By Leo Setz | 25th June 2018
In this week’s Expert’s Advice our in-house art experts explain the factors they investigate when determining the value of classical paintings in order of importance.
Artist
The most important factor in determining the value of a classical painting is the artist. You can determine the artist for most classical paintings by their signature and their style. The historical significance and prolificacy of the artist are 2 factors which will affect the value in this category. Works by artist who played a more important role in shaping the history of art will generally be more valuable as will paintings by an artist who produced a limited number of works.
Documentation
Authenticating classical paintings is not as simple as authenticating contemporary works because asking the artist is out of the question. Documentation is helpful in authentication, however sometimes lab tests are required to authenticate the work as well. The importance of a certificate of authenticity is increasing in today’s art market as more private buyers are coming onto the market and purchasing paintings from auctions without professional advice. It goes without saying that the right documentation to support the authenticity of a painting - such as a certificate of authenticity or lab reports - will increase the value.
'Schitterende roze roos' by Jan Voerman Jr. ( 1890 - 1976) sold for €2,600 on our Classical Art auction in 2017
Subject
Subject isn’t only a matter of taste. Some subjects will be more popular in general than others. A classic example of what we mean by this is a beautiful nude vs. a portrait of an old man. All things being equal, if you’re judging subject matter alone, the first will always be more popular with buyers. That being said, it’s important to assess multiple factors of your classical paintings when determining the value because they affect each other. A portrait of an old man with proper documentation from a well established artist will likely hold more value than a nude by an unknown artist which cannot be authenticated. We will continue to build on this theme throughout the explanation of the succeeding factors.
Provenance
Provenance is key and all the better if you can provide strong documentation to back it up. The farther back you can trace a classical painting, the more value you’re likely to see. Additionally pay attention to whether the work was included in the artist’s ‘catalogue raisonné’ (if applicable) and whether the work was ever owned by a celebrity. Both of these factors will add additional value along with a strongly documented provenance.
'Square Saint Pierre à Montmartre sous la Neige' by Maurice Utrillo (1883-1955) sold for €28,000 on our Classical Art auction in 2017
Restorations
The scale and quality of any restorations have a significant impact on the value of classical paintings. Some collectors are only interested in unrestored artworks, however restorations won’t necessarily diminish the value of your painting. When deciding to what degree restorations will affect the value of your painting, think about the quality of the restoration, how the restoration affects the appearance and how the restoration affects the structure and integrity. Higher quality, professional restorations will affect values less than bad repair jobs and restorations that affect significant parts of the painting and affect the structure.
Quality & Condition
These 2 factors are often confused, so we’ll discuss them together and explain the difference. Quality refers to how the painting was made, condition refers to how well the painting has stood the test of time. Higher quality works will result in higher value. This doesn’t only refer to the quality of the work (all artists have good and bad works in their oeuvre) but also to the quality of materials. Condition is an important factor in determining the value of just about anything and art is no exception. The better the overall condition, the higher the value. Remember to consider other factors in conjunction with this as well as restorations because a work by a very prominent artist can be extremely valuable regardless of the condition or restoration simply because it was touched by the master’s hand.
'Zusjes bij de wieg' by Heinrich Marten Krabbé (1868-1931) sold for €1,600 on our Classical Art auction in 2017
Market
Once you’ve considered all of these factors, there’s one final thing to look at before determining the value of your classical painting: the current market. Unfortunately the art market is fluid and can be difficult to predict, but it does play a significant role in determining value. Even the most beautiful painting will not have any monetary value if there are no buyers for it. So many factors can affect the art market so it’s important to track it and spot trends when possible. Some things to consider in relation to the market for your classical painting are subject, size, economy and past sales. Differing subjects and sizes of paintings will attract different audiences. The easiest way to illustrate this is to imagine a 10-metre tall painting. Already the market for an artwork of this size is limited to those who will be able to display it. And whatever the subject is, the buyer must be attracted to it enough to invest in a 10-metre tall portrayal of it.
Changes in the economy directly affect the art market. As more disposable income becomes available, the demand for luxury goods increases. And finally it’s important to look up past sale results if any are available as this can give you a good indication of the possible current market value of your painting.
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Ready to try it for yourself? Visit our weekly Classical Art auctions and discover the selection of classical paintings or consult our in-house experts by offering up your painting for auction.
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