guastaferro in July 1748.
5. Historical Importance:
It is derived from the moment the artwork is created. It is not about the events after the art was created but about the circumstances in which it was created. The belief that art holds clues to the moment it was created is what determines the value of art.
This seal fetched $18 million at the 2021 Sotheby's Hong Kong Spring Auction. On the side of the jade seal, there is a carving of the imperial prose named Jientang (the Hall of Jien), the order of Qianlong, in remembrance of where he met his grandfather(5).
6. Size:
It is not as straightforward as large-scale works that are more desirable. In certain categories, objects that fit in your palm are highly valued, like the Chinese works of art sale. But in a category like postwar painting - it is always the bigger the better. So, yes, size does matter in determining the value of art.
7. Fashion:
It is very closely related to trend and trend reflects the mood of the world in the era it was born in. Many works soon fall out of favor, while only a handful of them take a generation to gain appreciation. The world bets on what's coming next and this too determines the value of art.
Hip hop super couple Jay-Z and Beyoncé have posed alongside a rare painting by Jean-Michel Basquiat from 1982 called Equals Pi, which depicts a figure in a dunce cap alongside the phrase “Ten Yen” on a seafoam green background(6).
8. Subject Matter :
It determines the artist's mindset when the art was being created. Historic data shows that fundamentally pleasing images like bright landscapes or nudes have been highly valued. In the case of contemporary art, the feeling of art collectors wanting to embrace its capacity to challenge is what adds to the value of art.
Le Reve depicts Picasso's French mistress Marie-Thérèse Walter. Unlike his later mistress Dora Maar whom Picasso often portrayed as tortured or threatening, Marie-Therese usually appears as blonde, sunny and bright in his paintings. In March 2013, Le Reve was sold in a private sale for $155 million making it the fifth most expensive painting ever sold at the time.
9. Medium :
It is what the artist used to create the work. There are trends in the unwritten hierarchy of valuing art. In the case of sculptors, marble or bronze leads the line and in the case of paintings, it has always been oil-on-canvas. It is the people's recognition of an artist's area of excellence with the certain medium on which his work translates the best that determines the value of the art.
10. Quality:
It is a mixture of craftsmanship, intricate detailing, and technical innovation that makes an artwork special, unique, and more appealing. It is the perfect blend of these factors that determines the quality that lasts for generations and that, in turn, determines the value of the art.
Last updated
