Theory and Practice of Art Valuation
This course provides a fundamental grounding in the various approaches and methodologies associated with assigning a value to art objects. It will reveal the various Western definitions of “value”—fair market value, retail replacement value, salvage value, marketable cash value, and liquidation value—and the relevant resources used to establish such valuations. Furthermore, it will compare how Western practices differ from those of emerging economies. You will be introduced to the requirements and use of USPAP-certified appraisals in the United States for art collections for the purposes of insurance, estate planning, donation, and liquidation. You also will learn and gain an understanding of the significant difference between valuations associated with appraisal work and valuations associated with the “pricing” of art objects for sale or accession. This course will demonstrate how “true” value of an art object is largely contextual, and thus often not a singular metric.
You'll Walk Away with
- An understanding of the criteria and methods associated with assigning a value to fine art in the context of highly specialized areas of connoisseurship and marketplaces
- The ability to utilize several different approaches to valuation, depending upon the purpose
- Knowledge of how properly to balance qualitative information with qualitative data in assigning value to particular works of art
- The skills to assess the tangible and physical qualities of an art object and an understanding of how condition, quality, and preservation inform valuation assessments