Valuation

Art Valuation specializes in conducting certified valuations of art and collectibles for all valuation purposes. With internationally prestigious RICS accreditation, we provide valuations of the highest standards, as required in Greece and abroad. Angeliki Ntourou, being a Chartered Art & Antiques Surveyor of the Royal Instituton of Chartered Surveyors (RICS) and a Certified Valuer at the Registry of the Ministry of Finance, Hellenic Republic, has the authority to conduct valuation reports that can be used against any authority, bank, insurance company, court, company or private individual.

Use of an estimate

A certified valuation can be used in any case where a private individual or a legal entity wishes to know the current economic value or wishes to update the economic value of its movable collectible assets (personal property), based on current market data. The economic value of a collectible object can be volatile as it is based on market trends on a specific period of time. Consequently, it is important for the owner to know the real market value of their movable assets in order to manage them properly and make profit out of them.

Valuation Standards

Our valuations adopt the guidance given by RICS Red Book (latest edition RICS Valuation – Global Standards 2022), and are fully compliant with International Valuation Standards (IVS) as detailed in the new 2022 edition.

Artworks & collectibles

The works of art we value include, but are not limited to: paintings or drawings, sculptures, art constructions, art installations, photographs, tapestries, engravings, multiples, etc.

On the other hand, antiques and collectibles can cover a wide range of fields where specialist knowledge is required to study and assess their economic value. Indicative examples of objects that require in-depth knowledge of our specialist experts are: antique furniture, handmade rugs, folklore/historical objects, archival material, books, etc.

Cooperation with special scientists

In cases where macroscopic examination and bibliography research are not sufficient for the identification of a work, physicochemical analysis with diagnostic forensic methods by scientific laboratories is recommended.

In cases where an artwork or an object of historical, artistic or scientific importance is subject to conservation for structural or aesthetic reasons, in order to maintain its value, we cooperate with specialist conservators, with respect to the aesthetic, historical, material and structural integrity of the object. In addition, we are able to assess, in cooperation with specialist conservators, the extent of damage of an artwork or a collection and carry out an estimate of the conservation / restoration cost.

We cooperate with conservators who specialise in the conservation and restoration of: textile, stone, metal, ceramics, mosaic, mural, paper, paintings, icons, wood.

Valuation Procedure

Each case is unique, but every time specific steps need to be taken in order to achieve the best possible result, in compliance with the valuation standards.

Ι. INITIAL APPOINTMENT

At our initial appointment, prior to the commencement of the valuation engagement, the valuer discusses with the client the scope of work and the reason for the valuation. During the preliminary discussion, the user of the valuation report and the valuation purpose is decided. The purpose of the valuation guides to the basis of value (e.g., market value), the relevant market in which the notional or actual transaction is presumed to take place (e.g., primary, secondary market), and the valuation approach the valuer will follow. All of the above is clearly stated in the ‘Financial Proposal’ and ‘Terms of Engagement’ and agreed between the instructor and the valuer prior to the commencement of the project. From our initial communication to the delivery of the final valuation report, all information and case data remains confidential.

II. ONSITE INSPECTION

After the preliminary discussion with the client, the valuer will schedule an onsite examination to location of the artwork or collection. During the inspection, a macroscopic examination, detailed photography and a detailed inventory of each work is carried out, as defined by the Object ID Standards proposed by UNESCO and ICOM. At this stage, the instructor shall present to the valuer any available documentary evidence (provenance or purchase documents, legal ownership documents, conservation sheets, exhibition catalogue, etc.) accompanying the work or collection, as this evidence may influence the value.

ΙΙΙ. RESEARCH AND ANALYSIS

Based on the inspection data, information is collected from reliable sources on the historical, aesthetic and artistic value of the work. At this stage, bibliographic and provenance research may be carried out, as well as collaboration with specialist experts, whenever necessary. Afterwards, we conduct a thorough research of valid data drawn from the relevant art market. The analysis and assessment of all relevant factors results in an accurate valuation which is based on the relevant, comparable data available to the valuer.

ΙV. VALUATION REPORT

Valuation report is conducted in accordance with the current RICS Valuation – Global Standards, which are in compliance with the International Valuation Standards (IVS). The report shall include, at a minimum, an overview of the scope of work, the date of valuation, the valuation approach, the basis of value, the qualifications of the valuer and the specialist experts who collaborated on the case, as well as a detailed list of the items with their individual characteristics, values and photographs. The extent of the analysis recorded in the valuation report is decided in accordance with the use of the report and the particular character of each specific case. The report shall be delivered to the client in an electronic version, whereas hard copies will be given upon request.

V. VALUATION UPDATE

It is highly recommended to update the valuation report every two to five years. Fluctuations in the art market may affect values due to changes in the market interest, market trends and changes in the economy. In the art market, it is possible for values to change significantly from year to year. Therefore, revaluations are a particularly important tool to keep the economic value of a collection up to date, both in the case of insurance coverage and for other valuation purposes.