by Dr. Lori Verderame
Sales as a Value Indicator
The sales record is one of the most important components of an artist’s portfolio. In addition to the reputation of an artist, the sales record is vital in terms of evaluating a work of art. When a work is appraised for its market value, there are many factors that go into this assessment. A great deal of research goes into the appraisal process but one of the most pertinent factors is the artist’s reputation, auction record, and sales history or sales 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 his art frequently in high profile museum venues and selling well, odds are that trend will continue. The best way to assess the value of a work of art is to get an appraisal from a professional appraiser with proper credentials. You need to look no farther than the services I offer.
Know the Market and its Pitfalls
Don’t be fooled by the regional market syndrome. That is where a dealer takes a little known artist and promotes that artist only within a certain area of the country or stylistic circle. Most of the time, this artist’s work will only sell within that region. Rarely does a collector get as good a value from such work when the time comes to sell the piece.
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 corner where you become convinced that you can spend more than your budget allows for that “very important piece.” Some people will be forced into buying such pieces because you think you should buy 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.
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 artist’s reputation and the artwork’s value.