Taking the advise from the NAVA site this Blogs departure point in the quest to find out more about the value of contemporary art is the exploration of Australian Art Auction sites.
Australian Art Auction Sites
Australian Art Sales Digest
http://www.aasd.com.au/index.cfm
Bonhams Goodman
http://www.bonhamsandgoodman.com.au/
Deutscher~Menzies
http://www.deutschermenzies.com
Sotheby
http://www.sothebys.com/
The Australian Art Sales Digest site is a good starting point to looking at Australia art auction houses sites. The AASD operates in a similar way to Artnet and provides information on latest auction results, upcoming events and links to Australia art auction houses.
After viewing several art auction house sites including Bonhams Goodman, Deutscher~Menzies and Sothebys it became apparent that due to the commercial nature of the sites information about the valuing contemporary art was limited to auction results and online valuation services.
Biddingtons Art Gallery and Auction site
http://www.biddingtons.com/content/investingappraisal.html
http://www.biddingtons.com/content/investingshechtertest.html
http://www.biddingtons.com/content/investinggrade.html
The Biddingtons Art Gallery and Auction site at first glance is very much like all bargain basement Internet shops where you can purchase all types of art in your virtual shopping trolley. However on further exploration the site produces more detailed information on variety of aspects of the art market including evaluating artworks and valuations. The information is aimed at wide audience that may not have had much experience within the industry, but have an interest in collection art.
The Evaluating Quality in Contemporary Art page of the site provides viewers with a tool for evaluation contemporary art. The tool comprises of three parts the Past, Present, and Personal, each section has an explanation of what to look for when choosing an artwork, below is what you could call the handy pocket sized summary of the tool.
'PAST PRESENT PERSONAL
Contemporary Art Test
A work of art must balance three elements:
PAST--Does it understand the past?
PRESENT--Does it elucidate the present?
PERSONAL--Does it reflect a personal vision?’
The page claims that by using the tool views can make an informed purchase of artworks that will stand the test of time and may prove to be a good investment.
The Jake Biddington's Art Collecting Series: How Much is My Painting Worth? Art Appraisals and Art Valuations page of the Biddingtons’ site provides an informative description of how works are valued by professional valuers and gives a step by step guide to the process, including information on appraisals and authentication.
In addition to this the page provides a link to another page on the site that looks at investment grade contemporary art, Jake Biddington's Art Collecting Series: What qualifies a contemporary artwork as investment grade? The page claims that the key to purchasing investment grade contemporary art works is the ability to analyse the artists’ resume or curriculum vitae. The page provides a series of criteria to assess resumes by and claims that ‘If the artist's resume meets these criteria, the piece is visually interesting, and the asking price is reasonable, then the artwork makes the first cut for investment grade.’ It all seems so easy, but like all do it yourself guides, a basic level of understanding and skills base often results in a more sound resolution than the first timers who’s project or for this case art investment may not result in any financial gain.
Paint by numbers and article James Cockington
http://www.smh.com.au/news/investment/paint-by-numbers/2006/09/25/1159036475819.html?page=fullpage#contentSwap2
Paint by numbers and article by James Cockington in the Business section of the Sydney Morning Herald site reports on the record auction prices reached in 2006 for works by Australian artists. The article reports that there is ‘unprecedented interest in investing in art, especially that of local artists’.
Cockington consults a few key players in the art investment industry who all give a series of useful tips for beginner investor. At the end of the article Cockington presents a summary on ‘How to buy art’ which details five points that are the key to purchasing a quality investment.