Loss in Value for Damaged Art

by HEATHER LOONEY, AM, ISA - Sunset Appraisal Service

This can be the million-dollar question! People collect art that inspires them or that they perceive as a wise investment. When it becomes damaged the expectation of owner can range from an emotional reaction due to their connection to the piece to a desire to recoup their lost investment. There are a lot of scenarios that impact the actual loss in value because many people see this as subjective. Yet, adjusters and art owners alike just want to know the number. A panel of experts recently convened at the ASSETS conference for the International Society of Appraisers. This article explores the major talking points. 

Condition, Condition, Condition 

The condition of a piece of art is paramount in determining its value. Pristine works by renowned artists fetch high prices at auction, but damage can drastically reduce their worth. The extent and location of the damage play a crucial role. For instance, a tear in a non-pivotal area might result in minimal loss, whereas damage to a focal point can lead to substantial devaluation 

The quality of restoration efforts can influence the market acceptability of damaged artwork. High-quality restoration from a recognized conservator that returns the piece to near-original condition can mitigate some loss of value. However, even expertly restored works may not regain their full pre-damage value. If a lay person uncredentialed conservator conducts the repair the loss in value could be complete. Conservators often share that they are brought a piece with literal globs of paint or poor restoration attempts that they are asked to correct.

Like with other damage claim repairs, rectifying a poor repair can be more time consuming and labor intensive than hiring the right conservator straight away. The American Institute for Conservation maintains a list of qualified conservators here: https://www.culturalheritage.org/  

Historical Significance and Provenance

The historical significance and provenance of a piece can affect its value post-damage. Artworks with notable histories or those created by influential artists may retain more value despite damage, compared to less significant pieces 

But what is the number?!?! That is what everyone wants to know! Every piece should be evaluated by a qualified appraiser, but here were some general guidelines shared; Fading can be 40%-50%. If a painting must be lined due to canvas damage it can 25%-75% depending on the other factors involved. Scattered inpainting and paint loss can be 25%-50% depending on the age of the piece and a reasonable expectation of what can happen with time. Craquelure can be 20-30% depending on the age of the piece and the other factors. Rippling could be 20% if repairable and 80% if not repairable. Sculptures and other 3D pieces. This is another complicated topic that we will address in a future Expert Eyes column.  

One other very important point is that a living artist can disavow the work if they discover somebody other than themselves has altered their work by repairing it. This would likely have a very significant loss of value. If the artist is living it is always best to contact them to discuss the damage and their thoughts on restoration.  Loss of value and damaged art can be a very emotional subject for collectors and artists alike. Patient diligence and careful research, along with the help of qualified professionals can bring claims to a successful close.