Test 10

Whether you collect, trade, or simply study antiques and art, the craft of appraisal rewards rigor. Beyond a price estimate, a defensible appraisal weaves attribution, condition, market analysis, and legal context into a coherent narrative. This guide distills practical methods enthusiasts can use to evaluate objects with more confidence—and to recognize when to call in a specialist.

Building a Reliable Attribution

Attribution is the cornerstone of value. It starts with physical evidence and ends with a risk-weighted conclusion.

• Document the object thoroughly. Record exact dimensions (height x width x depth), materials, construction, weight, and any inscriptions, signatures, labels, or numbers. Photograph all sides, backs, undersides, interiors, and close-ups of marks.

• Consider how it was made. Construction details often date an object more reliably than style.

  • Furniture: Look at joinery (hand-cut vs. machine-cut dovetails), saw marks (pit-sawn or straight-sawn pre–mid-19th century vs. circular saw later), secondary woods consistent with region, nail and screw types (wrought vs. cut vs. wire; slotted vs. Phillips), and tool marks.
  • Silver and metalwork: Identify hallmarks (assay marks, date letters, maker’s marks). Prefer non-invasive verification (XRF) over scratch testing. Check for re-soldered seams and later inscriptions.
  • Ceramics and glass: Examine body, glaze, foot rim, firing bubbles, spur marks, and base wear. Distinguish transfer-print from hand decoration; assess crazing and whether it aligns with age. For glass, note pontil marks and symptoms of “crizzling.”
  • Paintings and works on paper: Review support (panel, canvas, paper), ground layers, stretcher type, tacking margins, labels, and stamps. Look for a plate mark on intaglio prints, watermarks, paper type, and deckled edges. Confirm signature placement and medium.

• Separate signature from authorship. A signature can be later or apocryphal. Inspect under magnification and raking light. For paintings, use UV to look for fluorescence discrepancies around the signature that may indicate an addition.

• Understand attribution language. “By,” “signed,” “attributed to,” “studio of,” “circle of,” “manner of,” and “after” each carry distinct market expectations and multipliers. Use them precisely and consistently.

• Trace provenance with skepticism. Build a chain of ownership using invoices, correspondence, exhibition labels, collection seals, and publication references. Cross-check dates, addresses, and label designs for plausibility. Be wary of romantic stories with no paper trail or of labels that appear aged but are inconsistent with known institutional formats.

• Compare thoughtfully. Benchmark against catalogue raisonnés, exhibition catalogues, and well-documented examples. Focus on specific constants: brushwork vocabulary, underdrawing habits, proportional systems, or construction idiosyncrasies that are hard to imitate. Recognize workshop patterns and repetitive elements that suggest serial production rather than individual authorship.

• Note technical red flags. Modern screws in “18th-century” furniture, optical brighteners in “Victorian” paper, modern polyester thread in “18th-century” textiles, and machine-planed surfaces where hand-planing is expected.

Your goal is a best-fit attribution with explicit caveats. If decisive evidence is missing, say so and reflect the uncertainty in the value conclusion.

Condition, Conservation, and Risk

Condition is not a grade; it is a narrative of change over time. Describe, don’t judge, and quantify risk where possible.

• Use neutral, category-specific vocabulary.

  • Paintings: Address structural status (original canvas vs. relined), tension, stretcher originality, ground stability, varnish type and discoloration, craquelure pattern and activity, retouch under UV, abrasion, and any planar deformation.
  • Furniture: Document replaced elements (feet, hardware, stretchers), veneer patches, lifting or losses, warping, prior refinishing, repairs to joints, evidence of insect activity (frass), and odors indicating recent infestation.
  • Ceramics: Identify hairlines, stable or running cracks, kiln flaws, glaze losses, overpaint and fills, and whether restoration is reversible.
  • Metals: Note dents, pitting, active corrosion (e.g., bronze disease), solder joins, over-polishing (loss of crispness), and patina integrity.
  • Works on paper: Assess foxing, staining, mat burn, tears, tape residues, toning, water damage, and light sensitivity. State whether the sheet is laid vs. wove, and whether margins are full or trimmed.

• Clarify restoration impact. Reversible, well-matched conservation may be acceptable in many categories; over-cleaning or invasive structural work typically reduces value. Distinguish between cosmetic inpainting and structural repairs.

• Identify active risks that affect value and insurance. Examples include:

  • Active mold, powdery verdigris, or bronze disease.
  • Woodworm with fresh frass.
  • Unstable flaking paint.
  • Glass crizzling that will progress in humid environments.
  • Incompatible materials in prior repairs (e.g., modern epoxy on porcelain).

