A rich history that adds to its significance and value
Art is not just a piece of work; it’s a story. Every painting, sculpture, or print carries a rich history that adds to its significance and value. This history is known as the provenance of the artwork. But what exactly is provenance, and why does it matter so much in art? Let’s explore.
What is provenance?
Provenance is the chronicle of a historical object’s ownership, custody or location. It starts when an artwork is created and continues with each owner. Every exchange creates another link in the chain.
The market value and provenance
Market value and provenance are intrinsically linked. Verified provenance can prove a piece’s authenticity and significantly increase its value. Since art has been collectable for thousands of years, well-documented provenance can dramatically boost an artwork’s market value.
Why is provenance important to art collectors
Provenance matters to art collectors for several reasons. First, it provides a thread of the artwork’s historical significance based on its ownership history. Second, the absence of accurate provenance records can be a risk for art collectors, as it might raise questions about an artwork’s authenticity and rightful ownership.
The artwork’s previous owners
Knowing who had the artwork before you is part of the provenance. It can consist of various documents, from historic invoices of sales between owners and galleries to documentation in exhibitions.
Linking artwork to the artist
A crucial aspect of provenance is linking the artwork directly to the artist. This can be achieved through various documents, including invoices, gallery consignment reports, exhibition catalogues, etc.
Authenticity and provenance
A well-documented provenance can provide clear evidence about an artwork’s authenticity. These documents can include title details, exhibition history, and publication history.
Improving artwork provenance
Improving artwork provenance involves enhancing the accuracy and completeness of the ownership history. This could be achieved by obtaining more documentation or verifying existing records.
Tracking the provenance of your artwork
As an art collector, you can start tracking the provenance of your artwork by maintaining a detailed record of every transaction related to it. This includes purchase receipts, auction records, gallery consignment reports, and other relevant documentation.
The importance of a certificate of authenticity
A certificate of authenticity is a crucial component of provenance. It confirms an artwork’s authenticity and can significantly enhance its value.
Artist signatures
Artist signatures do count in the world of art provenance. They serve as a direct link between the artwork and its creator, adding a layer of authenticity and historical significance.
The role of due diligence
Due diligence refers to thoroughly investigating an artwork before purchasing it. This includes verifying its provenance, ensuring it’s not stolen, and confirming its authenticity.
In conclusion, provenance in artwork must be considered. It provides historical context and ensures the piece’s authenticity, thereby protecting the interests of collectors and maintaining the integrity of the art market.
Ready to capitalise on the art market?
Zurani Advisory caters to the needs of new buyers, advising collectors and assisting Family Offices who wish to capitalise from the art market. Talk to our expert art team about starting your art investment portfolio, gaining access to industry insights and market data, and exploring the exclusive benefits of investing in art with Zurani Advisory. Please email us at contact@zurani.com or telephone at +971 58 593 5523.
THIS ARTICLE DOES NOT CONSTITUTE FINANCIAL, TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
