In essence five criteria must be considered in defining fair value; rarity, condition, size, provenance and demand. Let’s explore these.

Rarity

The financial value of a rare item is undoubtedly enhanced. However a work of art is not superior because it is rare. The value of such an artwork is rather a reflection of the fact that it is difficult to acquire. The financial value here is not based on artistic merit, but rare items are bid up in value simply because they are hard to get and therefore there are more potential buyers than sellers. The ultimate reason for this increased value is at its foundation economic, a matter of supply and demand. However, is investment in rarity financially rewarding? Yes!

Size

Size likewise is important, but only where items are considered to be equivalent. With one of a kind works of art this is a difficult comparison to make. Clearly, size is a factor to be considered, however, the key criterion is the quality of the art. That is to say, all things being equal, bigger is better; but in the art world all things are not equal. All things are subjective, a matter of taste, a matter of perceived innate quality determined by individuals and experienced “specialists” in the art. It distills down once again to what you see, feel, believe and know you want. Are well made large works financially more valuable than well made small pieces? In most cases the answer is yes!.

Condition

This holds true for the condition of an item as well. Condition is undoubtedly significant. An obtrusive chip on the edge of an otherwise extremely handsome ceramic insults the eye. But less than perfect condition can also indicate age. A beautiful patina on an old bronze, for example, is desirable. Chipped or faded coloration, cracked, dry or partially rotted wood, repaired terra cotta antiquities and the like are all examples of less than ideal condition, but they reflect the age of items as well. Here again, all is subjective. Does the imperfection add to or detract from the work? Does it visually speak of age as an enhancement or of ruin? You are the one that decides.

When it comes to antiquities and for that matter with all art forms, perfection comes with a price - and that price is the question of authenticity. Just how did this particular work escape the ravages of time? Is it an original work of art or just an excellent copy? Was it used for tribal purposes or was it prepared for sale? Is it an outstanding work of art regardless of its tribal authenticity? These extremely important considerations brings us directly to the question of provenance and its significance.

Provenance

Unfortunately, forgeries exist in all the many forms of art. Some forgeries are expertly made and some are relatively easy to spot. If you are an expert you are unlikely to be deceived by imitations. Still many famous cases exist where experts did not recognize copies of well known works of art for years. And if you are not an expert, clearly, you can be deceived more easily. This is where provenance comes into the picture. The provenance of a work of art is its documented history through time of creation, display and ownership - a trail of definitive photographs, exhibition brochures and invoices from beginning to end. Provenance then is a security blanket, a record that, as much as is possible, proves that what you are purchasing is indeed the "original" work of art.

Nonetheless, although having a record of authenticity helps assure validity, such assurance is not absolute. Records can and have been forged, or there may be a lapse in the records allowing a copy to slip in. As any vendor of art will confirm, nothing is infallible. Nonetheless, knowing the provenance of a work is of value in determining authenticity. That is, it is of value unless authenticity can be determined without it. At that point it is just not required. Later we will show how the authenticity of a work can be determined without the assistance of an accurate and legitimate complete history.

Demand

Truthfully, art is its own reward. It is just not possible to determine the true intrinsic value of two strong and compelling works of art. Although high prices usually reflect quality, what they always indicate is high demand. While the emotional impact of an expensive art piece is in all probability extremely compelling, equally compelling art can be purchased at a much more reasonable cost. Magnificent paintings by known artists being sold at major galleries bring huge sums of money; even these artists mundane efforts are incredibly expensive. On the other hand, little known artist's stunningly powerful paintings are sold for much less. In fact, an unknown artist's receipts may barely cover their living expenses. But the art, the art itself can nonetheless be extraordinary - and in the future the value of such works can literally sky rocket.

The point being is that the inherent quality of what you purchase is what is most significant. True, the wealthy among us can pick and choose from works that are of recognized and agreed upon quality by spending hundreds of thousands to millions of dollars. But what cannot be stressed too strongly is that there is a plentiful marketplace of offerings at the several hundred to 20,000 dollar range that represent works of the highest quality. In the truest sense therefore, the fair value of original art is neither a function of competition nor a matter of comparison. Since no two items are alike, true value is solely in the eye of the beholder and increased monetary value is simply a matter of supply and demand.

But the five aspects of fair value noted above, taken as a unit, is only one of three considerations. Before you purchase an artwork you must answer these two other questions.

These questions are :

1- do you feel a need to possess the item
2- is it authentic.

The Need For Ownership

No expertise is required to determine if a particular artifact or artwork strongly appeals to you. Your desire to dwell on it, touch it, display it and possess it is self evident.

The quality of the work and its value in your eyes reflects your artistic taste, your knowledge of the field and what the marketplace demands. So, again, the two most important considerations are first, that you feel you must have that particular artwork and second, that you are confident that what you are purchasing is authentic and not a copy. In the last analysis, however, fair value, while clearly important, is more a matter of personal pride and interaction with the marketplace than with what an item is worth to you.

Authenticity*

Here we come to the “meat” of both art and artifacts. What is real and what is a copy? A copy is not an original, it is not one of a kind and it is not ever close to the value of the original work of art. But be aware, there is a significant difference between a line for line copy of a work and stylistically similar works. The latter are originals. Such art works are familiar to us as the multitudinous depictions of Chi Waras, Abelon tribal carvings, Indian gods, or the artwork from schools of painting and the like; each are based on established motifs, but all are original and all are different.

With that proviso addressed, the key question is how do we recognize authentic art? The answer is multifaceted in that it depends upon the artform being considered. Are we evaluating the authenticity of terra cotta objects, paintings, wood carvings, collectibles, jade or jewelry? Regardless of the type or style of artwork being considered, be it a neolithic tool or a Van Gogh, its authenticity is key to both its emotional and financial value.

*The tutorial on authenticity is freely offered to clients (sellers or buyers) only. There is no charge. Additionally, any new information accrued to help identify fraudulent art will be forwarded free of charge. If you are a client, simply request the tutorial, it could save you hundreds to thousands of dollars. Those of you who are not clients can purchase the article for $12.00 by check or by PayPal.

Avoid being mislead by unscruplous or ignorant dealers into buying copies sold as originals. Use the information presented in the tutorial to rule out the overwelming majority of fakes. (The first areas of authenticity reviewed in the tutorial cover Pre-Columbian, New Guinea and African art.)