This week-long course on valuation and pricing will offer a comprehensive overview of the methodologies and techniques used in the valuation and pricing of art assets in the international art market.
The course begins with an introduction to the various characteristics that differentiate works of art from other asset classes. It then proceeds to describe the various techniques used by auction houses, private dealers and professional appraisers in valuing and pricing works, whether for the open market, for insurance, probate, or other purposes. The course acknowledges the global nature of the 21st century art market in which often contrasting cultural, economic, and social forms of value are created and sustained. How are symbolic or cultural values translated into financial value? How are auction price estimates arrived at? How do primary market gallerists price works that have never previously been transacted? What is meant by the phrase “art has no price”? The week-long course offers a series of stimulating 90-minute illustrated slide presentations exploring one of the most intriguing aspects of the art economy.