Art Traveler
What gives artwork value?
Aug
In the art world, provenance has become a buzzword, especially with the rise of NFTs (Non-Fungible Tokens). For seasoned collectors, however, provenance has always been a cornerstone of value. In art collecting, rarity and authenticity reign supreme. While the digital age allows anyone to acquire art anytime, anywhere—whether through downloading masterpieces or purchasing fine art prints—the true connoisseur knows that owning an original work is invaluable.
What is Provenance?
Provenance refers to the documented history of an artwork’s ownership, custody, and location from its creation to the present. This record traces the journey of the artwork through various hands, exhibitions, and even countries, establishing its authenticity, historical significance, and often, its value. Provenance can include certificates of authenticity, gallery receipts, auction records, exhibition histories, and mentions in catalogs or books.
In some cases, provenance offers insights into the artwork’s condition, any restorations it has undergone, and its historical context. Today, provenance extends to digital records, including blockchain technology, which helps track ownership and prevent fraud.
The importance of provenance has been highlighted by ongoing investigations into artworks looted by the Nazis during World War II. Determining rightful ownership often depends on testimonies from friends, relatives, or acquaintances. As the National Archives notes, “The idea of provenance is as old as recorded time. Museums and galleries are researching the provenance of paintings, decorative arts, and sculptures in their collections to confirm the origins of the work. As a result of the war, a significant amount of artwork remains missing and unaccounted for.”
Why Does Provenance Matter?
Provenance does more than tell a piece’s story; it can significantly enhance its value. Art has been collected for millennia, and tracing a piece’s origins involves historical research and meticulous documentation. Knowing that an item has a traceable history adds allure, much like TV shows like The Antiques Roadshow popularize the idea of appraising valuables. However, it’s important to note: appraisal is not the same as provenance.
Appraisal is the process of evaluating an artwork to determine its market value at a given time. This involves assessing the artwork’s condition, rarity, demand, and its provenance. While provenance can influence an appraisal, they serve different purposes: provenance tracks the history, while appraisal estimates the value.
Provenance elevates an item’s significance beyond its appearance, but art isn’t just for millionaires—it’s for everyone. Art with an interesting backstory can be as captivating as the piece itself. When buying art at a fair or gallery, you often have the chance to meet the artist, who is usually more than happy to discuss their work, from technique to inspiration. This connection can be a key indicator that you’re purchasing an original work.
Establishing Provenance
Provenance can be documented in various ways, including:
•A signed certificate from the artist.
•Exhibition or gallery stickers.
•Signed receipts directly from the artist.
•Photos or videos of the artist with the work.
•Verifiable records of previous owners.
•Mentions in books, periodicals, or online articles.
Provenance in the Digital Age
The pandemic saw a surge in online art sales, sometimes making it the only way to acquire new pieces. It didn’t end when the pandemic ended. Online galleries are the new way to view and purchase art. Sites like Artsy.com are leading the way with promoting and engaging the art community at large. The in person fairs and galleries have not gone away, but have been enhanced by this new explosion in the art world. NFTs temporarily surged in popularity as a new way of collecting, and the rise of AI-generated art has added another layer of complexity. The art world is still grappling with these developments, as new technologies bring both opportunities and challenges.
But buyer beware: the art world has always had its share of fraud, particularly concerning provenance. While the methods above can help establish provenance, they can also be manipulated to create false authenticity. The ease of digital art distribution can lead to unauthorized reproductions, with artists sometimes unaware that their work is being sold online. Fine art printing isn’t inherently problematic; technology allows collectors to acquire high-quality reproductions of originals at a fraction of the price. However, if provenance is your goal, open editions can dilute a work’s value. For those seeking a balance between originality and affordability, consider limited edition prints.
Provenance in Printmaking
Printmaking is another avenue for acquiring original artwork with potential provenance. Techniques such as woodcut, linocut, collagraph, engraving, etching, aquatint, lithography, monotype, and screen printing have been around for centuries, offering a way to produce art that retains its uniqueness.
If provenance is important but your budget is tight, consider an artist who specializes in printmaking. These labor-intensive techniques naturally limit the number of prints an artist can produce, increasing their value. Many renowned painters, such as Andy Warhol, Pablo Picasso, and Rembrandt, also dabbled in printmaking, adding another layer of interest and value to their work.
When evaluating or purchasing prints—or any art, for that matter—consider factors like:
•Limited editions versus open editions.
•The number of colors used (in many techniques, each color is applied separately by hand, increasing the work’s value).
•The size of the print.
•The substrate (cotton papers, canvas, archival-quality papers, wood, glass, metal, etc.).
The fewer prints in circulation, the better. Each print is typically unique, as it’s created by the artist’s hand, not a machine. This handcrafted nature is ideal for collectors, offering an original work at a potentially lower price point.
Collecting with Confidence
Limited edition prints are a fantastic way to start or expand your art collection. Personally, I enjoy the thrill of collecting these unique pieces. I’ve invested in both giclée limited edition fine art prints and hand-pulled prints, and I suspect that the hand-pulled ones will better retain their provenance over time. As with all things in art collecting, research is key. Delve into the world of provenance, and enjoy the journey of building your collection!
In Conclusion
Original art doesn’t always increase in value; in fact, much of it may become less valuable over time, holding value primarily for emotional or sentimental reasons. If making money through art purchases is your goal, it may be a challenging path. Remember that factors like rarity, documented history, ownership, location of purchase, gallery or exhibition history, and continued popularity play key roles in determining an artwork’s long-term value. Ultimately, it’s about the emotional connection you have with the piece. Who doesn’t love the stories, joy, and happiness that come with viewing your collection on a gallery wall?
