"How much is it worth?" is usually the first question asked by anyone who owns, inherits or wishes to sell a painting, and it is also a question that cannot be answered hastily. Unlike physical dimensions, value is not inherent in the work itself: it depends on the artist, on the work's own characteristics, on its condition, on its provenance and on the relevant market. Above all, it varies considerably according to the purpose for which the valuation is requested.

The five determining factors

  1. The artist and the strength of the attribution: the designations "by", "attributed to", "circle of" or "manner of" identify profoundly different market realities, even when the works look alike. For modern and contemporary art, the opinions of qualified specialists (scholars, archives or foundations working with rigour and documentary method) and inclusion in the artist's catalogue raisonné are decisive.
  2. The work itself: the period of execution, the technique, the dimensions and the subject all count and, above all, the quality of the individual work in relation to the artist's entire output. Two canvases of the same year and format can reach very different values because of how successful each is, aesthetically and in its execution; a difference in quality that is often the main component in determining the price.
  3. Condition: restorations, overpainting, relining, past damage and their visibility are assessed. It should be stressed that a restoration, however well executed, does not return the work to its original state; it limits the loss of value.
  4. Provenance and documentation: the history of the work (from its creation to its changes of ownership, with its exhibition history, bibliography and supporting documents) plays a crucial role. A documented and verifiable provenance significantly increases the value of the work, while an unexplained gap is a warning sign that can compromise its saleability.
  5. The relevant market at the effective date of valuation: the analysis looks at how many comparable works have recently come onto the market, at what prices and in which contexts. Value always refers to a precise date.

One value for each purpose

A work of art can have several correct values at the same time, depending on the purpose of the appraisal. The two most commonly used are fair market value and replacement value. Fair market value is the price at which the work would change hands between a seller and a buyer who are reasonably informed, under no compulsion and in no hurry to conclude: it is the market value used for estates and the division of inheritances. Replacement value, used instead for insurance policies, is the cost of obtaining an equivalent work by the same artist, of the same period, quality, appearance, provenance and condition, within a reasonable length of time and in the appropriate market: it is normally the highest value. A professional appraisal always states the purpose for which it is prepared and the type of value it adopts: a value determined for one purpose does not apply to others.

For this reason, a serious answer to the question "how much is it worth?" has to start from two preliminary questions: what the valuation is for, and what documentation is already available on the work. From these answers the professional decides whether an initial indication is sufficient or whether a complete formal appraisal is needed, including direct examination of the work, a reasoned analysis of comparables and a signature.