Valuation of Art Essay

Tags: due diligence fine art painting real estate

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Total Length: 787 words ( 3 double-spaced pages)

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The appraisal and valuation of art can be a tricky thing. When it comes to real property such as vehicles and land/real estate, there is usually a much more precise set of values, expectations and market factors that can help establish what something is worth. Cars and real estate in particular can be valued fairly precisely based on the age of the item and the demand that is present for the same. Further, an appraisal that is clearly out of line with reality can be easier to spot when such things are in place. However, there other items that are a bit harder to value. Some of those items are real property. While there is a tried and true way to value art, the competence and motives of the appraiser is something that must be considered.

Analysis



A good example of the concept noted in the introduction would be exotic cars. Indeed, the value of a Lamborghini is not only going to be based on the sum total of the car’s parts and such. The perceived market demand and exclusivity is a factor as well. When it comes to fine art, the presence of this dynamic is much more prevalent and obvious. For sure, a couple of blotches of paint, in and of themselves, is worth very little.

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However, if those paint blotches were rendered by Picasso or Da Vinci, that changes things a great deal. Even with that being the case, the valuation of the item comes down to what the buying market’s members are willing to pay. Since that tends to vary in terms of size and scope, that is what appraisers are for. Just like with homes and cars, the appraisers can look at what the item has sold for in the past, how demand level has changed (or not changed) since that point and so forth. It is not an exact science, but it is possible to get a good idea. Even so, it must be considered who the appraiser works for and how competent they are. The former of those two is probably the more important item to consider when it comes to the scenario posed for this short report. Indeed, a man bought a painting under the premise that it was worth $3,000 on the resale market. He thought he was getting a great deal given that he only paid a third of that….....

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References

Finkel, J. (2008). Art Purchases Lead to Lawsuits Following Cruise Ship Auctions. Nytimes.com. Retrieved 11 February 2018, from http://www.nytimes.com/2008/07/16/arts/design/16crui.html
 

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