This perspective paper has been drafted by the IVSC Tangible Assets Board to focus on issues in relation to the valuation of art and antiques (defined here as fine and decorative arts, antiques, paintings) and to encourage personal property valuers to comply with IVS when undertaking art and antique valuations. The IVSC Tangible Assets Board may issue future perspectives paper reviewing other aspects of personal property valuation such as classic cars and jewellery.
Global sales of art and antiques reached an estimated $64.1 billion with the three major art hubs, the US, the UK, and China accounting for 82% of global sales. The US was the largest market worldwide and accounted for $28.3 billion (44%) of global sales by value.
The main challenges in relation to the art and antique valuers adopting IVS lies not in the valuation approach adopted but with the basis of value used. As with other tangible assets valuations the basis of value used will vary according to the purpose.