Same Artist
Auction records for paintings by the same artist are preferred where sufficient reliable evidence exists. The comparison considers the artist's market position, period, subject and quality.
PAINTING VALUATION METHODOLOGY
The Market Comparison Approach — Comparables Selection and Adjustment
For paintings with a documented auction market, the Market Comparison Approach is generally the primary methodology for establishing Fair Market Value. The concluded value is derived from relevant market evidence, rather than from a generic price-per-square-foot or reproduction-cost assumption.
A Government Approved Painting Valuer examines the artist, school, period, subject, medium, size, quality, condition, provenance and valuation date before selecting and adjusting the most relevant comparable transactions.
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VALUATION LOGIC
01
MARKET
Evidence
+
COMPARABLES
Selection
+
ADJUSTMENTS
Analysis
CONCLUSION
FMV
STEP 01 • MARKET EVIDENCE
Selecting the Right Comparables
The quality of a Market Comparison Approach depends heavily on whether the selected transactions genuinely represent the painting being valued.
Same School & Period
Where the artist has limited auction history, relevant works from the same school and period may provide supporting market evidence.
Subject, Medium & Quality
Comparables are examined for subject matter, medium, artistic quality, period and overall market desirability, rather than relying only on the artist's name.
Auction Provenance
Relevant auction records may be researched through Christie's, Sotheby's, Bonhams, Pundole's, Saffronart and AstaGuru, depending on the artist and market segment.
Professional principle:
Three to five of the most directly relevant comparable
records may provide stronger evidence than a large number
of loosely related transactions.
STEP 02 • COMPARABLE ADJUSTMENT
From Auction Price to Painting-Specific FMV
Auction prices are not automatically interchangeable. Each comparable is assessed against the subject painting and adjusted for the relevant differences.
01
Time
The comparable's sale date is considered against the valuation date, taking account of movement within the relevant artist or painting category.
02
Quality
Artistic quality, execution, composition, period significance and market desirability can materially influence the relative value.
03
Condition
Conservation condition, restoration, damage, surface quality and preservation history may require an upward or downward adjustment.
04
Provenance
Documented provenance and ownership history can strengthen market confidence, while unresolved provenance may introduce a valuation discount.
05
Size & Format
Size is considered in context. Painting value does not necessarily increase linearly with dimensions, making proportional adjustment alone inappropriate.
VALUATION PROGRESSION
02
AUCTION
Observed Price
↓
ADJUSTMENT
Painting-Specific Analysis
↓
FMV
Valuation Conclusion
The final conclusion reflects the evidence available at the valuation date and the professional judgment applied to the selected comparables.
FINAL VALUATION CONCLUSION
A Defensible Market-Supported FMV
After comparable selection and adjustment, the evidence generally converges around a valuation range. The Government Approved Painting Valuer determines the appropriate position within that range using the specific characteristics of the painting, available market evidence and valuation purpose.
The final report documents the principal comparables, relevant market sources, adjustment considerations and the rationale supporting the concluded Fair Market Value.
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