The valuation of a work of art requires the assistance of an expert. Although the framer will use tools that are also available to the general public (directory of quoted values and other sites specialised in providing auction result), only an expert will be able to interpret the information delivered by this databases. However knowledgeable he may be, an art historian with no valuation experience will not be much more useful than an amateur to give an opinion as to valuation. Similarly, a market expert with only a basic knowledge of art history will never be able to judge the relative importance of the work. Such a person may well overestimate or underestimate its qualities...

The expert can take into consideration the work’s market value, i.e. its sales value, or its insurance value: i.e. its reconstitution value. The market value corresponds to the price that one would obtain by selling the works on the art market at a given moment, while the insurance value corresponds instead to the price that one would expect to pay to obtain a comparable work under normal acquisition conditions: i.e. without necessarily obtaining a good deal, while paying the price in the art business.

Whether the goal is to obtain a valuation by an expert based on the market value or insurance value, it is important not to lose sight of the fact that this is more an indication than something set in stone. In effect, valuation by an expert is not an exact science, but rather, a speculative exercise. As a result, one should consider the amount suggested as a reasonable average price. In this connection, the term ‘estimate’ accurately expresses its unknown component.

A valuation by an expert is always contingent on a geographic market or on time. As a result, the valuation should be seen within these limits. Choosing an expert capable of determining the value of the work on the market best suited to the work is clearly important for its owner. A local expert will not sometimes fail to see the full value of a work based on a cursory examination. Thus, it is better to contact a firm of experts with a high quality documentation centre... Finally, since the art market fluctuates like any market, it is important to revise valuations on a regular basis, and at least once every five years. It is not in the collector’s interest to be over-insured, which means paying disproportionate premiums, or being underinsured, which means that the collector is exposed to a risk of partial compensation in case of a claim.

Henry Bounameaux has gratuated both in Law and History of Art and Archaeology. He is Secretary General of the Belgian Chamber of Art Experts and he is a lecturer at the Université Libre de Bruxelles (ULB). Henry Bounameaux is at your disposal to appraise your works of art.



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		The valuation of a work of art requires the assistance of an expert. Although the framer will use tools that are also available to the general public (directory of quoted values and other sites specialised in providing auction result), only an expert will be able to interpret the information delivered by this databases. However knowledgeable he may be, an art historian with no valuation experience will not be much more useful than an amateur to give an opinion as to valuation. Similarly, a market expert with only a basic knowledge of art history will never be able to judge the relative importance of the work. Such a person may well overestimate or underestimate its qualities... The expert can take into consideration the work’s market value, i.e. its sales value, or its insurance value: i.e. its reconstitution value. The market value corresponds to the price that one would obtain by selling the works on the art market at a given moment, while the insurance value corresponds instead to the price that one would expect to pay to obtain a comparable work under normal acquisition conditions: i.e. without necessarily obtaining a good deal, while paying the price in the art business. Whether the goal is to obtain a valuation by an expert based on the market value or insurance value, it is important not to lose sight of the fact that this is more an indication than something set in stone. In effect, valuation by an expert is not an exact science, but rather, a speculative exercise. As a result, one should consider the amount suggested as a reasonable average price. In this connection, the term ‘estimate’ accurately expresses its unknown component. A valuation by an expert is always contingent on a geographic market or on time. As a result, the valuation should be seen within these limits. Choosing an expert capable of determining the value of the work on the market best suited to the work is clearly important for its owner. A local expert will not sometimes fail to see the full value of a work based on a cursory examination. Thus, it is better to contact a firm of experts with a high quality documentation centre... Finally, since the art market fluctuates like any market, it is important to revise valuations on a regular basis, and at least once every five years. It is not in the collector’s interest to be over-insured, which means paying disproportionate premiums, or being underinsured, which means that the collector is exposed to a risk of partial compensation in case of a claim. Henry Bounameaux has gratuated both in Law and History of Art and Archaeology. He is Secretary General of the Belgian Chamber of Art Experts and he is a lecturer at the Université Libre de Bruxelles (ULB). Henry Bounameaux is at your disposal to appraise your works of art.

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