Market value

DEFINITION

The monetary equivalent of an art object, writing, intellectual property, etc. (Market value should not to be confused with the term value.) This can be needed in order to better know what price to ask or pay for it, to appropriately insure it, or out of simple curiosity. Market value can be determined with varying degrees of reliability either through an appraisal, by offering it for sale either via auction or gallery (traditional or online), or by an advertisement placed in a newspaper or magazine. [A much more in-depth article on this subject is coming soon.]About market value or market worth: "Art among a religious race produces relics; among a military one, trophies; among a commercial one, articles of trade." Henry Fuseli (1741-1825), English Romantic painter. See Romanticism. "The works of art, by being publicly exhibited and offered for sale, are becoming articles of trade, following as such the unreasoning laws of markets and fashion; and public and even private patronage is swayed by their tyrannical influence." Prince Albert (1819-1861), husband to English Queen Victoria. "There is hardly anything in the world that some man can't make a little worse and sell a little cheaper, and the people who consider price only are this man's lawful prey." John Ruskin (1819-1900), British writer, art critic. Modern Painters (5 volumes, 1843-1860, epilogue, 1888). See art critic. "Of all the world's markets, the art market is perhaps the most intrinsically subjective. No one calculates the price of a painting by tallying the time it took and multiplying that by the artist's hourly rate. Nor do raw materials count for much: expensive paintings are, more or less, made of the same stuff as cheap paintings. For all the experts and connoisseurs and scholars and analysts, when it comes right down to it, the price of a work of art is based on what buyer and seller agree it's worth, and that's all. And as in almost every other field, where money changes hands in society, women's production has been and continues to be valued below that of men, except in this field, the difference is sometimes tenfold or more." Greg Allen (contemporary), American journalist. "The X Factor," New York Times, May 1, 2005, Section 2, p. 42. See connoisseur and feminism and feminist art.Internet resource concerned with market value: "Chalkboard" on pricing art. Chalkboard is produced by Ralph Larmann, an art faculty member at the University of Evansville, IN. Artprice.com provides its customers daily updated art marketplace information on more than 306,000 artists, with over 3.7 million fine art auction records covering 2,900 auction houses worldwide, details of upcoming sales, biographies, along with images of 36,000 signatures and monograms (in 2004). Artprice's pages are available in English, French, and German. Also see Artist PensionTrust (APT), bad-debt art, commission, commodity, and posthumous.

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