January 10, 2019 on News by steve
Your art collection is dear to you because of the emotions it evokes in you. On the other hand, it is also valuable because of its intrinsic value and the inevitable appreciation of its content. With the passage of time, it is difficult to judge its market value without the assistance of professionals familiar with market trends. It is for this purpose that le Balcon d’art, like any reputable art gallery, offers you a periodic appraisal of your paintings, sculptures, reproductions and other precious objets d’art.
A good evaluation must proceed in the respect of the customer but also in the knowledge of the reasons which motivates this evaluation.
For example, the replacement value for insurance purposes is not necessarily the same as the value of an estate or the value established for the purpose of selling the collection.
With respect to insurers’ claims, it is quite simple to establish the value of the works. A simple search of gallerists representing the artists concerned will establish the replacement value of works. That said, in the case of deceased artists, replacement is difficult, if not impossible, and some familiarity with the secondary market and the auction world may be essential in order to establish price equivalence to comparable works.
It is a good idea to have your work evaluated and updated on an ad hoc basis – say every five years – to ensure their value and to obtain appropriate coverage from your insurer. It is also prudent and wise to send a copy of this assessment to them so as to avoid any misunderstanding in the event of a disaster or theft.
One last note about insurance: some companies specialize in art works. It might be a good idea to verify with your broker for the best coverage.
In the case of an assessment for the purpose of succession, it is obviously possible to leave this task to the potential heirs of your collection but, just as the making of a will in due form, would it not be wise to carry out the exercise yourself if it was only to spare your heirs the difficult task of dividing your collection upon your death?
In this case, an evaluation of resale value is appropriate and can easily be done by any good professional of the art market.
The same update frequency of the evaluation, i.e. every five years, will be appropriate in the case of a large collection.
A copy of this assessment should be included with the rest of the estate documents with your notary or lawyer so as to simplify the work of all.
Finally, if the reason for an evaluation of your collection is motivated by a desire to divest yourself of your collection, in whole or in part, it would be prudent to obtain an assessment from a third party rather than just the gallery or auctioneer chosen for the sale of your treasures.
This evaluation should be done as close as possible to the planned sale date to reflect the true value of the works at the time of the sale.
Keep in mind, however, that the established value of the works must be tempered by the market, the type of auctioneer, the chosen gallery and the time you are willing to give for the sale of your artwork. A quick sale can often mean a lower price. You must also consider the commission of the gallery or the auctioneer.
All these considerations may seem somewhat confusing. That’s why it’s always wise to consult established professionals you trust.
Come and meet the experts at le Balcon d’art for more details on our evaluation services and get the most out of the treasures that hang on your walls!
Le Balcon d’art