Here's an interesting article from artnet about the differences in the Gallery vs. the Auction markets. This is a scenario that appraisers and advisors often confront: how to reconcile variations between public auction records and the prices achieved at art fairs. For an insurance appraisal, we ensure that our valuations are consistent with Retail Replacement Value, reflected by gallery sales at art fairs. But we look to public auctions for Fair Market Value for an Estate Tax or Donation appraisal. Depending on the artist, Fair Market Value can sometimes be lower than Retail Replacement Value. https://lnkd.in/ebu8fyC8 #artmarket #artworld #insurance #artinsurance #estateplanning #estatetaxes #charitablegiving #artcollector #artappraisal #artadvisory #contemporaryart #artnet #artgallery #artauction
Worth reading article, thanks for sharing it.
Thanks for sharing
Knowledgeable and well informed.
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2mothey are worth what people pay for them, there isn't really a significant contribution to contemporary art, this is a gagosian product, marketing marketing and marketing