Insights.
Short guides on appraisals, art advisory and collection management. One topic each, revised every year.
Paul Gauguin, Landscape at Le Pouldu, 1890 · Art Institute of Chicago
01
Appraisals and valuations
What an appraisal contains, which value serves which purpose, and what to do when a work is inherited, insured or damaged.
12 articles
ThemeUnderstanding the documents
Art appraisal: what a valuation report must contain
An appraisal is a written, reasoned and signed opinion of value. The elements it must contain if it is to stand up before third parties.
Why an estimate from algorithms or artificial intelligence is not an appraisal
Digital platforms that analyse auction sales offer a statistical guide based on similar works, but they do not assess the actual object and do not have the value of an appraisal.
Who authenticates a painting: why it is not the appraiser
The appraiser determines the economic value of the work; the opinion on authenticity belongs to the specialists and to the artist's archive. The appraiser's due diligence serves to identify the work rigorously and to set out in the appraisal the assumptions on which it rests.
Art appraisal fees and how the appraiser is paid
The fee is agreed in writing before the engagement begins and comes from a single source, the client. Appraisal, art advisory and collection management are paid for in different ways: an appraisal is paid on a time or fixed-fee basis and collection management by the hour, by project or by retainer, never as a percentage of the value of the works, while for art advisory the preferred formula is a retainer or a time-based fee. Whoever has appraised a work does not handle its sale.
How much is a painting worth: what determines its value
The value of a work of art is not an intrinsic property of the object, but the result of a careful analysis based on five fundamental parameters and on a specific purpose. Here is what the appraiser examines, and why the same work can have several correct values.
Where to have a painting valued: whom to turn to
Auction house, art gallery, online platform, artist's archive or independent appraiser: each of them responds to specific needs and is driven by different interests.
ThemeWhen something happens
Inherited artwork: the first steps
Preserve without intervening, understand the real value of the assets, draw up an inventory, avoid hasty sales and rely on an independent appraiser: the basic rules for protecting an artistic estate (leaving tax and legal formalities to the notary and the tax adviser).
When you need an art appraiser, and when you don't
Not every work and not every situation requires a formal valuation. The six circumstances in which an appraisal is truly indispensable, and the cases in which an initial indication is enough or the matter belongs to other specialists.
Estate appraisal of works of art: what heirs and notaries need
When works of art form part of an estate, an analytical inventory has to be drawn up and a single value attributed, referring to a precise date and valid for all the heirs. This article explains the role of the art appraiser and how the appraiser works with the notary and tax advisers.
ThemeValuing for a purpose
Insurance appraisal of works of art: what it contains
The formally defined replacement value, the full identification of the work, photographic documentation, condition, and the date and signature of the professional are the constituent elements of the appraisal report. The article also sets out the division of roles between appraiser and broker.
Periodic valuation for those who manage a family's wealth
For family offices, fiduciaries and trusts, an art collection is an asset that calls for rigorous management, carefully documented and valued over time.
Art as loan collateral: what the bank asks the appraiser
When an artwork is pledged as collateral for a loan, the bank requires an independent valuation and thorough documentation; checking ownership and encumbrances is a matter for the bank and its lawyers.
02
Art advisory
Buying and selling with method: due diligence, provenance, artists' archives, the advisor's role and fees.
7 articles
ThemeThe relationship with the advisor
What an independent art advisor does
An independent art advisor is a professional who acts solely in the collector's interest, assisting with acquisitions and sales without any direct commercial interest of their own.
Art in family wealth: what those who administer it need
Whoever administers an art collection needs independent advisors, up-to-date valuations and a clear separation of roles.
ThemeBuying
The three tools of due diligence when buying art
The expert eye, historical and documentary research and scientific analysis are complementary tools. None is sufficient on its own.
The certificate of authenticity: how to verify it
A certificate is worth as much as the professional standing of its signatory and the verification carried out on it. Paper documentation is frequently forged and cannot on its own constitute proof, while the attestation issued by the seller serves a different purpose.
ThemeArchives and provenance
Artist's archives and catalogues raisonnés: what they issue
Archives, foundations and catalogues raisonnés express qualified opinions on authenticity on the art market: opinions of great weight, not official certifications.
What provenance is and how to read it
Provenance is the chain of owners of a work of art from the artist to the present day. Since complete reconstructions are the exception, reading it correctly means questioning the documentation behind each step.
Which documents prove provenance
Reconstructing the provenance of a work begins with the direct examination of the object and extends to the documentation held by the owner, the critical literature and archival records. Each source attests a specific fact, which makes an independent verification of every document indispensable before it enters the overall analysis.
03
Collection management
Keeping a collection in order: inventory, records, condition reports, movements, generational transfer.
6 articles
ThemePutting things in order
The collection manager: caring for and protecting an art collection
The collection manager looks after, organises and safeguards an existing art collection, managing the inventory, documentation, condition, logistics and the coordination of specialists.
The inventory: the collection's fundamental document
A precise and constantly updated inventory of works, photographs, locations and documents is the indispensable premise for any decision or administrative procedure concerning an art collection.
Object ID: the international standard for identifying works of art
An essential, shared model, developed with museums, police forces and appraisers, for describing and recognising a work of art unambiguously.
The documents to keep for every work
Every work of art requires a dedicated file containing title of purchase, dated photographs, correspondence, catalogues, appraisals, insurance policies, restoration reports and opinions on authenticity. Keeping the archive, duplicating it off site and maintaining it in usable form over time is an essential part of protecting the work.
The periodic condition report
A condition report is the record of the state of conservation of a work of art at a precise date. The full report is prepared by a qualified conservator at regular intervals; a shorter check, signed by the party handing over and the party receiving, accompanies every movement.
Preparing the transfer of a collection
Every art collection changes hands sooner or later, yet planning for that transfer is frequently postponed. A scientific inventory, updated appraisals, a written record of the collection's history, a conversation with the successors and agreed governance rules are the essential steps for carrying the value of the collection forward in time.