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Value
All value given to a work of art beyond its physical value is both elusive and constantly fluctuating. The intangible value may be a historical one, it may be one of rarity, or it may be governed by principles of aesthetics and quality.
The following criteria serve as guidelines to determine the value of all collectibles.
Authenticity
The authenticity of a work must be confirmed by a consensus of clear proof using the best reference works, comparisons with documented examples in museums and the evaluation of acknowledged experts in the field.
Condition
The closer an artwork can be maintained to its original condition, the better it will retain and potentially increase its value. Repairs and restoration undermine the integrity and thus the value of a work of art.
Rarity
Rarity in the art market is determined by the law of supply and demand. As a rule, the rarer an object becomes, the more its value is increased.
Historical Importance
The value of some works of art can be partially attributed to their historical importance. In some instances it may be the entire basis for the value.
Provenance
The history of ownership or provenance of a work of art may have a significant effect upon its value. In some cases, the provenance merely adds glamour by connection with a famous name, but if the name is associated with good taste or leadership in a particular collecting field, then this may add real value.
Size
Size has little impact on the value of works of art.
Medium
The intrinsic worth, if any, of the medium used to create an object will always affect its rarity and desirability. However, it is the skill of the artist, regardless of the materials used, that determines its value.
Fashion
As styles or fashions of earlier periods come back into vogue among collectors, then the prices of works from that era will rise accordingly.
Quality
The ability to recognize quality can only be acquired through education, experience and the careful study of everyday range of quality in an area.
Subject Matter
In spite of a wide diversity of taste in terms of subject matter, the more subtle distinctions in subject will influence the value of a particular work.
(Reference: Marsh and McClellan Insurance Company)