A note on art appraisals
People approach me regularly with requests for appraisals of works of art, but I am reluctant to do so for two reasons. One is that I normally work on the non-profit, academic side of the art world and do not generally involve myself in the art market. The other is my discomfort with the lack of professional standards and accreditation mechanisms in the field of art appraisals in Jamaica. Although there are persons who do such work with great diligence and integrity, I often see and hear things that make my toes curl.
Many conflate appraisals with valuations which is the most common part of the appraisal process. Appraisals may, however, involve other considerations, such as attributing a work of art to a particular artist, determining its place and period of origin, or ruling out forgeries (and art forgeries do occur in the Caribbean). Appraisals may also involve the production of condition reports, provenance documentation, and assessments of an artwork or collection’s quality and significance. Appraisals and valuations are done for different purposes, for instance to determine the fair market value in the case of a sale between willing parties; for insurance, estate, or taxation matters; or in any other case where such a professional opinion about value, significance, and attribution is needed.
The international standard is that appraisals should be conducted in an ethical and professional manner by persons who are appropriately qualified and accredited, and the processes involved must be verifiable, independent, and knowledgeable. The valuation part provides an informed estimate of the art work’s value for the purpose that this estimate needed – the valuation for an auction may be different, for instance, from the one for an insurance claim. The key point with regard to valuations and authentications is, however, that these should not be pulled out of a hat, represent wishful thinking, or worse, amount to an unethical attempt at influencing the market, in favour of the appraiser or a third party affiliated with the appraiser.
Art appraisals are normally done by persons with advanced qualifications in the field. Since appraisals require specialist knowledge, it is expected that the appraiser will have the appropriate scholarship and experience on the sort of art to be appraised. A specialist in, say, Italian Renaissance art would not have much to say about the work of a Jamaican painter from the 1940s. In-depth knowledge is also required of the market(s) in which a work of art may appear, as valuations are also contextual: a Jamaican painting may have a different market value in Jamaica than, say, in Canada. The findings presented in an appraisal of a particular work of art may also change over time, as new information and authentication technologies become available, and as market dynamics change. And, ultimately, no matter how diligent the appraiser is with her research and evaluation, an appraisal remains, in most cases, an informed opinion.
Doing appraisals requires research and access to reliable information. Valuations are usually done based on the history of realized sales of comparable works of art. Most major international auction houses make their sales records available online and there are various subscription websites where sales values and other relevant market information can be obtained – these are among the resources used by professional appraisers, along with personal records. Doing an art appraisal normally requires a physical inspection of the work of art and cannot be done online. Appraisers are expected to be able to justify, in writing, how they have come to their conclusions. In contexts such as Jamaica’s, a significant part of the art market is informal and often off the record entirely, and this makes it harder to provide a transparent and verifiable valuation.
Establishing the provenance of an artwork is an important tool is this context. The provenance of an artwork documents its history of ownership and custody, ideally all the way back to the artist, and any other information that may be relevant, such as its conservation and alteration history, and its exhibition and publication history, if such applies. Provenance, if fully and properly documented, establishes the authenticity and attribution of an artwork, and ensures that the transactions that take it to the present moment are above board, and not unethical or illicit – for instance if the artwork might have been looted or stolen. Internationally, museums will not acquire a work of art in the secondary market, even as a donation, unless it is fully documented, and credible provenance is available. It is about time that the Caribbean catches on to this concept, although this is, again, quite difficult if there is a lack of formal documentation. One could never sell or buy real estate or a vehicle in the same manner art is sold here. The same standards should apply to art and a titling system for art works over a certain value would greatly help to bring more transparency to the local art markets.
Appraisers should decline to do an appraisal if they are not able to provide a well-informed professional opinion, because the appraisal is outside of their area of expertise; if there is any conflict of interest; or if the transaction for which the appraisal is requested is in any way unethical or illegal (for instance, involves goods that are known to be stolen or otherwise misappropriated). An important rule of thumb, with regard to conflict of interest, is that appraisers should stay clear of appraisals in which they have a direct or indirect economic interest or are otherwise self-interested, as this would compromise the independence and credibility of the report. It is not recommended for appraisers to work on a commission basis, as this, too, constitutes a conflict which might lead to inflated values – fixed or hourly rates are recommended.
One common view is that art dealers and collectors ought not to do formal appraisals (although this does not prevent them from making an offer on a work of art or from offering it at a particular price). The small professional skills pool in the Caribbean art world may require some accommodations, however, although in such instances, clear agreed guidelines and an obligation to disclose any competing interests would still be required. Museum professionals are not normally allowed to do appraisals for commercial purposes, since this involves being in a position of power and influence for which public accountability is required and which ought not to be abused. The ICOM Code of Ethics, which sets the minimum accepted international professional code for museum professionals, does not allow the provision of commercial appraisal services by museum professionals.
What is really needed in the Caribbean is education, so that all stakeholders understand what is involved in appraisals, as well as professional accreditation, since duly accredited appraisers will be bound by appropriate professional standards. This could either be done by registering with overseas organizations, as some have done, but perhaps the time has come for a professional body to be established in (Anglophone) Caribbean, so that guidelines can be appropriately tailored to local needs and circumstances.
Dr Veerle Poupeye is an art historian specialized in art from the Caribbean. She lectures at the Edna Manley College of the Visual and Performing Arts in Kingston, Jamaica, and works as an independent curator, writer, researcher, and cultural consultant. Her personal blog can be found at veerlepoupeye.com.
