Art like any asset, requires the same respect as that accorded to your other personal assets: your car, your home, or your stamp collection. Interestingly, as part of the ‘acquisition’ process of these types of assets, insurance becomes part of the overall monetary outlay; you seek the advice of an advisor or broker to ascertain adequate insurance and annual premiums ensue thereafter. Yet, the same cannot be said for art.
Speak with an insurance broker and you will be surprised to hear how infrequent clients seek the advice of a professional when estimating the value of their art collection; the consequences of not having an up to date valuation, and therefore a current value, can mean the difference between being reimbursed for loss or damage appropriate to its market value or incurring a loss on that initial investment.
Additionally, having an up to date and current value of your collection can also assist in having in place a de-accession strategy; selling too early or too late can result in an unforeseen loss.
Obtaining a professional appraisal of your artwork operates in much the same way as seeking a value for other assets. Credentials should be assessed; market sector and speciality experience should be examined together with the level of tertiary qualifications and membership with an industry association.
Most importantly, seeking the services of an independent, objective and impartial professional will result in a more accurate valuation, and without the potential bias of a vested interest in the artwork and therefore its value. Returning to the gallery or dealer from which you first acquired the artwork and seeking an appraisal is clearly a conflict of interest.
Additionally, the quality of the appraisal documentation is equally important: it should demonstrate a solid, up to date appreciation of the market for the subject artist/artwork; present well-reasoned research; provide documentary proof and/or reference to recent auction results and other market indices (ones which are verifiable); and finally, clearly and concisely outline the methodology used for the appraisal.
There are a number of attributes which an experienced appraiser will utilise in order to determine the value of your artwork:
Valuing your art necessitates the same respect as valuing your other lifetime assets. Regular, up to date valuations of your artworks are an important adjunct to the ongoing maintenance and accurate documentation of your collection.
Seeking the advice and services of an experienced and knowledgeable professional is a critical step in the provision of an accurate art appraisal. Professional art appraisal services offer new and established collectors a comprehensive appreciation of their collection, its current parameters and indeed, future directions.
©Catherine Asquith, January 2019
Taipei Dangdai is a new international art fair commencing 18tth January 2019.
A joint venture between Single Market Events (Tim Etchell), ARTHQ / EVENTS Limited, Ramsay Fairs Limited and Angus Montgomery Limited, the Fair’s rationale is to celebrate the city’s unique and dynamic arts scene, while highlighting global creativity and the increasing importance of the wider art market in Asia.
Fair Director, Magnus Renfrew believes now is the right time to launch an international art fair in Taipei: “Galleries are increasingly taking Asia seriously, and are looking for more than one opportunity to engage with the region’s collectors each year. For a long time, galleries that show at Art Basel have also cited Taiwanese collectors as being the most instrumental in determining the success of their participation”.
Renfrew’s vision reflects the tenor of the word “Dangdai”, meaning ‘now’ or ‘of the present moment’: “I hope that the fair will, appropriately, be something of a ‘moment’ for Taipei — creating an opportunity to showcase its strengths to a much wider audience, while also providing collectors, buyers and local audiences with an opportunity to engage with leading galleries from Asia and around the world on their doorstep, and on their terms. There hasn’t really been a fair of this quality before, with such a strong exhibitor line-up.”
Presented by UBS, the event brings together a selection of the world’s leading galleries and artists alongside influential thinkers from a wide range of disciplines, including archaeology, art history and technology.
Image: Haegue Yang, Sol LeWitt Upside Down onto Wall – Cubic-Modular Wall Structure, Black, Expanded 11 Times, 2018
Aluminum venetian blinds, powder-coated aluminum hanging structure, steel wire rope, LED tubes, cable, 305 x 304 x 104 cm. Image: Courtesy of Kukje Gallery, Seoul.