The distinction between economic value and attribution

An appraisal is not a certificate of authenticity. The appraiser expresses a reasoned opinion of value, which presupposes that the authorship of the work has been correctly attributed: establishing the artist comes before the valuation. The appraiser does not issue authentications; in the appraisal the appraiser accepts or rejects a presumption of authenticity, states the reasons and answers for it.

The opinion on authenticity belongs to those who possess scholarly knowledge of the artist's work: the specialist scholars, in many cases the artist's archive or foundation and, for living artists, the artist in person; where several qualified voices exist, what counts is reasoned consensus, not a single authority. An authoritative judgement arises from analytical comparison with works of certain attribution (in technique, form and materials) and from direct examination of the work, supplemented by provenance and scientific analysis. Since it is a reasoned opinion and not an absolute guarantee, attributions may evolve over time as new documents, studies or analyses come to light.

The legal framework and the verification of documents

In the Italian legal system, as in the main international markets, there are no official certifiers of works of art, no professional order and no qualification entitling anyone to issue authentications. The activity is practised as an independent profession and rests on the scholarly competence and independence of those who practise it.

This absence of any public role calls for extreme caution: paper certificates are frequently forged and cannot on their own constitute proof. Any certificate found with a work therefore requires prior and thorough verification with the issuing body, and its validity must never be taken for granted.

The appraiser's due diligence and the presumption of authenticity

Although the appraiser does not issue authentications, the question of attribution cannot be sidestepped: before valuing an object, the appraiser must establish precisely what is being valued, through rigorous due diligence. The appraiser examines the work, consults the archives and the recognised scholars, reconstructs its provenance, examines the accompanying documentation and traces every step.

  • Authenticity confirmed: if the attribution is confirmed by the specialists or by the relevant archive, the appraisal adopts it as the premise of the valuation, stating who formulated it, when and on what evidence; it remains an opinion, subject to revision.
  • Authenticity assumed: if a formal opinion is lacking, the appraisal expressly states the presumption of authenticity among its limiting conditions and assumptions, specifying whether the work was examined in person or from a photograph; should that assumption fail, the value stated fails with it.

A document that omits to make this clear leaves the client unable to know what the figure rests on.

The three pillars of due diligence

Methodical verification requires the integration of three complementary tools, none of which is sufficient on its own:

  • Stylistic examination (connoisseurship): it is the starting point, but it amounts to a fragile opinion if unsupported by objective and documentary evidence.
  • Historical, documentary and provenance research: it reconstructs the chain of ownership, but the documents on which it rests may be altered or fabricated.
  • Scientific analysis: it clarifies the period and nature of the materials and can rule out an attribution, but it does not identify the artist's hand.

A sound positive opinion arises, as a rule, from the convergence of all three elements; a single contrary element may be enough to rule out the attribution.

The appraiser's role in verifying attribution

The appraiser assists the client by identifying the specialists to consult and preparing the necessary material; where the work falls outside the appraiser's own field, the engagement is referred to a specialised colleague, and the client is told the limits of the investigation carried out. At the same time, the principle of independence requires that whoever formulates an opinion on authenticity does not act as an intermediary in the sale of that same work.