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To know the value that a work of art can reach, you must first make a list of previous investigations on the work to be appraised:
- Investigate the artist's production. What works of art has he already created, how similar are his different creations, ...
- Investigate the environment in case, with or without the artist's knowledge, there are replicas of the work of art.
- Defining in which stage of the artist's career the work was made is a question.
- Identify the style of the artist, the author of the work of art.
- Assess if the artist is known, and what is his reputation.
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The price of the work of art could increase if:
- The last exhibition organized by the artist has achieved a recent success of attendance and interest.
- The competition itself, also in art, with artists from the same field and the same style.
- The general interest of the media, both general and specialized media.
What can we consider as a work of art? (paintings, photographs, relics..)
According to the Royal Spanish Academy of Language (RAE), a work is a lasting thing that results from the application of work or human knowledge to a material or a set of ideas. And a work of art is the object, or the work of great artistic value.
Art is represented and acts in the fields of cinema, dance, sculpture, photography, literature, music, painting or theater.
Art is a historical as well as a social construction, to which transcendental values are granted for human civilization. These values can be historical (in documentary format), aesthetic (the most technical of all) or symbolic (the most social and difficult to interpret).
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The business of investing in works of art
Investing in works of art is a very safe business that, in addition, can also be very profitable and lucrative. Among the reasons for wanting to invest in art are:
- The revaluation over time: works of art increase their value progressively the more time passes.
- It is a guarantee that can be presented as collateral for other investments. If, for example, we needed to apply for a loan to make a large real estate investment, we could contribute our work of art as collateral for the loan.
- Thanks to innovation and new technologies, it is a more liquid asset.
- It is a more accessible asset, because the usual entry price is usually quite less than the value that the work can reach.
- In certain countries, inside and outside the European Union, there is a special taxation that rewards works of art. In particular, in Spain, this bonus is reflected both in the general VAT tax and in the inheritance tax. In both cases there are particularly very favorable types of taxation for those of you who decide to invest in art.
- It is not subject to the exchange rate between currencies. Works of art have a value for themselves, intrinsic, regardless of the currency with which the purchase-sale investment is made.
Characteristics that influence the value of a work of art
- The cost of the materials used. Depending on the type of work, it receives a higher or lower value depending on the material, or materials, that have been chosen in its elaboration. But, in any case, you should never sell a work of art below the cost of the materials in the current market.
- The time spent creating the work of art. Obviously, the greater the time it has taken to elaborate the work of art to be valued, the greater its price may be.
- The size, the surface of the work, also counts. As a general rule, it is considered that small works require a smaller amount of materials, are created in a shorter time and, ultimately, cost less money than another similar work but of a larger size. At a minimum, the largest work will have used a greater amount of materials than the smallest work, if both were the same.
Keep in mind that each characteristic has a different weight in the final value of the work of art, they are not comparable. And also, depending on the work of art, there will be characteristics that will condition the price more than others. Therefore, we always recommend that you go to the opinion of an expert, that you resort to a professional valuation.
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