Some buy a piece of artwork because they are attracted to the aesthetic qualities of the object. Some however would factor in the commercial value, especially if they are also buying for investment purposes. If so, it is important to have at least an inkling of the factors that make an artwork valuable, just so you will know you are getting a fair price for the piece.
Appraisal companies and art dealers provide art valuation services. Know that when rendering such service, the most basic aspects they initially look into are the career status of the artist, his or her exhibition history, sales history and the size or dimension of the artwork, as well as the demand and supply for the of artwork under appraisal.
Career Level or Status of the Art Creator
Career level or status categorizes an artist into three types: the renowned, the well-known and the unknown. Works of renowned artists like Rembrandt, Van Gogh, Monet, and Picasso, just to mention a few, command the highest valuation prices because they went down in history as the ones who wrote down the rules of their respective artistic style, The more recognizable the style reflected as work of a renowned artist, the greater the value put into the artwork.
Well-known artists on the other hand, are those regarded as the hot or fashionable types because they are receiving a lot of attention through their gallery or museum exhibits. The louder the buzz created by their exposition, the more extensive the press coverage they receive, which therefore renders them well-known. The value of their artwork is relative to their sales history and the demand for the kind of artistic work they produce.
Needless to say, unknown artists command the least valuation for their work, until such time that they reach the well-known status.
Exhibition and Sales History
Exhibition and sales history goes hand in hand. Even if a piece of art received a lot of exposure by way of gallery or museum exhibits, as well as media coverage, the level of demand and the resulting sales determine the intrinsic value of the art object as an investment.
Sales history on the other hand, may reveal other influencing factors, such as the period when the artwork was produced by the artist. A piece created during the early period of an artist’s career, usually before he became well-known or renowned, increases the value of the artwork.
It is widely believed that an artist applied greater passion in creating a work of art that will establish his or her reputation as a disciple of art. Although this valuation premise is not always regarded as true, not a few appraisers believe that as artists become constrained to produce work that can sustain his popularity in the world of art, the greater their tendency to produce artwork regarded as generic; to a point of losing their original aesthetic appeal.
Size and Dimension of the Art Object
Naturally, the larger the size and the dimension of an art object, the higher the value assigned. Obviously, the artist applied greater effort, put in more time and in some cases required incurring additional costs in order to assemble a huge piece of art.
The Demand and Supply Factors
This particular influencing factor is not innate as some perceive them to be. Not unless the piece of art on exhibit or up for auction is the work of a renowned person who is no longer around to produce the artwork. Mainly because the supply depends on when or if the primary or secondary owners decide to put a rare piece up for sale in the market.
Art dealers are known to make deals with well-known artists yet rarely will they advertise that many will soon become available. After all, the fewer the supply, the greater the value that can be added to the artist’s work. .