The fine art of knowing your worth. Are your artworks worth more than you think?
It’s common knowledge that fine art as an investment can be hugely successful for those who buy wisely. Old Masters are worth millions and contemporary art regularly makes the news for the astronomical prices they fetch at international auctions. It is a given that unearthing a Van Gough in your attic is the equivalent of winning the lottery (the most expensive Van Gough fetched $83 million1 in 1990 2 equivalent to $180 million 3 today) and those lucky enough to invest in an up and coming young artist such as acclaimed street artist Banksy, have seen an incredible return on their investment.
A True Story
I was once offered a Banksy painting when I was a young student in the year 2001 for £500 through the artist himself, but due to lack of funds I had to turn the offer down. By current market standards that same stencil painting would now be worth an estimated £4 million to £6 million 4. (The highest auction price for a Banksy painting is currently £16,758,000 5.)
Art for Everyone
Owning and enjoying art however doesn’t have to be for the super-rich. People of all ages and financial means can start an art collection by buying unknown artists’ work just because the work interests them. There are numerous organisations and companies that offer advice on which artists are up and coming, or you can visit the graduate art shows and snap up a future Damien Hirst for a relatively low price. The experience can be a lot of fun!
Do you have a hidden gem?
Alternatively, the painting you bought a few years ago (just because you liked it) in a charming antique shop by the coast or from the local car boot sale may be worth more than you thought. It doesn’t even have to be an oil painting as watercolour landscapes, portraits, flora and fauna, and even abstracts could have increased in value, especially if they were purchased before the rise of the internet and sellers didn’t have as much access to online research and valuation methods. Or you may have a group of paintings that have been passed down through family generations. Again they don’t have to be oil paintings as there are many prominent watercolourists of the 18th, 19th and 20th centuries that have significant market value and are becoming increasingly sought after in both regional, national and international auctions. Works by artists that you may not necessarily have heard of can reach sale prices of a few hundred pounds, with some stretching into the tens of thousands.
Insuring your artworks
It is common for policyholders to tell us that their artwork isn’t expensive, just low cost pieces they bought because they liked them. But if you have multiple pieces throughout the house, their cumulative value may still add up and given that home insurance policies have limits when it comes to artwork, both individually and cumulatively, it’s important to keep tabs on overall values. Depending on your policy, even a modest increase to certain pieces could put you over these contractual limits. If you are under-insured and have to claim, the best case may mean you receive a lower settlement than you want, but worst case may mean the whole policy is invalid.
If you’re unsure as to how your policy treats artwork and the limits of cover that apply, please do get in touch. Even if you don’t insure with us currently, we can help you understand the terms of your policy and where necessary, we can source an alternative product that is more suited to your requirements.
Find out more:
Email us: listed@lloydwhyte.com
Call us: 01787 880338
- https://www.theartnewspaper.com/2022/04/29/the-ten-most-expensive-van-gogh-paintings
- https://www.theartnewspaper.com/2022/04/29/the-ten-most-expensive-van-gogh-paintings
- https://www.theartnewspaper.com/2022/04/29/the-ten-most-expensive-van-gogh-paintings
- https://www.newsweek.com/banksy-love-bin-sothebys-auction-girl-balloon-shredded-price-1638891
- https://www.newsweek.com/banksy-love-bin-sothebys-auction-girl-balloon-shredded-price-1638891
