Expert Guide To Value In Art, Antiques & Collectibles
In my profession, as a valuer, I am obviously asked about the value of objects all of the time. It is what we do here at iValuations after all. The factors that make an item valuable, be it a piece of art, a rare book or an antique silver candlestick for example, will all have value markers that are specific to their type. In an earlier article about art I talked about how to tell if a painting is valuable that shows value indicators specific to the art world. However there are broader pointers that can be applied to almost all of the different categories of art, antiques and collectibles to help determine what sort of monetary value they might have.
The dictionary defines value, in terms of objects, as: the regard that something is held to deserve; the importance, worth, or usefulness of something.
As such value is mythic then, based on on our equally mythic constructs of money, perceptions, desires, needs and wants. This is normally individualistic but closely aligns to our worlds assemble. In other words we made it all up, even though it seems to operate outside of ourselves as if it where its own sentient beast that long broke its leash. In light of that, value of objects can be deduced from the following perceived pointers:
Quality
Just because an item is old doesn’t mean it’s well made. Humans have being making items of questionable quality since we first learned how to sell things to each other for a profit. That line of thought increased significantly during the Industrial Revolution. If you have an item in front of you, or are holding something in your hands, ask yourself ‘is this well made?’ or ‘does this exude a feeling of quality?’ Many things, just like today, that may have been made hundreds of years ago were not intended to last. Even if they were handmade. They may have been considered throwaway items then and are still, generally, not desired much now. Quality is easy enough to spot though, one can see it in the lines of a piece, the rich patina of a piece of furniture or the heft of a complicated watch movement. Another point to consider is that if it was worth a lot of money when it was made, chances are that it is still worth a lot now.
Fashion
For something to have value it must be desirable. In basic terms, if nobody wants it then nobody is going to pay anything for it. Brown furniture, the generic term given to late 18th and 19th century furniture, is a current case in point. Over the past 20 years or so has seen a large drop-off in desirability in that sector. In contrast mid century modern has come up in leaps and bounds as a new generation of collectors comes forth. Fashions come and go, and as such can even give lower quality items a prime status converting to a higher value than they seem to deserve. Though if recent market murmurings are to be believed are we perhaps going to see a revival of brown furniture soon?
Condition
Damage will almost always detract from the value of an object. Sometimes a piece can be so rare or desirable that damage can be overlooked. However in most cases if something is broken, badly restored or missing parts then value will be subtracted. This can be acutely observed in more common items that might have high collectability when in mint condition but should there be even the slightest defect then two-thirds or more of the value can be written off.
Age
This is an often encountered point. Many people assume because an item is old that it must be valuable, but it is not normally as simple as that. Often age is a strong contributor to, or indicator of, a higher value because it can neatly align with such things as quality and rarity. If an item lacks quality, is badly damaged or doesn’t have a strong market demand, then age is not going to help it much. In contrast, if a piece is strongly desirable then age will almost certainly help to up its value.
Medium or material
It stands to reason if an object is made of a precious material, such as gold or silver, then it is going to have some value regardless of condition, fashion or quality. Of course if a precious material was used then the item is highly likely to have some quality to be made of such a material in the first place. A pocket watch in an 18 carat gold case, for example, is obviously going to have more value than its exact sterling silver equivalent. Or exotic well figured woods will tend to garner more interest than their plainer counterparts.
Rarity and desirability
This, surprisingly, can swing both ways. Normally rarity adds value, but unless an item is desirable as well, then rarity can sometimes detract. Rarity relies on having an established market for something with a network of keen buyers and sellers. Collectors will pay staggering amounts if an item is ‘right’. Sometimes however an item can be so rare or unusual that there is just no market for it. That is not common though. When it comes to silver flatware, for example, some of the more unusual and less seen designs on the market are sometimes not as desirable because it can be harder to build a complete set or add missing items. However it stands to reason that if a collecting field is very active the appearance of a rare piece to its market will cause collectors to open their wallets.
