Appraise Your Art Before Solsea
Before you even think about minting or uploading your artwork in NFT markets like Solsea or Solanart, getting the right value is a priority.
Just like jewelries, appraisal is raising or defining the actual price of the art. But lets face it: Not everyone into art actually knows the value of art.
There isn’t even an official pawnshop which accepts artworks. And sometimes, articles like this are really the only way to learn about stuff.
Knowing the price of an art piece is a tedious process, and its transaction history, foundations and roots, and auction bids sometimes gets quite annoying when you, the owner, tries to explain to someone the meaning and value behind an art piece.
#1 HOME
The first appraisal happens in your home. YOU, are the one who is gonna do it. Its not so hard and only requires a few minutes. You need to do this if you don’t want to get ripped off easily in the art world.
Because I tell you, you will be undervalued even by “certified” appraisers.
At the end of the day, they all want the same thing. Money. So just please, don’t trust anyone in the art world, not even friends. I cant stress this more; research.
Go to websites like Etsy, Artfire, Handmade, Ruby lane, you can Google those, and try to see where your art style fits. Check the artists in that category. Make an excel file or write down on a sheet of paper. You can definitely see the average price of art styles similar to yours.
Now keep this in mind, you don’t have to be in the same boat as they are. You don’t need to price your art in the same average price of these artists. In fact, don’t let their prices dictate the price you want on your artwork. Price based on what you want, what your heart desires, but at least, these steps make you aware of the other artists so you don’t undervalue your art unintentionally.
You have to know your value.
#2 PAPERTRAIL
Nest step is to create a paperwork that will go with the art. This is a 2–4 page short bond paper that will contain the history, details, dimensions, type, media used, and other important descriptions or details pertaining to the art. This is called a PAPER TRAIL, and this PAPER TRAIL increases the value of an art. Any form of documentation, writing, description creates the first license that you are allowing the buyer to use and display your art in his own place. The name for this process of creating a PAPER TRAIL is called Art Curation, and there are also people, especially in France who have built their entire livelihood based on these services. We call them Art Curators.
#3 SEEK APPRAISER VALUATION
After you’re done with these, you need to find your next appraiser. Take professional front and back photographs for your own records before you take it to next appraiser, just in case something goes wrong. Remember that the back of an artwork is sometimes more important than what is on the front when it comes to proving its authenticity.
From your research you will have encountered suggestions that will take you to particular experts and panels that you will need to go to for authentication. These are the appraisers I was talking about earlier. Now listen, this is important.
NEVER EVER SELL OR CONSIGN TO THE APPRAISER!
and
NEVER EVER SELL OR CONSIGN TO SOMEONE THE APPRAISER RECOMMENDS!
Oh I forgot to mention, create an agreement, this should have been in the previous step, so create the agreement that says
you are “transferring the ownership of your art to the buyer only after it is sold, or after payment is made.” This should protect you from any potential misuse of your art.
HAVE THE APPRAISER SIGN YOUR AGREEMENT, THEY SHOULD BE WILLING AND HAVE NO ISSUE DOING SO. If they won’t do that, then just walk away and alert everyone else in the art community about that person.
You also need to decide what type of appraisal that you want. There are many kinds of appraisals and each will have a different value. To name a few appraisal types there are:
Fair Market Value
Replacement Value
Market Value
Liquidation Value
If your appraiser isn’t aware of these, walk away and find someone who isn’t trying to take advantage of you.
#4 ART DOCUMENTATION
When you’ve found one, make sure to ALWAYS GET THE APPRAISAL IN WRITING. You want an appraisal that will stand up in court. You know, that legal thingy.
The appraisal should include:
- Letter of transmittal
- An accurate description of the artwork, including measurements, photographs, and any test results.
- The statement of reason for the appraisal. This is something you need to write yourself. Dont worry, you can state the obvious reason that you are going to submit your art to an official gallery and they require you to do so.
- Statements of contingent and limiting conditions of the appraisals.
- Description and explanation of the the methods used.
- Statement of the appraisers disinterest.
- Notation of condition.
- Appraiser commentary methods, values, factors.
- Provenance and any exhibitions or media coverage. You know such as videos from our channel that features your art.
- The certificate of appraisal.
- Appraisers Information
- The appraisers code of ethics statement.
- Any opposite views (in case someone disagrees with the appraiser) they need to make note.
- And finally, The appraisers signature.
Now that you’ve appraised your artwork and have gotten the necessary signature from the certified appraiser, you can now submit your artwork to a gallery or host your own auction.
JUST A TIP THOUGH
Galleries can be very dangerous for an artist if they charge huge commissions like 80–90% coz again, at the end of the day, they will milk the artworks and the artist for money, in whatever way they can. That is why many artists are poor.
Not everyone, but many.
Some galleries might even arrange for a workshop where the artist is encouraged to join and pay a certain fee, join the activities of painting, collect the “workshop activity projects” after they are scored, and sell them at a different location. Thats how they made a lot of money. I personally would not work with a gallery that charges more than 30% commission.
To me, for true art to bloom, is essential for the artist not to become an “employee” of the gallery.
The artist must build up his/her own group of collectors. You as an artist must know how special you are, and build your follower base.
Congratulations! You are now officially ready to post your art in the NFT markets.
