Art Appraisal

Yvonne, WELCOME to A2K. Without having sold any art work, it would be difficult to set appraisal value on your art works. Cost of appraisals are expensive, and I don't think you'd want to spend any money up front without knowing how marketable your work will be. Why don't you ask the arts coordinator for some suggestions. Sorry I can't be of much help. We own many original and limited edition art works, but we don't have any insurance on them. Some are worth several thousands (the most expensive about $8G's). c.i.

Yvonne- Sorry I can't help you on this one, but I just wanted to welcome you!

art
Yvonne, I too am a painter who has never shown his work--although it appears that I might soon. Let me say, quite candidly, that if my works were to be stolen I would be both angry and passionately flattered.

JLN, I want to flatter you. What's your address again? c.i.

Probably fire or water damage, vandalism are more likely than theft, and if you have a home, or rental (tenant) insurance, your homeowner coverage might offer you some off premises coverage for those hazards. Also, you might just ask your agent to add a "rider" for your art work adn get someone you know with some credentials, (a curator or even a art teaching person) to write you an "appraisal" that is not too costly, and your agent probably could help. Of course I am thinking in the $25,000 or less area here if you have a lot of work or consider it more valuable, you probably cant go this way.

Can any body tell me what time zone this site is in? These posts are 8 hours off my time.

zinc, Depends on where you live, but it's based on east coast time plus or minus your location. It isn't always accurate. c.i.

zinc,

The time zone is intentionally off while we work on a glitch.

Look at similar art work to you own and see what the prices are. Are you pricing your work to sell? You are not yet known so maybe a little cheaper until your name becomes known but DON'T go too cheap - people will assume your work is no good.

Will the show be supervised, curated? if so your work is unlikely to be stolen and it may be worth not going to the expense of insurance for the works. How will it be hung? will it be screwed to the wall with mirror plates? this is pretty secure.

You do need to check on public liability insurance - insurance companies will quote you for this - contact a local art group and ask who they recommend. The place you are showing may have it and it may cover your work.

Hope this is some help

Hmmm, most galleries I deal with have insurance because I only carry an "excess policy" for limits over the galleries cap. Viviens idea on the local art league is best because the PLI you seek may be at a better price with some reccomendations from the league.
I do reccomend an excess coverage policy because since 98 when the tax laws were changed, a paintings value is no longer just the materials and time.

Just as a rule of thumb, a new artist can figure their time out (materials are nearly inconsequential) at those of a beginning commercial artist.

$35.00 an hour is what I tell new artists to use. But this is only a guideline as abstract art can be created in much less time than, say, a photo realistic painting. Then, if it takes 20 hours to complete a painting, that is likely it too expensive for salability (depending a lot on the demographics). I came up with this basic price point based on size for new art:

16 x 20 $1,500.
18 x 14 $2,000.
24 x 30 $2,500.
30 x 40 $3,000.

These are base prices so one has to work with a gallery owner or director to come up with an intrinsic value based on the perceived quality of the work. I've priced a 24 x 30 as high as $4,500. Then again, I've priced a huge 5' x 8' abstract painting at the same price. Again, materials are not a consequence. If you are working with a gallery who doesn't know how to price artwork in their demography (another factor), look elsewhere.

As to insurance, it's almost a moot point -- an insurance company will insure it but will they pay what you've priced them at with little or no sales record? No. And actually, galleries are required to have a theft and fire policy that covers the work unless you sign a disclaimer. You could have it listed as "off site" part of your household insurance but for replacement cost only (you might get away with half of the sales price or $17.50 and hour to place a value on each work).

As to household art, most insurance companies will write policies based on original invoice values as household furnishings up to $50,000. Otherwise, one needs a rider and an independent appraisal (insurance companies and the IRS will not accept gallery or auction appraisals). The American Society of Appraisers members will charge one from $300. on up for one to four pieces. You have to get an estimate from the appraiser they recommend in your area. I don't have their contact numbers at home right now but you can E mail me at [email protected] for that information. BTW, the appraiser will not authenticate a work but only appraise it with the qualification "if this is authentic." Authentication is another unfortunate bugaboo of buying art. There's plenty of phony stuff out there and auctions will not stand behind authentication -- it's in the fine print. One has to know art thoroughly to play the game.

BTW, in New York galleries you might find all those prices doubling! That's demographics!

All that is very fine, farmerman. But suffer a loss and try to collect from the insurance company. My experience with those who have lost artwork was pretty dismal to report.

LW, I knew there was a method to price artwork by size, and said so in another forum, but was rebuked. I met a artist from Florida on my trip to African several years ago, and she said many artists charged by the square inch, although I don't remember the amount. However, your figures do not seem to be consistent: e.g., the 320 sq in would sell at $4.69, the 252 sq in would sell at 7.94, the 720 sq in would sell at $3.47, and the 12000 would sell at $2.50. Also at $35 per hour, the 320 sq in would take 7.47 hours, the 252 sq in woujld take 4.41 hours, the 720 sq in woud take 10.08 hours, and the 1,200 sq in would take 14 hours. c.i.

I think GW's second price was for an 18 x 24, not 18 x 14.

osso, I think you're right! Gotta be a typo. ) c.i.

ossobucco was right -- a typo. Just standard frame sizes and it has a lot to do with what the market will bear. Those prices can vary according to many different factors and the square inch formula has its drawbacks. The truth of the matter is that pricing out smaller images is difficult because an artist may put just as much work in them as a larger image. It's public perception, just like they will pay more for an oil on canvas than an acrylic on canvas and way more than for a watercolor. In a way, that doesn't make good sense but the buying public never made much sense anyway. If you're talking about galleries who sell the seasoned collector, the method arrived at for pricing can be quite different. Leo Castelli started what has now become a humorous doctrine in pricing art. Weigh the art and then check today's price for gold.

LW, I like that, by weight. I remember when van Gogh's Sunflower sold for $53 million. LOL c.i.

That's when you don't use gold to price the artwork, you use diamonds!

Whoa, kimosabe. What's the highest paid for artwork/painting? c.i.