Restoration impacts the value of an artwork. If the work is fairly new, restoration indicates some sort of damage and can diminish the value of the piece. However, if the work is older, wear and tear is to be expected. When restoration in these cases is well done, it can greatly enhance the value of the work of art.
Cochran Arts was recently contacted by a conservator to appraise a full-length portrait that he had worked on. The canvas had been folded over so it could fit into a beautiful but smaller frame. Once the restorer returned the work to its original size and touched up some areas of paint loss, the full beauty of the piece was exposed. Cochran Arts appraised the painting post-restoration and confirmed to the institution that it had appreciated significantly.
Each year, a number of organizations compile statistics on the art market. The Deloitte Art and Finance Report, The ArtTactic Global Art Market Outlook, and ArtPrice's The Art Market are wonderful resources but the one I find the most interesting is The Art Basel and UBS Art Market Report, compiled by Dr. Clare McAndrew. Released two weeks ago, it had some insightful findings into the continued shifts in the post-covid market:
- Global sales were up 3% over the previous year, surpassing the pre-pandemic levels of 2019.
- Auction sales, which flourished during the early years of COVID, were down in 2022 but dealer sales were up as buyers returned to galleries and art fairs.
- A closer look shows dealers with turnovers over $10 million saw the largest increase while smaller and mid-sized galleries have been hard hit by rising expenses and cost-conscious buyers.
- The zero-COVID policy in China slowed their market but England rebounded into second place behind the US for global market share.
- E-commerce was down for both auction houses and galleries as buyers returned to in-person shopping.
- Sales of Art-Related NFT's declined 49% from the previous year's high, as the price of Etherium slumped and speculators exited the market.