Believe it or not, art is an asset. And like any asset, such as your car, your home, or your stamp collection, you insure it. Interestingly as soon as one acquires one of these items, one automatically seeks the advice of an advisor or broker to ascertain adequate insurance and annual premiums ensure thereafter. Yet, the same cannot be said for art.
Speaking with my insurance broker on a somewhat frequent basis, I am always surprised to hear how infrequent his 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.
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 specialty experience should be examined together with the level of tertiary qualifications and membership with an industry association, such as the Art Consulting Association of Australia (ACAA).
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 an invested interest in the artwork and therefore its value.
There are a number of attributes which an experienced appraiser will utilise in order to determine the value of your artwork:
Additionally, depending upon the nature of the valuation, i.e. the artwork is being considered for a charitable contribution or gift, or the artwork is part of the asset pool in a Family Law property dispute, the valuation may also include consideration of future capital gains tax issues.
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 valuation. Catherine Asquith Art’s valuation services offer new and established collectors a comprehensive appreciation of their collection, its current parameters and indeed, future directions.
Catherine Asquith has been working within the Australian art market, and more recently, the Asian art market, across both the primary and secondary sectors for the past twenty years and is a member of the Art Consulting Association of Australia (ACAA).
The Sovereign Asian Art Prize, hosted by The Sovereign Art Foundation, was established in 2003 and is now recognised as one of the most prestigious awards for contemporary art in the Asia-Pacific region.
Held annually, the Sovereign Asian Art Prize invites mid-career contemporary artists, who have been nominated by a selected board of art experts, to enter up to three artworks online. Entries are then judged by a small judging panel consisting of independent art experts and professionals from the region, who select the best 30 artworks from a range of digital images. The 30 finalists are then exhibited in a prominent public space in Hong Kong, where the pieces are judged a second time, in person.
This year, the finalist works will be exhibited at Christie’s Hong Kong (19-21 April) and thereafter at The Rotunda, Exchange Square, Hong Kong (25 April–4 May).
The organisers of the event have described the finalist works as indicative of “cutting edge contemporary art practice” from the region. Writer and curator David Elliott, who chaired this year’s judging panel, said the 30 finalists had been a “revelation” and “[n]ot only has the region been covered in a more comprehensive way than before, but also a new generation of artists is starting to emerge that is impressive in the range and density of its work. This is clearly shown in the finalists in this exhibition.”
The fifth edition of Art Basel in Hong Kong, which featured 242 premier galleries from 34 countries and territories, has ended on a high note. This year’s show included memorable moments such as:
The five show days were attended by private collectors as well as directors, curators, trustees and patrons from nearly 80 leading international museums and institutions across 20 countries, including Art Gallery of New South Wales, Sydney; Auckland Art Gallery Toi o Tāmaki, Auckland; Centre Pompidou, Paris; Hara Museum of Contemporary Art, Tokyo; Hirshhorn Museum and Sculpture Garden, Washington, D.C.; Long Museum, Shanghai; MoMA PS1, New York; Mori Art Museum, Tokyo; Museum of Contemporary Art Australia, Sydney; National Gallery Singapore, Singapore; National Museum of Modern and Contemporary Art, Seoul; New Museum, New York; Rockbund Art Museum, Shanghai; San Francisco Museum of Modern Art, San Francisco; Serpentine Galleries, London; Tate, London and Solomon R. Guggenheim Museum, New York.
With numerous gallery openings and an expanded program of parallel events, the Art Basel week continued to spotlight Hong Kong's vibrant arts and cultural scene.
(from “Art Basel Hong Kong” VIP Program newsletter 4th April 2017)