Consulting, Assessments and Appraisal
FAIR MARKET VALUE ASSESSMENT
Art valuation is the process of estimating the potential market value of works of art (a financial rather than aesthetic concern). Subjective views of cultural value play a part as well. To arrive at an accurate amount, the art valuations of Toronto Art Restoration Inc. involve comparing data from multiple sources: art auction records; private, museum and corporate collections; curators and art dealers activities; a state of conservation assessment; and specialized market analysts.
We perform art valuation not only for collection, investment, and financing purposes, but as part of estate valuations, for charitable contributions, tax planning, insurance and loan collateral purposes.
This assessment is used to determine the historical origins of the artwork, materials used by the artist, his/her techniques and signature identification.
STATE OF CONSERVATION ASSESSMENT
This assessment is suggested once every 10 years for personal collection artworks and once a year for investment artworks. Different levels of assessment are needed for different purposes:
Sensory and UV Analysis can be done on site to determine state of consolidation and damage of an artwork. This is the simplest assessment performed to judge whether or not the artwork is in need of restoration or conservation services, further diagnostic assessments or collection environment alterations and safeguards. Insurance companies often use these document results.
Collection Environment Assessments will outline for clients if the collection is being correctly housed and conserved so suggested steps can be given to secure the environment.
Chemical and Diagnostic Analysis: To know more about an artwork’s past and current state, conservation laboratory diagnostic techniques and tools, coupled with historical research can help to identify and explain anomalies. Methods such as exposing the artwork to ultraviolet radiation, cross-sectional microscopy and spot solvent tests are two examples of in-studio tests that help conservators understand the true intent of the artist, his/her mediums and pigments used, previous restorations, and the artworks current state of decay. Further testing such as X-Radiography and Fourier-Transform Infrared Spectroscopy are more involved tests that can be preformed at out of studio laboratories if more information about the artwork is needed. Information from testing also allows conservators to develop restoration and conservation strategies unique for the artwork to proceed with intervention with caution. Further more, some of these techniques are applied at intervals during an artworks lifespan to monitor its ageing as a preventative testing measure ensuring the stable health of the art.
When acquiring or selling a piece of artwork in auction, through a dealer, in a private sale or as part of an estate, one often has concerns whether or not it is in good condition and authentic. The cost to restore a piece of artwork may outweigh its monetary value in some cases. It could, in other cases, greatly increase the value of the artwork if resold. To decrease anxiety, increase peace of mind and assist the client in making a purchase confidently, an experienced Toronto Art Restoration Inc. consultant will perform an on the spot initial diagnostic assessment of the artwork so as to:
A) Indicate how much of the artwork is damaged, directly corresponding to its monetary value
B) Indicate if the artwork has been heavily restored
C) Offer an estimate if restoration is necessary
D) Review previous condition reports
E) Take care of handling of the work, if it is to be bought and taken away from the premises
A cataloged summary assessment of an entire collection can be preformed for Provenance and/or Fair Market Value and/or Condition Assessments for artworks.
For smaller private collections Toronto Art Restoration Inc. uses FileMaker Pro, a database software used by several different organizations, businesses and individuals with specific and unique needs. Toronto Art Restoration Inc. is able to fully customize FileMaker Pro to organize our client’s distinct collection of art and other valuables in whatever visual and technical method of filing our clients prefer.
Toronto Art Restoration Inc. uses two types of programs for to organize larger or collection assessments: PastPerfect Museum Software and The Museum System (TMS).
PastPerfect is approved by the American Association of State and Local History for museums and historical societies and holds a very high standard for its product. It is ideal for large collections and small to large museums with continuous traffic such as constant loans.
The Museum System (TMS) software is most often used by Toronto Art Restoration Inc. to organize our conservation plans as well as archive and manage the daily activities of medium to large art collections. TMS is the world’s leading collection management software. This program is approved by The Canadian Association of Conservators, The American Association of State and Local History for museums and historical societies and The American Institute for Conservators. This database can archive all collection artworks to: house conservation data; monitor artwork in transit, on loan, and during installation in public buildings and spaces; organize exhibition schedules, record and update appraisals and insurance policies; and create an online research and learning tool, accessible to the public.Furthermore, it is accessible on-line, so staff can update data at any location.
TMS has a web-based application called Conservation Studio, specifically designed to keep up to date with conservation assessments, restoration procedures, conservation instruction manuals, interactive imaging, environment conditions, diagnostic reports, and research material. The database also allows conservators to rate items in respect to their need for immediate conservation and restoration attention, and track tasks as they are completed. It can hold attached files pertaining to long-term routine maintenances plans and environmental necessities.