In recent years there has been increasing interest in the definition of values in the art market, both internationally and in Greece. The art of Appreciative Art is therefore called upon to provide substantiated answers, through specific scientific methodology and updated professional standards ( note 1 ), which must be followed consistently and rigorously by professional Appraisers.
But what exactly is the concept of ‘Estimation’? According to Law 4254/14, par. C1: “Valuation is all work and research aimed at assessing the value of assets, intangible or tangible, and performed based on European or internationally recognized valuation standards.”
Similarly, in the field of works of art, the appraisal process is intended to determine the economic value of a work of art or a collection of works of art, through the research and scrutiny of each object. This process is based on impartial critical thinking, requires an objective approach to each case, and of course excellent knowledge of the complex parameters that accompany each project. The conclusions of the research determine, in conclusion, the Appraisal Value of the project, which is in force for the given appraisal period, as the value on the one hand depends directly on the current economic environment of the market and the other it can be modified if new auxiliary elements arise…
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However, the question of determining value in an artwork is not simple, as artifacts are unique commodities whose price cannot be easily determined. It is complicated to give a price to an item that is considered ‘invaluable’, as the aesthetic pleasure and what this work of art can offer its viewers are things that cannot be calculated with numbers ( note 2 ). So scientists are now called upon to approach the subject carefully. The appraiser in the process of pricing should analyze and predict the current elements of the art market, putting aside the ‘feeling’ factor and keeping in mind that aesthetic value is the most important factor to be identified as accurately as possible…
The key factors that can lead to a safe conclusion, and therefore a “fair” economic value, are the natural environment in which the artwork is located, previous references from cultural institutions and art experts, and potential existing ones. valuations in the art market, especially when the artist’s reputation is built. Additional indicative factors in determining the financial value of work are the signature and date of the work, the artist’s creation period, the subject of the work, construction materials, size, conservation status, illustration or description in an auction directory or publication, the exhibition, the quality of the work, the history of the provenance and of course the fashion that accompanies the artist’s name at the time.
The aforementioned elements, based on an appraiser, are also the driving force behind the art market, driven largely by the pulse of art experts and the demand expressed by the big collectors.
The art market is a peculiar type of market, which, although heavily influenced by the economic circumstances of the time, is regarded as one of the safest investments internationally. According to Roger Fry, the art market, like any type of market, is characterized by complexity, which “is partly caused by the heterogeneity of buyers, suppliers, products exchanged and institutions in which transactions are made”.
In the art market, the factors that determine the demand for a work of art are the present average price of the artist’s work, the distribution of income in the art market, the auction house advertising campaign, the expected future price, as well as the issue of ” fashion »of the market. The issue of ‘fashion’ has been very important since trading in the art market began and responds to the demand and as a result of the monetary value that “important works” can reach the market. Every period in the history of art is characterized by a particular fashion that promotes particular tastes, which usually dominate the market and therefore the clientele. As fashion is constantly changing, it results in dramatic changes in tastes that inevitably lead to the rise or fall of particular artistic seasons, categories, or even artists. Besides, when a new interest arises, this tends to cause a snowball effect, as it attracts an increasing number of dealers and collectors following the new trend ( note 10 ).
Of course, although some schools, movements, or artists are coming into fashion very quickly, their popularity usually fades slowly ( note 11 ). “Fashionable” works can remain high on the market for many years, bringing stability or even steadily rising prices, such as the case of Johannes Vermeer, who is a particular example of an artist rediscovered by art historians. At the beginning of the 20th century, he was ” in fashion” for as long as his works appeared on the market.
But how does fashion get started in the art market? Several ways promote particular tastes, or otherwise, define fashion. The most important parameters are an important exhibition in a renowned gallery or, better still, in a museum, the publication of an artist’s “catalog raisonné” or a book that includes his work, especially when it comes from an important author, and finally the re-authoring. discovery of an artist or school by an art historian, artist, or famous collector, to satisfy the wider need of art consumers for a new collecting field.
The artwork appraiser, taking into account the above-mentioned data and the auxiliary parameters, follow the valuation methodology and ethical rules of the appraiser’s profession to produce a detailed Appraisal Report, which is consistent and professional. When preparing the report, the information obtained during the autopsy is presented, the bibliographical sources are described in detail, the aesthetic, artistic, and historical value of the work of art is examined and valid elements of the art market are examined to give the subject a clear and substantiated financial value.
At this point, it is important to note that the evaluator needs to work with specialized scientists and experts if the subject of study is outside his or her field of expertise. For example, if a Chinese artist who specializes in Western Art finds a Chinese calligraphy project, then he will need to work with a psychologist who will be able to extract project information and thus inform the evaluator for its importance so that the latter can extract a fair value based on the available data. The art appraiser is sometimes called upon to act as the coordinator of a scientific team that takes the multidimensional approach to the subject of study,
