Sales as a Value Indicator
Know the Market and its Pitfalls
Buy Art that you like and enjoy!
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Sales as a Value Indicator

The sales record one of the most important components of an artist's or artwork's portfolio. In addition to the exhibition record and reputation of an artist, the sales record is vital in terms of evaluating a work of art. To emphasize this point, the sales record is, well, crucial. When a work is appraised for its value, there are many factors and a great deal of research that goes into the appraisal process but one of the most pertinent factors is the artist's reputation, auction record, and sales history or record. You should take all of the information that you have about an artist and judge it along with the artist's sales record. If an artist is showing and selling well, odds are that trend will continue in similar markets. The best way to assess the value of a work of art is to get an appraisal by a certified professional with proper credentials (see the appraisal page for information at www.DrLoriV.com/appraisals ).

Know the Market and its Pitfalls

Don't be fooled by the regional market syndrome. That is where a dealer takes a little known and often times, not very good, artist and promotes that artist only within a certain area of the country, region, or stylistic circle. Most of the time, although I cannot say all the time, such an artist's work will only sell within that region or stylistic circle. Rarely does a collector get as good a value from such work when the time comes to sell the piece. If you just like the piece and are not concerned with resale, that's fine, but you should be aware of some pitfalls. This is one of the reasons why I want you help you to learn how to recognize good works of art in terms of composition and execution of the work. Marketing is only as good as the marketer.

Buy Art that you like and enjoy!

One of the most important aspects of the art market and art collecting is your value analysis of a work. There is value, excellent value, in your enjoyment of a work of art. You should buy what you like and enjoy your art purchases. I have told students, adults, museum patrons, new and well established art collectors that good art is art that you like. Good art is art that you know about and to which you can relate. Make sure you ask questions and perhaps make some initial inquiries with a good art advisor, someone like me--I would hope--to help you when you are on the fence about a certain work of art.

For many of you, you should consider art as investment choice. You would be wise to buy with a budget in mind. Don't get backed into a situation where you become convinced that you can spend more than your budget for that "very important piece." Often times, these "very important pieces" are pieces that you don't like and don't want to buy. Some people will be forced into buying these pieces because you think you should for the investment value. Nine times out of ten, the piece you really want to buy will be a great source of enjoyment and will also become a valuable work of art, if you have done your research properly in the first place. Just ask questions and follow the advice topics that I have outlined here and in other Art Advice columns. I offer additional information on topics of art investment in related columns.

Remember, purchase art only when you are pleased with the piece, when it is in your budget range, and when you feel confident about the work and its value (both enjoyment and resale).

This Art Advice column was provided in response to inquiries about art from Masterpiece Technologies Inc.'s visitors. Please take into account the advice offered in these columns and feel free to contact me questions, both general or specific, about buying art for investment. I hope I can offer some sound advice and help.

Dr. Lori
Director, Masterpiece Technologies Inc.