The art of valuation and the value of art
Two-day art business course
Saturday 11 February - Sunday 12 February 2017
General Assembly Room, Burlington House, Royal Academy of Arts, Piccadilly
£290 for one day / £540 for two days Includes light refreshments and a drinks reception on both days.
Terms and conditions
Critical for both institutions as well as private collectors and art world practitioners, understanding the pricing, value and valuation is fundamental to the contemporary art world. Drawing on specialist practical expertise, this exclusive course will de-mystify the process of art valuation across different sectors including Old Masters, Modern and Contemporary art.
One of the most elusive and controversial aspects of the art world is the attribution of value, valuation and the assignment of price – especially to objects which are often unique, personal and irreplaceable. Yet understanding the value of art, pricing and valuation is at the foundation of much of the contemporary art world and a challenge that most people who engage with the arts will at some point face. It is critical not only for the commercial art world but also for practising artists and affects the public and not-for profit sectors tasked with preserving and protecting art and cultural heritage for the future. Understanding the value and the process of valuation is often seen as a trade secret and rarely openly discussed, let along taught; however, ultimately it is critical to all trade in the art world and, when done correctly, serves an important function in preserving art and cultural heritage.
This course covers techniques and approaches to art valuation used by art market experts – exploring the step-by-step process of key quantitative and qualitative measurements and how to apply them for the art valuation process. The course will cover how to work with unique objects within the art valuation methodology and setting appropriate criteria within and across cases.
Day 1 of the course will focus on Old Masters and the specific considerations relevant when conducting valuation for fragile and sensitive objects. Specially designed case studies will help participants understand how to conduct research and which elements may drastically affect the final value given, enabling a robust valuation process. Through real-life examples and scenarios, participants will explore how and why values and prices can be highly contentious, challenged and re-visited, often becoming the subject of heated debate and disagreement for international experts.
Equipped with both theory and practical analytical tools, participants will work through selected examples of Modern and Impressionist art that have appeared on the market throughout the years, and take on the role of the valuer through individual and group work over the course of the day.
Day 2 will focus on Contemporary and Emerging art, exploring how valuation is similar and differs for these sectors and how value can fluctuate and depend on external factors. Participants will discover how art market players such as galleries, auction houses and art fairs influence the value of art through various activity, with reference to specifically selected examples.
Participants will learn how to make an informed valuation decision when looking at the artworks available for sale, and see what questions to the seller will help to identify the most appropriate art value for the pieces. They will explore how up-to-date art valuation can indicate the art market conditions and current significance of the artist.
Finally this course will address the purpose of art valuation, including how different the value can be depending on the reason why the valuation is conducted, and the importance of setting the correct value for specific reasons. Case studies will include valuations for different purposes, including insurance purposes and auction sale, to show how the correct art valuation for a specific reason will provide the security and understanding of the realistic worth of the art.
About the course
Anna Lipskaya
Anna Lipskaya joined Gurr Johns in 2013 and currently works in the valuation department. Anna manages clients seeking advice on up-to-date valuations of their collections, supervises the revaluation process of the client’s fine art and valuables contents, and assists on the specialised art collection management systems for trusts, estates, private collections and more. Prior to joining Gurr Johns, Anna was the senior analyst at Skate’s Art Market Research, producing global art market reports and publications focused on the art market performance and investment potential of art assets. Anna co-organised conferences worldwide dedicated to various subjects of the art industry including art investing potential, art insurance and art lending, art and luxury collaboration, advisory and media services as well as e-commerce platforms. Anna has received the Masters degree in Art Business from Sotheby’s Institute of Art.
Dr Tim Hunter
Born in Sydney and educated at Magdalen College, Oxford, Tim Hunter was awarded first class honours in Modern History in 1988. He completed his doctorate in Medieval History in 1993. In 1989-1992 he taught History and History of Art at University College, Oxford, before joining the curatorial staff at the Ashmolean Museum in 1992.Tim hunter has extensive industry experience in the art, auction and valuations world with 16 years of in Christies International Auction House holding positions as Senior Director of Old Master and British Pictures, Head of 19th Century European Art, and Director of Impressionist and Modern Art. He subsequently worked for 5 years as a Director at Gurr Johns Ltd, one of the UK’s leading art advisory firms. Tim is currently Vice President at Falcon Fine Art where he helps collectors to maximise and enhance their art, antiques and collectibles portfolios. He regularly sits on the Reviewing Committee for the Export of Works of Art, acts as an adviser to several national museums as well as the Arts Council, and in 2014, Hunter was elected a Fellow of the Society of Antiquaries.
Anna Dempster
Dr. Anna M. Dempster is Head of Academic Programmes at the Royal Academy of Art and College Research Associate at Wolfson College, University of Cambridge, where she also sits on the Fine Arts Committee. Anna was previously Associate Professor in Art Business at Sotheby's Institute of Art, responsible for the art business, finance and management unit as well as teaching strategy, entrepreneurship and research methods all specially tailored for the art world. Prior to that she was Director of Research at the Creative Industries Observatory, University of the Arts London and Founding Director of the MSc/MA in Creative Industries at Birkbeck College, University of London. She has research and teaching experience in leading international institutions including the University of Cambridge, London Business School and Rotterdam School of Management and she regularly consults for practitioners and policy-makers. She holds a BA and MPhil in History from the University of Cambridge and a PhD in Management Studies from the Judge Business School, Cambridge, UK.
Saturday 11 February
10.00am registration
10.00am - 5.00pm
(including drinks reception )
Sunday 12 February
10.00am registration
10.00am - 5.00pm
(including drinks reception )
This course will provide:
• A carefully designed mix of lectures and applied case studies and discussion sessions
• An exclusive peer-group environment with expert-led information and advice
• A combination of theory and practical skills, transferable to individual interests
• Skills and knowledge designed to be applied in your activities or workplace
• The intimate setting of the Royal Academy’s General Assembly Room and opportunity to work closely with experts and network with peers
The course also includes:
• All practical materials and course pack
• Light refreshments on both days
• A drinks reception on both days in the RA’s private rooms
• A certificate of participation upon completion of the two days
This course is suitable for all levels of people…
This course is for you if you:
• Would like to understand the art valuation process in action and learn to apply the methods and techniques to establish the value of art
• Are interested to learn the difference in quantitative and qualitative criteria, learn to extract it and use in the valuation process
• Seek to enhance your knowledge in the various valuation approaches to different sectors of Fine Art including Old Masters, modern and contemporary art
• Interested to find out how art values serve as an indicator of the art market state for artists and fluctuate depending on the timing of the valuation
• Would like to know the purpose of correct art valuation and types of values that are used in the art market today
Minimum age 18
The number of participants is strictly limited to enable positive and constructive peer-group interaction and detailed feedback from the course leaders for each participant as well as the work that they develop.
Our courses and classes programme
Our programme of short courses and classes offers the opportunity to explore a range of subjects, led by expert tutors and practising artists.