9 Tips on How to Tell if a Painting is Valuable
A number of years ago I was valuing the art holdings of a large public collection. The auditor general overseeing the work insisted I provide a formula on how I determined the value of each painting or sculpture.
I explained that while I could provide certain pointers such as medium, size and artist there was still much open to interpretation. Within every artwork there is emotion, a bit of the artist’s soul if you will. And souls speak to all of us differently. Some of us are hyper aware of what colour and texture make us feel, others less so.
So how did I explain to the AG that emotion can’t be quantified. I tried but they couldn’t or didn’t want to understand what I was banging on about. They only wanted a bulleted list that could be applied to each and every item in the collection.
The rise of art as an alternative asset class has had many finance institutions scrambling to develop intuitive AI software much like you’ll find running in the background of the worlds stock markets. Though machines haven’t (yet) become proficient in deciphering what ardour lies amongst the brush strokes.
Putting this (very important) aspect aside there are some definitive facts that do come into play when appraising art which is what I used to satisfy the AG’s queries.
1. Artist
Just about anyone can regard a painting by David Hockney or a Lucien Freud, for example, and think that must be valuable just by who painted it. If it is genuine then value will certainly be there. The desire to possess a piece of genius is a human trait and will ensure these items will always be coveted. Knowing the market and what artists are in demand is essential. However the artist is just one piece of the puzzle.
2. Subject
This leads directly on from the previous point. Every well known artist has their oeuvre that they are famous for. While all works by Picasso are valuable, some are much more than others. Why? Picasso is famous for pioneering and defining Cubism, an avant-garde movement that revolutionised European art. While his earlier work is brilliant, it is the technical genius of a true master discovering and developing his own oeuvre to such transfigurative heights that make his art so powerfully desirable. In addition sometimes an artist might just have had a bad day and a particular artwork might not live up to the high quality normally expected of that artist.
3. Medium
The type of medium that is used to construct an artwork is an essential part of determining value. Generally speaking oil paintings sit at the top of the hierarchical pile when it comes to worth. They also tend to appreciate faster than works on paper. With the rise of the contemporary art market that notion is somewhat challenged nowadays but it still stands true. One just has to glance through this list of 31 of the most expensive paintings ever sold at auction and see that nearly everyone is painted in oils.
4. Size
In the art world the term wall power has become synonymous with desirability and thus value. Collectors want pieces that they can show off and dominate a room. In broad terms the larger the size of the artwork, the larger the value.
5. Condition
The condition of a painting can massively effect worth. Just look at the controversy that continues to swirl around the Salvator Mundi. Just how much damage, and restoration, can an artwork sustain before it becomes detrimental? That is subjective but there is no doubt that damage such as tears, fading, holes, old restoration and so on must be taken into account when constructing an appraisal.
6. Scarcity
No matter the item, supply and demand will always manipulate values. Some artists are incredibly prolific but if the demand is high so will the prices. However some artists rarely come onto the market so when they do it can create a frenzy. For example there are less than 20 authenticated paintings by Leonardo da Vinci in the world. With an artist of his calibre this is what happens when one of his pieces finds it way to a saleroom.
7. Provenance
If a work by a well known artist suddenly appears on the market with no back story, suspicions need to be raised. The perfect provenance captures a record of the entire ownership history of the piece, from the moment it was created in the artist’s studio and thereafter the various hands it has passed through. Sometimes, quite a bit of a paintings history can be found on its reverse in the form old gallery labels or auction inventory numbers. So it’s worth flipping a picture over and having a look. In a world of high profile forgery scams having an ironclad provenance helps to authenticate a piece. In addition, if the painting has been owned by someone famous that will also increase its worth.
8. Fashion
As everyone’s idea of fashion is not the same this again can be subjective. However it can be agreed that pretty romanticised pictures of rural life, for example, are never going to come anywhere near to the desirability of defining artists such as Andy Warhol or Francis Bacon. Fashions and tastes are a shifting line and will adjust value accordingly. This is the art markets pulse and a good knowledge of what collectors want is essential to determining value.
9. Emotion
As mentioned at the beginning of this article this is the hardest to quantify of all as it is so personal. To the uninitiated it may seem easy to dismiss a painting by Mark Rothko as just colours on a canvas. However if the viewer pays attention they’ll realise that his construction of those colours give an unmistakable emotive response. This is true of all good art. It is the literal embodiment of creativity set free in our world. If a piece is powerful enough to tap into our psyche, whether the response is joy, sadness, wonder or disgust, then that must be considered.
This is a simplistic outline of how art is valued. It leans heavily in favour of oil paintings and doesn’t mention other valuable mediums such drawings and prints, not to mention sculpture, but it does give one a framework which an appraisal can be hung.
These 9 points are imperative to consider when conducting a valuation. Often much other research is needed like digging through archives or sending a picture to a laboratory for exploratory testing. However if each of these can be answered with conviction then a strong opinion can be drawn in regards to a monetary value.
Here at iValuations you’ll find experts in over 50 categories of art, antiques and collectibles that are waiting to give impartial professional, affordable and in-depth valuation reports in a timeous and easy to use manner.
