When a Warhol Isn’t Just a Warhol: Decoding Art’s Value Jargon
In the art world, a single painting can spark a flurry of terms—appraisal, valuation, estimate—that often sound interchangeable but carry distinct meanings. The formal “appraisal” is a certified document, crafted by a professional, weighing factors like rarity, history, and condition. It’s not just for sales: insurance, estate planning, and donations all demand their own tailored appraisals, each with its own logic and legal weight.
“Valuation” often means the same thing, but its usage shifts by region and context. In the UK, valuation is the go-to word, while in the US, appraisal dominates. Sometimes, a valuation is less formal—a ballpark figure, not a binding judgment.
Then there’s the “estimate,” the auction house’s prediction of what a work might fetch, usually given as a range. This number is as much psychology as math, designed to entice bidders and spark competition.
In the end, every number in the art market tells a different story—knowing which is which is the real collector’s secret weapon.
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