The galleries and auction houses mainly determine the market value. The consensuses born in this context are accountable for establishing a history of pricing for an artwork or an artist, which helps new or resold works on the market to be priced.
The inputs to this process are several:
The Artwork
When determining the value of an of artwork, look at its size, medium, message, whether it has any art-historical significance, uniqueness and whether it is an edition. The cost of the material used for the work does not usually influence the price unless it is an installation or sculptural work with high material costs like bronze.
When an artist produces multiple editions an artwork, it will affect the price of the work. Usually, the first few editions will be less than later editions because the sale of the earlier works increases the demand for the artist’s work and therein value. The market also considers the conditions in which the artwork has been preserved.
Provenance
Another essential element is the work’s provenance - meaning the history of ownership.
If the previous owner of the piece was a famous collector, artist or a well-known family.
If the artwork belonged to a museum, this adds incredible value to the art piece.
This also has an effect on the rarity of the work and the mechanisms of demand and supply: the more artworks of a specific artist are situated in public museums, the less amount of artworks will be available for sale, therefore, the more the value of those works for sale.
Authenticity
The first element that sets the value of a painting is its authenticity, which makes it a paramount factor to consider when investing in art.
The artwork has to be technically evaluated, for the quality of its production, which is, on the opposite, subjective. However, subjectivity is removed by art critics who are able to judge on factors such as the clarity of execution and the mastery of the medium used, independently from style and era.
The Artist
Whether the artist is unknown, emerging, or professional makes a huge difference. The price is based on the artist’s exhibition history, sales history, and career level. Generally, the greater the demand for an artist, the higher the prices fetched on the market.
Why buy from Iwan Art?
We are part of AGMEST Group and under the umbrella of Ibrahimi Collection that has been involved in collecting, documenting, and archiving art for 30 years and has built a significant knowledge in the field and a network of contacts around the world that enable us to stand by every work we sell. We take the guesswork out of buying rare art and provide essential guarantees of authenticity and quality.
Our works are assessed by experts and artists for authenticity and quality. Consequently, we offer a lifetime guarantee of authenticity on all the work we provide and proper guidance for your next investment in art.
