Value Of A Work Of Art

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3. What determines the value of a work of art? Anyone who has bought art insurance has wondered at some point how it could be that a picture is worth one hundred dollars and another million. A work of art is worth what the buyer is willing to pay. Each original work is a unique piece and the more people want it, the more its price goes up. But it's not as simple as it sounds. In order to evaluate the art correctly, it is necessary to take into account a lot of information, as much academic as of the market of the current art and of the artist, as well as of the work.
The price of art can vary depending on who and how you are selling it. The fair value of a work is what they call "fair market value". This value is what a work must cost when it is going to be bought or sold by two parties who are willing to do it without any obligation, knowing well the information available in relation to the value of that work. To determine this value, current markets are investigated, including auctions, galleries and private markets. Several elements such as artist, authenticity, theme, medium, condition, size, quality, style, date, history, rarity and novelty are taken into consideration. Let's look at each of these factors more thoroughly.
The Artist: It is the main thing when determining the value of a work. First, they review their sales trajectory and there are almost always similar works that are used as reference prices. You have to understand that there are different categories of
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