Navigating the art market can be both exciting and daunting for new buyers and experienced collectors alike. This year, a painting by icon David Bowie, titled DHead XLVI, acquired for just $5 at a Canadian donation centre for household goods, sold for $108,120 and set a global auction record for the artist. While stories of exciting discoveries aren’t commonplace, they do occur.
How do you know if an inherited painting tucked away in storage holds any value? Before donating it or selling it at a garage sale, find out.
Canadian art experts and fine art auctioneers Cowley Abbott have encountered many art owners through their free valuation events who are shocked to discover they have an important work that is worth significant money.
“Valuable art can be found in the most unexpected places,” says Lydia Abbott, Vice-President of Cowley Abbott. “We often come upon an important work of art that has been inherited or has been in a family home for many years without the owners knowing anything about the artist or value of the work.”
To offer insight into why a specific artwork by an artist is more valuable than others and to make buying art accessible, Cowley Abbott is sharing tips and factors to consider when purchasing or selling art.
When buying for the first time, it’s important to discover your style. Art is an investment, but it should spark an emotional or personal connection and be enjoyable to look at. Take a stroll through an art museum to discover your preferences and explore of variety of styles, genres and mediums.
Consider the space and take measurements. You may fall in love with a piece, but if it doesn’t suit your space, purchasing it might be impractical.
Set a budget. Affordability, investment and future value are factors to consider. Auctions reflect the secondary market for an artist and can present realistic expectations for future resale, but like all investments, there is no guarantee a given work will increase in value.
Do your research. Before buying, speak to a specialist and visit a couple of auctions, either in-person or online, as it offers an opportunity to understand the buying process, market trends, and which artists and works attract interest from collectors.
Understanding the aspects that impact value help ensure prospective buyers or sellers are achieving fair market prices. There are 10 key factors that help specialists determine value – what Cowley Abbott calls “The 10 Commandments of Valuing Art”.
These factors are guidelines to understanding value and the driving forces for market trends. For anyone curious to learn more about a painting, print or sculpture they own, Cowley Abbott is offering complimentary and confidential preliminary auction valuations with no obligations by contacting firstname.lastname@example.org. Visit www.cowleyabbott.ca to learn more.
Andrea McLoughlin, Centric PR