How to Find Out How Much Your Artwork Is Worth
Whether you want to sell a piece of artwork or need to document the item for insurance purposes, having an idea of the current value of your artwork makes a difference. Because many pieces of art are subjective and the values can change just based on the artist’s name rather than the size or type of item, having a sense of the market is crucial to pricing your artwork. There are many ways to research other pieces that resemble your artwork to find out how much your artwork is worth.
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Instructions
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Look over the artwork and document as much information as possible, such as the signature, date, title of the piece or what the art is made from (bronze sculpture, oil painting on canvas, wood carving, and so forth). Write down any information you know about the artwork, like how you came to own it, the previous owners, where they acquired the piece from and how much the items has been sold for in the past, if known.
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Inspect the item for quality by looking for tears, gouges, rips, scratches, dents and other finds, to get a feel for how well cared for the item is. However, keep in mind that a tear on an antique may price the item higher than a poor repair job because the item exists in its original, yet aged condition.
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Research information about the artwork’s maker, when known, either by looking the artist up at your local library or reading about the artist online (see Resources). Basic information, such as the date and locations where the artist lived can alert you to forgeries if more detailed information that doesn’t match the artist’s history is labeled on the art .
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Consult art guidebooks, auction house records where your artist’s material has been sold in the past or check with antiques dealers to find out what items similar to yours have sold for most recently to get a general idea of what dollar range to anticipate for your item.
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Select an appraiser (see Resources) in your area or contact your local art museum to find an appraiser or trusted art dealer. Contact the appraiser and dealer to find out their fee structures, years of experience in the business and whether they can provide certificates of authentication and to ask for references you may contact.
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Select the appraiser you feel is trustworthy to provide accurate estimates and you can afford. Set up an appointment at your home or take the artwork with you to the meeting as well as any of the information you documented previously. Allow the appraiser to make an estimate and send an appraisal certificate to you for sale or insurance purposes.
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Tips & Warnings
Keep in mind the old notion that an item is only worth as much as someone is willing to pay. If you overprice an item and no one buys it, then it’s not really worth that price.
Purchase a short-term coverage policy for the artwork through your insurance agency based on your best guess for the value if you need to take the item out of your home, such as sending it to a gallery or appraiser before you know the final value.
Don’t sell your art to the same person you had evaluate it. Very likely that person will be quoting you a lower price with plans to sell it for much more.
References
- "The Intrepid Art Collector"; Lisa Hunter; 2006
- Crawford Direct: What's This Worth?
Resources
- Photo Credit Photos.com/Photos.com/Getty Images