• Estimate conservation needs and costs. Provide a ballpark, or note that a conservator’s estimate is required. High-cost treatment relative to value can change the recommended market venue (wholesale vs. retail) or timing (defer sale until after treatment).

• Keep condition and value separate. First describe condition; then discuss how the market in that category typically prices those condition factors. Provide any percentage adjustments or ranges in the valuation section.

Valuation Methods that Stand Up to Scrutiny

Choose the value definition and approach appropriate to the assignment’s purpose and market.

• Value definitions differ:
  • Fair Market Value (FMV): The price in a hypothetical open, competitive market between a willing buyer and seller, neither under compulsion and both informed. Used often for tax and estate.
  • Retail Replacement Value (RRV): The cost to replace with a comparable item in the most relevant retail market, including typical dealer margins. Used for insurance.
  • Orderly or Forced Liquidation Value: Used for time-constrained sales and insolvency contexts.
  • Marketable Cash Value or Net Realizable Value: FMV less typical costs of sale.

State the definition explicitly and select your comparables accordingly.

• Market (sales comparison) approach is primary for most antiques and art. It relies on recent, relevant sale evidence in the identified market (auction, dealer retail, private treaty). Its strength is transparency; its weakness is thin or noisy data for unique works.

• Cost approach can be relevant for:

  • Recently made or utilitarian pieces where replacement by a similar maker is feasible.
  • Decorative arts where craftsmanship hours and materials are a large portion of price, and historic premium is modest.
  • Insurance contexts requiring like-kind-and-quality replacement when the original is scarce.

For historic, unique works, cost rarely equals market value but can inform minimum replacement thresholds.

• Income approach is rare but applicable when:
  • An artwork reliably generates income via image licensing or recurring exhibitions.
  • A collection is rented for staging, film, or museum display.
  • Royalties or legal rights are separable and contractually defined.

When applied, use conservative, documented cash flows and appropriate discount rates reflecting art-market risk.

• Context matters. Retail and auction are different markets; so are regional and international venues. Note buyer’s premiums, seller’s commissions, guarantees, and any resale rights that affect net proceeds or price transparency. For IRS-style FMV, a typical auction result may be more representative; for insurance, dealer retail often defines replacement cost.

Comparable Sales: Selecting, Normalizing, and Adjusting

Good comps are near twins; everything else requires adjustments you must justify.

• Selecting comps:

  • Match the maker or school and confirm the attribution level.
  • Align medium, materials, and technique (e.g., oil on canvas vs. panel, earthenware vs. porcelain, sterling vs. silverplate).
  • Control for size, subject matter, and edition specifics (state, proof type, edition size, number).
  • Prefer comps with documented condition and provenance. Exhibition history and publication can justify a premium.
  • Use multiple comps across venues; avoid hanging your conclusion on a single outlier.

• Normalize sale data before adjusting:

  • Define whether your comp prices include buyer’s premium or are hammer only. Use one convention consistently and state it.
  • Convert currencies using the rate on the sale date; separate currency effects from market movement.
  • Identify whether a sale had special conditions (third-party guarantees, charity sales, no-reserve anomalies) and consider their effect.
  • Exclude unsold or withdrawn lots as price evidence; they can still signal demand levels.

• Adjust systematically, and disclose your math:

  • Time: Apply a category-appropriate index or trend rate to reflect market movement between comp date and valuation date. Explain your source or rationale. When indices are unavailable, triangulate with recent sales trendlines.
  • Size: For two-dimensional works, scaling is often sub-linear relative to area; for three-dimensional works, size premiums depend on display practicality. Avoid naive per-square-inch formulas; use observed category relationships.
  • Condition: Assign a percentage adjustment based on the market’s typical discount for similar impairments (e.g., 15–30% for significant areas of retouch on a painting; more for structural issues).
  • Provenance: Add premiums for blue-chip exhibition history or notable collections; discount for gaps during sensitive periods (e.g., 1933–1945) until clarified.
  • Attribution level: Adjust across “by,” “studio of,” “circle of,” etc., using observed differentials in that artist’s market rather than generic multipliers.
  • Edition: Earlier states, artist’s proofs, or signed impressions may command premiums; extremely large edition sizes may dilute value.

• Vet outliers and noise:

  • Repeat sales of the same object within short intervals can reveal trend direction or condition changes.
  • Record-setting prices may reflect two motivated bidders, not a new baseline.
  • Items returning to market quickly after a high sale sometimes resell lower; treat the spike cautiously.

