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Valuing art during divorce can be tricky but necessary

On Behalf of | Oct 4, 2019 | Firm News |

Getting a divorce is not easy for any Virginia resident. However, it can be more complicated for individuals like you who may have certain unique items or a considerable amount of wealth that could go through division during your legal proceedings. Understandably, you will want to make sure that you are not taken advantage of during your case.

If you have works of art that you believe to hold significant value, you will certainly want to ensure that the works receive a proper valuation. The monetary value could play an important role when it comes to property division proceedings. You may want to fight to retain ownership of all of the pieces, or you may want to ensure that you receive other assets that have similar value to the works your soon-to-be ex-spouse receives.

Art valuation

Determining the value of artwork can be a complicated endeavor. Though you may believe that a piece has significant value, the current value may not be as much as you had hoped due to many factors, including the current art market. Some factors that will go into determining the value of the works include the following:

  • Provenance: The sales and acquisition history of a piece could affect its value. For instance, if a prominent societal figure owned the piece at one point, that detail could increase the work’s value.
  • Condition: The condition of any piece of art will affect its value. A piece in pristine condition will certainly have a higher value than the same work in less-than-ideal condition, and any restoration efforts could also affect value.
  • Demand: If a particular work of art is currently in high demand, it may have a higher value.
  • Subject matter: The subject matter could also come into play when attempting to determine the value. Even if two works come from the same artistic era, if one has a more desirable subject matter, it could have a higher value.

Because determining the value of artwork can involve a number of aspects, it is often necessary to bring in a professional to determine the value. This step could result in your divorce case taking longer to complete due to waiting on the completion of the valuation, but it is likely worth the wait.

Getting your fair share

Property division in any divorce case can prove tricky. You certainly want to make sure that you get your fair share of the assets, including artwork you desire. In efforts to determine ways to work toward the outcomes you see fit, you may want to discuss the matter with an attorney.