Valuations take a variety of forms depending on the purpose for which they are undertaken. The AIAM100 Director Adrian Newstead has more than 20 years experience in valuing Aboriginal art and Artifacts (Pre-contact to Contemporary) and has been an approved Valuer for the Federal Government’s Cultural Bequests program since 1996.
The AIAM100 Consultancy takes its ethical responsibility in offering a valuation service extremely seriously and take a firm and unqualified stance in regard to impartiality and conflict of interest. We firmly believe that valuations must be undertaken by a qualified, expert third party and that it is unethical for an agent with a prior or future interest in a work of art to act on behalf of a seller without clearly stating their position and offering safeguards in order to fully protect their clients interests.
Adrian Newstead is committed to ensuring that the Aboriginal Art Market is conducted on a professional basis. Far too many valuations are completed by those with a vested interest in assuring the owner that their artworks have increased in value. Contrary to popular belief, not all art increases in value, even art from very famous artists. Paintings vary greatly in quality and provenance and art works must be in perfect order to maximise their resale price. While source provenance is important, the entire history of an artwork is vital in determining its financial value. For this reason it is vital that the valuer selected be impartial and expert in the currency and financial fluctuations of the contemporary art market.
What sort of valuation do I need?
Valuations are generally undertaken for a number reasons. You may:
• simply be curious to know what your art is worth
• wish to determine a propitious time to sell
• make sure your artworks are adequately insured
• regularly update your superannuation register
• determine value in order to assist in the settlement of property and other assets in the case of dispute or marital breakup
• or wish to benefit from the Taxation Incentives for the Arts Scheme when you donate your art to an institution
It is strongly recommended that Artwork valuations be updated no less than once every two – four years in order to maintain values at current market expectations or replacement values.
Each of the categories above requires different types of valuations and these vary greatly in the time they take to be completed. Valuations for superannuation assets, property divisions (which may require the valuer to eventually to justify his opinion in a court of law), and for cultural bequests, are more complex and therefore take more time to complete satisfactorily. In the case of Cultural Bequests two valuations are required and they must both be provided by a Government approved valuer. The two valuers must come within 10% of each other for the valuation to be accepted. These valuations must be completed on official forms provided by the Federal Department of the Arts.
All of the various valuations listed above are accompanied by a covering letter from Adrian Newstead Fine Art Consultancy and a standard disclaimer.
How much does a Valuation cost?
The cost is determined by the type of valuation required and the length of time it takes. A standard rate of $250 + GST per hour applies and many valuations, especially those for single works of art, can be done in one hour. The more information the owner is able to provide the more cost efficient the process becomes.
How do I Proceed?
Send an email to firstname.lastname@example.org and attach:
• a good image of the art work (a jpeg under 1 MB and not a TIF or PDF)
• as much of the following specifications and information as possible in the body of the email:
â—¦ title of the work (if known)
â—¦ medium (materials)
â—¦ where and when purchased
â—¦ source code (if recorded in the back or margins)
â—¦ gallery code (if inscribed on the back or available on an accompanying authenticity certificate or invoice)
â—¦ original invoiced price (if available)
â—¦ date of original purchase (if available)
â—¦ circumstances of original purchase
â—¦ whether a certificate of authenticity accompanies the painting
â—¦ and your reasons for seeking the valuation
AIAM100’s expert staff will research both the primary and secondary markets, and all recent sales of similar classes of art work by the artists through galleries, art centres and auction houses. In the absence of an original Certificate of Authenticity, documentation that the work was purchased through a reputable gallery owner or a reputable auction house can confer an imprimatur and assist the valuer in establishing the provenance and genuineness of the work.
You can expect the appropriate type of valuation certificate to be delivered to you within two weeks.
The valuation reflects the current market expectations. It should not be seen as a guarantee of future value, not is it in any way an undertaking by Adrian Newstead or AIAM100 to guarantee, purchase or sell the work assessed.