Paintings, photographs, and other framed artwork adorn the walls of our homes and offices. They add aesthetic appeal to a room and reflect our personality. Sometimes, we purchase these pieces as status symbols or as an investment, hoping their value will increase over time. Unfortunately, most framed artwork is not as valuable as many people think.
Originality and Authenticity
Original artwork is valuable because of its uniqueness. Each piece is a one-of-a-kind creation reflecting the artist’s skill and talent. When an artist creates an original piece, it often reflects the cultural, social, and political context of the time. Examples of these original works include iconic Canadian photographs or paintings by Emily Carr or the Group of Seven.
Limited Financial Investment Potential
In movies, television shows (and in real life), the rich and famous buy framed artwork to diversify their investment portfolios. Of course, the value of original art might be appreciated over time if the artist gains recognition or if the piece becomes historically significant. It seldom happens for those of us who are not rich and famous. In most cases, original artwork by unknown artists and reproduction artwork (even limited-edition prints) depreciate over time. Sadly, after a few decades, the frame may be more valuable than the art it holds.
The True Value of Artwork
The true value of artwork is in the joy it brings its owners. Art can have significant sentimental value or personal cultural importance. For instance, if someone grew up in British Columbia but moved abroad, they might hang an Emily Carr print or an original painting by a hometown artist in their new house. They see and feel a sense of home whenever they look at the print.
Market Saturation
Reproduction artwork is widely available so that more people can appreciate and enjoy affordable art in their homes and offices. On the other hand, if something is easily obtainable, it is generally worth less in the eyes of collectors and investors. The rarity of original artwork by well-known artists is what drives its value higher.
Reproduction artwork and original works by lesser-known artists can be a cost-effective way to decorate your home or office. However, when you’re downsizing, it’s essential to recognize its lower monetary value.
To illustrate this point, watch “The Painting” (fast forward to the minute 25:00 mark) from the 1980’s classic sitcom WKRP in Cincinnati. In this episode, Herb buys a painting that he doesn’t like but Bailey loves. He dismissingly gifts it to Bailey, who is elated. However, when Herb believes the painting is valuable, hilarity ensues when he tries to buy it back. The moral of this story is that beauty (and value) is in the eye of the beholder. Eventually, we might find someone who loves our framed artwork as much as we do, even if the price is lower than expected.
For help downsizing artwork and other memorabilia, contact the Out of Chaos team.
