A Guide to Fine Art
The market for fine art boasts famous tales of high prices, some of which have amounted to single transactions worth hundreds of millions of dollars. Globally, the art market delights in its reputation as a multi-billion-dollar industry and shows no sign of slowing down. All indications are that it is likely to continue along its trajectory of growth. The resilience of the art market has also been noted, especially during global misfortunes such as the stock market crash of 2008/9 and the coronavirus pandemic of 2020. Aspire can assist you with both the buying and selling of art.
Given the sector’s economic performance, fine art abides as one of the best alternatives to traditional financial investments and a great way to diversify one’s investment portfolio. At the heart of it all rests the enjoyment and appreciation of art as a cultural commodity which, in itself, imbues art with some of its most intrinsic and celebrated values. In attempting to value an artwork within financial parameters, one is obliged to assess a cumulative set of factors in order to determine the current and future monetary value that a work of art may possess.
These factors account for the tangible and intangible qualities that artworks hold and, especially when ascertaining auction estimates, primarily take the following matters into account: the standing of the artist, the sales precedent for the artist locally and internationally, the artwork’s subject matter, size and medium, the importance of the work within the artist’s oeuvre and in broader art history, its provenance and the current condition of the work. Art values are also determined by supply and demand and often dependent on the virtuous cycle of one top example selling at a certain price level – which leads to the sale of another.
Adding to these considerations, the value of art is also influenced by uncontrollable environmental conditions, such as social and political conditions and natural disasters that effect global economies for better or worse; changes in public opinion, fashions and tastes of a time or region; the impact of exhibitions, literature and scholarship regarding a particular artist or group of artists; and the historical importance of a given artwork, as is best exemplified in the sale of artworks by artists from important artistic periods.
Through research and seeking out the knowledge of informed individuals and industry experts, such as Aspire Art Auctions’ specialists, collectors can grow their understanding and knowledge of the sector. And, thereby, significantly improve their ability to make sound investment choices and, in so doing, increase their chances of yielding better financial returns. In this regard, Aspire Art Auctions is uniquely positioned to assist clients in understanding the forces at play in the wider art market.