Above all, keep adjustments transparent. A clear, auditable trail increases trust and appraisal defensibility.

Practical Field Checklist

Use this concise checklist when examining an object or preparing a report.

• Identify: Measure precisely; list materials, techniques, signatures, marks, labels.
• Photograph: Overall views, details, backs/undersides, and any anomalies under raking light and UV (when relevant).
• Construction: Note joinery, tool marks, fasteners, supports, stretcher types, and secondary woods or materials.
• Condition: Describe neutrally—structural status, surface wear, restorations, and any active risks.
• Provenance: Capture ownership chain, invoices, labels, and publication/exhibition references; flag gaps.
• Comparables: Gather 5–10 relevant sales; standardize price conventions; note conditions and contexts.
• Adjustments: Time, size, condition, provenance, attribution level, edition; show calculations.
• Value definition: State FMV, RRV, or other; identify the market context.
• Legal/ethical: Screen for restricted materials (ivory, tortoiseshell, rhino horn, certain timbers), cultural property risks, sanctions, and restitution considerations.
• Reporting: Include a clear scope, assumptions, limiting conditions, methodology, and credentials; retain workfiles.

Legal, Ethical, and Compliance Factors

Even flawless connoisseurship can be undone by a compliance oversight. Build due diligence into your process.

• Cultural property and provenance gaps:

  • Investigate ownership gaps during conflict periods (particularly 1933–1945 in Europe). Seek documentary clarity before valuation; apply a risk discount if uncertainty remains.
  • Be alert to national patrimony laws, export licensing requirements, and excavation regulations affecting antiquities and ethnographic material. Some items cannot be legally exported or sold in certain jurisdictions; this constrains market selection and value.

• Restricted materials:

  • Ivory, tortoiseshell, rhino horn, certain corals, feathers, and many Dalbergia (rosewood) species are regulated. Rules vary by country and state, with age, weight, and documentary exemptions.
  • Without proper documentation, marketability can be severely limited. For insurance, you may value for ownership risk rather than open-market sale; for sale appraisal, value may be nil or limited to jurisdictions permitting trade.

• Title and theft:

  • Check for red flags such as defaced ownership marks, recently removed labels, or suspiciously incomplete documentation.
  • Consult relevant stolen art registers and claim databases where accessible. If a match is suspected, halt the appraisal and advise the client on next steps.

• Sanctions, embargoes, and royalties:

  • Sanctioned regions, entities, or artists’ estates may affect permissible transactions and payment channels.
  • In some jurisdictions, resale royalty rights or moral rights can affect contract terms and net proceeds.

• Professional standards:

  • Maintain independence and disclose conflicts of interest.
  • Follow applicable standards (e.g., USPAP or IVS where required). Clearly state assumptions, extraordinary assumptions, and limiting conditions. Retain workfiles for the required period.

These factors influence not only legality but also liquidity and therefore value. When in doubt, build the compliance risk into your market selection and valuation conclusion, or recommend legal counsel.

FAQ

Q: How recent must comparable sales be to support a value? A: As recent as the market demands. For volatile categories, aim for the last 12–24 months. For stable, thin markets (e.g., certain provincial furniture), relevant comps can be several years old if you adjust for time and context. Always justify the window.

Q: Should I include buyer’s premium when using auction comps? A: Be consistent with your assignment’s market. For FMV, many appraisers use the total price paid by the buyer (hammer plus premium). For net-to-seller analyses, use hammer less seller’s costs. State your convention and apply it uniformly.

Q: How do I handle conflicting attributions from different experts? A: Present both views, weigh the evidence (technical, stylistic, documentary), and state a reasoned conclusion with an explicit confidence level. Reflect the uncertainty in your valuation with a range or sensitivity analysis.

Q: When is conservation worth doing before a sale? A: When the expected increase in net sale proceeds exceeds conservation costs and time. Minor, reversible improvements (e.g., surface clean, stabilizing flaking) often pay off. Major structural treatments may be better left to the buyer unless the current state deters bidders.

Q: Can an item be valuable even if it’s not by the named artist? A: Yes. Workshop pieces, period copies, and high-quality “after” works can have strong markets. Value them within their correct category and attribution level; mislabeling inflates risk and can backfire at sale.

A careful appraisal is a chain of small, defensible decisions. Document the object, test your assumptions, normalize your comps, and make your adjustments transparent. When evidence is thin or risks loom, say so. That honesty will strengthen your credibility and your conclusions—whether you collect for passion, advise clients, or simply want to understand what you own.