Market
This leads on from the previous point. An item cannot have value if no market exists for it. Value is determined by supply and demand. The more robust the market is then often a higher value can be ascribed. For example, a vigorous market exists around the buying and selling of pre owned luxury wristwatches. As makers such as Rolex and Patek Philippe strictly adhere to their limited production runs so they keep their pieces rare and exclusive. This has created a market where pre owned pieces can sell for more than the original retail price.
Makers, brands and artists
Another obvious point, but it must be mentioned, that certain brands, artists, authors and makers can add an astronomical uptick to value. One only has to look at the market for wristwatches that I just mentioned or the art world to get confirmation of that. An attribution of a certain artist or subject to a painting can adjust the value by a fortune. To attach value as accurately as possible one must know the names, brands and makers that are in demand in the various collecting fields.
Provenance and authenticity
An ironclad provenance, such as being able to trace a particular painting back to an artist’s studio, gives the buyer authority that the piece is correct and thus protects their investment. In a market awash with fakes and forgeries a strong provenance is sometimes the only way to prove authenticity. Likewise if a piece was once in the possession of someone famous or can be linked to an historical event. Not only does that help authenticate it but most collectors like to own something with an interesting backstory.
Aesthetics
Beauty is in the eye of the beholder as the saying goes, but each collecting category has its aesthetics that if correctly recognised can be ascribed to an increase of value. To a collector of antique furniture the deep rich, undisturbed patina of a piece massively enhances its looks. The subtle, technically brilliant glazes of Song porcelain can set collectors aquiver. While the unmistakeable stylised lines of the Art Deco period create a look all of their own. If a pieces aesthetics are a good example of its period then there is no doubt that collectors will find it desirable.
Practicality and lifestyle
There can be some items that are beautifully made but their practicality to fit into our lives can be limited. Our ancestors had different lifestyles to ours often with larger homes and many staff to help them out. Huge pieces of furniture don’t fit as well into our smaller living spaces. Silver needs time set aside to be polished and cannot go in the dishwasher. Formal dining rooms have largely disappeared with the newer open plan type of living. Along with a more consumptive way of living these are some of the things that have influenced the market and thus affected value.
Function
Does the the object serve a useful function such as a chair, a timepiece or a receptacle to house other objects for example? Collecting very often involves accumulating objects that form no function whatsoever other than to satiate the collector’s desires and whims. However if a piece can be determined as something that is actually useful, in addition to just being decorative, then that could help to lift its desirability and value considerably.
Status
Let’s not kid ourselves, a lot of us like to show off in some form or another. For collectors if a piece has that so called wow factor then it just might slap on a few extra tiers of value. It might be an exceptionally large painting with strong wall power or an incredibly complicated clock movement that is a technological marvel. Collectors are always on the hunt to add another jewel to their collection and all the better if it is a richly desirable item that other collectors might want.
The best and the rest
The best and the rest has long been an expression in collecting spheres. It pertains to the fact that not all things are equal, even if they appear so at a glance. Take this example on the current state of the pocket watch market. It succinctly explains that while there is a strong demand for the very best examples of pocket watches, there is lacklustre demand for the more utilitarian models. Collectors seek excellence to add to their collections and if an item doesn’t live up to their exacting standards then they will not be prepared to part with their cash. This can create very low value areas in an otherwise robust market.
Investment
When I first started in this industry as a dealer most collectors collected because they loved their chosen field. Making money was secondary. Even as a dealer I can personally attest to that. However with the rise of art as an alternative asset class and just the general human desire to make a buck has made many collectable areas extremely speculative and lucrative. The art, antiques and collectables markets are sophisticated and support a multi-billion dollar industry. NFT’s are the new kid to the block and are the perfect example of how value can be generated. Even with removing many of the previous pointers in this article if enough hype is built around something then value can be created as can be seen in extreme cases such as this recent sale of an NFT. Investors exist for profit and if they can perceive good returns then they will pay strategically high prices.
As you can see value is a many layered thing, though with much nuance that can be ascribed to each collecting field, there is a general overview that can be attached. It is interesting to note however that we have created these markets that ebb and flow according to our desires, perceptions and needs. Value is just the result of our need to understand and control them.
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.
