HOW TO DETERMINE THE VALUE OF ARTWORK
If you're curious about the value of an artwork and/or are considering selling, you might be wondering where to start. The art market can appear complex, but there are several courses of action available to determine the value of artwork.
This guide is designed to help you explore the different strategies to determine what your art might be worth and the options available if you decide to sell. Whether you are new to the art world or are simply looking to better understand your collection, the following options can help you navigate your next steps.
Auction
Houses
Contacting an auction house is one of the best ways to gauge the value of your artwork. Most auction houses offer free estimates of what a piece or collection might sell for at auction. This process is designed to be accessible and straightforward, ensuring that even those unfamiliar with the art world can get an idea of an artwork's potential value without spending any money upfront.
​
To get started, you can either fill out an estimate request form on their website or email the company directly. They will ask for information about each item, including photographs (of both the front and back, if possible) and a detailed description of each item, including any known history or provenance. A specialist will review this information and provide an estimated price range that the artwork might achieve at auction. Please be aware that these figures are merely estimates, and actual sale prices fluctuate based on the level of interest and competition on the day of the auction. Requesting an estimate does not obligate you to sell the artwork, but if the piece is found to be of interest, they may offer to include it in an upcoming auction.
ConductOwn Research
If you prefer to do some preliminary research yourself, there are several resources available to help you understand what your artwork may be worth. While many large price databases, which contain records of past auction sales, require a subscription fee, there are a few that you can access for free. These databases can be instrumental in researching past sale prices of similar artworks. By examining auction sales records and current listings of similar items, you can gain valuable insights into current market conditions. Comparing your piece to those that have recently sold or are currently listed can help you get an idea of its potential value.
Here are two excellent resources for learning how to conduct your own research:
Identifying a Work of Art:
https://libguides.clarkart.edu/c.php?g=746768&p=5350363
Guidelines for Pricing Artwork:
https://www.askart.com/Price_Artwork.aspx
Free Auction Sales Price Databases:
www.invaluable.com
www.liveauctioneers.com
Paid Auction Sales Price Databases:
www.artnet.com
www.askart.com
www.mutualart.com
www.artprice.com
Online Marketplaces for High End Art & Antiques:
www.1stdibs.com
www.chairish.com
www.artsy.net
Hire an Appraiser
If you’d prefer to have a professional handle research into the value of your artwork, you may wish to engage the services of an art appraiser. Instead of requesting a formal appraisal, you can hire an appraiser to research your artwork or items. This approach can be beneficial as appraisers have access to paid price databases which contain more detailed and comprehensive records of past auction sales. While appraisers cannot provide a definitive value for your artwork without performing an official appraisal [link], they can offer comparable sale records from the databases they subscribe to. This information can give you a more informed understanding of the potential market value of your piece.
Unlike contacting an auction house and doing your own research, appraisers charge a fee for their time and research. The benefit is that it can save you time and provide a more thorough, comprehensive understanding of your artwork's potential value.