Valuing works of art
The pricing of works of art is a complex and multifaceted process that involves various factors. Valuing works of art is not an easy task, because the way of pricing works of art, which is the result of creativity and ideation, and perhaps the day-and-night work of an artist, cannot follow a fixed and specific formula and needs to consider the subtleties and values of art. The pricing of works of art in its dry and inflexible state is the confrontation between the capital market and the art world, and on the other side of the story, a method of pricing works of art favorably and professionally is to create a balance between the capital market and the endless land of art.
The importance of pricing on works of art
The pricing of works of art is very important. A good and professional art valuation has many benefits for the art owner, the art buyer, and the art market.
Benefits for the owner of the artwork
Ensuring that you receive the true value of the artwork: A good and professional artwork pricing can help the owner of the artwork to ensure that you receive the true value of your artwork.
Preventing the abuse of the value of the artwork: Proper pricing gives the owner of the artwork the knowledge to prevent the abuse of the value of his artwork by profiteers.
Facilitate the sale of the artwork: Good pricing helps the owner of the artwork to sell his artwork faster and at a higher price.
Benefits for the buyer of artwork
Ensuring that you are buying a work of art of real value: Pricing art professionally gives the art buyer the prospect of buying a work of art of real value.
Avoid overpaying for artwork: Proper pricing will prevent you from overpaying for artwork.
Facilitate the purchase of high-quality artwork: Good and professional pricing can enable the art buyer to purchase high-quality artwork.
Benefits for the art market
Creating transparency in the art market: valuing works of art can help create transparency in the art market.
Avoiding extreme price fluctuations in the art market: pricing artworks in a principled manner prevents extreme price fluctuations in the art market.
Facilitating transactions in the art market: Proper pricing can help facilitate transactions in the art market.
The method of pricing works of art
As we said, the pricing method of works of art is a multidimensional task that is influenced by various factors. Factors such as the artistic value of the work, the state of the art market, and the specific conditions of the work of art.
In general, to know how to put on works of art, it is better to look at the characteristics that determine the value of works of art, which can be divided into two general categories:
Intrinsic factors of the work of art
External factors of the work of art
Intrinsic factors of the work of art
The intrinsic factors of the artwork are the factors related to the artwork itself and include the following:
Artist: The artist of a work of art is one of the most important factors determining the artistic value of the work. Artworks of famous and well-known artists are more valuable.
Style: The artistic style of the work can also affect its artistic value. Works of art in popular and well-liked styles are usually more valuable.
History: The history of the artwork also affects its artistic value. Old works of art are more valuable.
Quality: The quality of the artwork can also determine its artistic value. High-quality artworks are more valuable.
Theme: The theme of the artwork is also important in its artistic valuation. Artworks with specific or popular themes are more popular.
Size: The size of the artwork can sometimes affect its artistic value. Larger works of art may be worth more.
Materials and materials: The materials and materials used in the artwork affect the artistic value. Works of art with expensive materials are more valuable.
External factors of the work of art
The external factors of the work of art are the factors that are related to the conditions surrounding the work of art and include the following:
State of the art market: The state of the art market affects the pricing of works of art. When the art market is booming, the price of works of art increases.
Supply and demand: Supply and demand can also be decisive in the valuation of works of art. Works of art with high demand and low supply are more valuable.
Specific conditions of the work of art: The specific conditions of the work of art can also affect its artistic value. For example, artwork that is signed or dated is usually more valuable.
Ownership history: The ownership history of the artwork is also important in art valuation. Works of art held by famous or influential people are generally more valuable.
How to price artwork
How to price works of art, in general, includes the steps that we review together:
The stages of valuation of works of art
The pricing of works of art can be done as follows:
First step: gathering information
In the first step, the necessary information about the artwork should be collected. This information includes the following as explained earlier:
The identity of the artist
Special conditions of the work of art
The second step: is the evaluation of the artwork
In the second step, the artwork should be evaluated. To evaluate the artwork, the following methods can be used:
Documentation analysis: In this method, the documentation related to the artwork should be checked. These documents can include the following:
Legal documents: such as the ownership document of the artwork
Historical documentation: such as a catalog of an artist’s artwork
Art documentation: such as reviews of an artist’s artwork
Technical analysis: In this method, the work of art should be evaluated from a technical point of view. This review includes the following:
Technique: The technique used in the creation of the work of art
Materials: Materials used in the creation of the artwork
Dimensions: The dimensions of the artwork
Aesthetic analysis: In this method, the work of art should be explored in terms of aesthetics. Considering the following:
Subject: The subject of the artwork
Composition: The composition of the artwork
Color: The colors used in the artwork
Light: The light used in the artwork
Example of evaluation of artwork
Suppose you have a painting by a famous artist named Van Gogh. To evaluate this painting, you should consider the following:
Identity of the artist: Van Gogh is a famous and well-known artist whose works are very valuable.
Art style: The painting is in post-impressionism style, which is a popular style.
Date: The painting was created in 1889, which is an old work.
Quality: The painting is in good condition and of high quality.
Special conditions of the artwork: The painting is signed and dated, which increases its value.
Considering these factors, it can be concluded that this painting has a high value and can have a high price.
Of course, this is just an example and the pricing of artworks depends on various factors. For an accurate appraisal of a work of art, you should seek the help of an art expert.
Third step: comparison with similar works
In the third step, the work of art should be compared with similar works. This comparison can help determine the right price for the artwork.
Methods of comparison with similar works in valuing works of art
There are different ways to compare with similar works. Some of these methods are:
Searching for similar works on the Internet: In this method, you can search for similar works on the Internet using search engines.
Visiting galleries and museums: In this method, you can see similar works by visiting galleries and museums.
Consultation with an art expert: In this method, an art expert can be helped to find similar works.
Important points compared to similar works
In comparison with similar works, the following points should be considered:
Similar works must be similar to the desired artwork in terms of the factors mentioned in the first step.
Similar works must be in good condition.
Similar works must have been sold in the art market.
Comparison steps with similar works
Comparison with similar works can be done as follows:
Searching for similar works: In this step, similar works should be found using the methods mentioned above.
Examining similar works: In this step, similar works should be checked in terms of the factors mentioned in the first step.
Determining the price of similar works: In this step, the price of similar works should be obtained.
Step 4: Determine the price
In the fourth step, the right price for the artwork should be determined. This price should be determined based on the factors mentioned in the previous steps and it is better to do it with the help of an art expert.
The method of pricing works of art in other forms
In addition to the aforementioned method, which is based on professional and expert evaluation, there are different methods for pricing artworks. Some of these methods are:
Expert-based pricing: In this method, an experienced art expert determines the value of the artwork.
Auction-based pricing: In this method, the price of the artwork is determined based on the amount of buyers’ offers.
Market-based pricing: In this method, the price of the artwork is determined based on the price of similar works in the market.
In the pricing of works of art, many factors should be checked and different features should be evaluated from different aspects. It is better not to forget these points at the end:
Pricing should be based on real and documented factors.
Pricing should be fair and equitable.
Pricing should be done according to the conditions and prosperity of the art market.
However, a work of art has values beyond the price and its value is as long as the cultural and artistic richness of human society.