What Is Value in Art?
An artwork auctioned, insured or donated to a museum or other non-profit organization requires an appraisal to determine its value. The appraisal along with some additional factors contributes to the value in art.
Style
Banksy's artwork falls within the graffiti style of painting
Within each genre of artwork, style is analyzed for mastery of technique. Trends in the art world will also affect the value of an artwork.
Provenance
Provenance includes creator(s), owner(s), past sale costs, and conservation history. Provenance also helps ensure that the item has changed hands in a legal and ethical manner. For example, the Nazi's in World War II stole artwork from Jewish homes that have shown up in art collections.
Rarity
A rare artwork, especially within a style or by a particularly well known artist, can increase in value.
Public Awareness
An artwork published or exhibited can increase its value. For example, If the Mona Lisa was tucked away in the storage unit of the Louvre and not analyzed by scholars on regular occasion, it would have a lower value.
Condition
A piece of art that has lost much of its original structure loses its value
An artwork that has not been cared for will have a decreased value. Major conservation, especially if it alters the structure or appearance of the work, decreases the artworks value.
