The Fine Art Group, a leading international art investment advisory firm, recently announced the opening of their Dubai office. Established in London during 2001 by distinguished art connoisseur Philip Hoffman, the group helps enthusiasts approach the art market with a view of investing and collecting. MOJEH speaks with Salma Shaheem, Joint Venture Partner and Head of Middle Eastern Markets.
What must you consider when valuing artwork?
Key characteristics that must be taken into consideration when valuing art are as follows: The artist; the year of execution; the condition of the piece; the piece’s series or subject; it’s auction history; and its provenance.
Do emotions ever influence an artwork’s financial value?
It’s very common for an artwork to be acquired as a result of an aroused emotion. One of the unique aspects of investing in art is watching your beloved collection grow in terms of value.
Can the media surrounding a certain artist influence the price of an artwork?
Media is unavoidable these days, it can be very useful but in my opinion overexposure may negatively impact the artist’s market as it may deduct from the idea of rarity or uniqueness.
Does the artwork’s creator matter more than the piece itself?
One cannot exist without the other.
Why is it art can skyrocket in financial value after its creator’s death?
This is an industry stereotype. Artworks do not ‘skyrocket’ as soon as the artist has taken their last breath. Fluctations in price are directly linked to supply, it is basic economics and the art market is a great example of a diminishing supply set against an increasing demand of art.
