A painting can carry several valid prices at once. An insurer may record one figure, an auction specialist may suggest a lower range, and a lender may advance only part of that range. Knowing how to value fine art starts with knowing which question each figure answers.
How the fine art market has moved since 2023
Global art sales fell 4% in 2023 and 12% in 2024, according to the Art Basel and UBS Global Art Market Report. The 2026 edition of the report records a 4% recovery in 2025, although sales remain below their 2022 peak. A valuation prepared before or during that dip may no longer reflect current prices, because fine art values can shift noticeably within a few years.
The recovery has been uneven across price tiers. At auction, the value of fine art lots selling above roughly £750,000 rose 21%, and lots above roughly £7.5 million rose 30% (converted from the report’s dollar bands). Lots under roughly £37,500 fell 2% in both value and volume. Among dealers, the mid market was weakest: dealers turning over roughly £750,000 to £7.5 million saw sales slip 1%, while those turning over less than about £375,000 reported double-digit growth. Public auction sales rose 9% while dealer sales grew 2%. The UK, the second-largest market with 18% of global sales, grew 2%, with auctions stronger than dealers.
Sectors diverged too. Impressionist and Post-Impressionist sales rose 47% and Modern art 9%, while Postwar sales slipped 3% and Contemporary art was flat. The major auction houses tell a similar story: Christie’s reported 2025 global sales of about £4.65 billion, up 6%, and Sotheby’s about £5.25 billion, up 17%, after a weak 2024.
The editions market has become more selective. MyArtBroker’s review of September 2026 print sales found Banksy prints posting some of their strongest results since the market peak, while two Warhol Marilyn prints failed to sell at Christie’s. At the painting end, Bridget Riley’s Streak 2 set an auction record for the artist at £5,214,000 at Christie’s London in October 2026.
Four types of valuation, four different figures
A valuation is an opinion of value for a stated purpose on a stated date, so the same work can legitimately carry different figures.
- Insurance: replacement value, the cost of buying a comparable work, usually at retail prices.
- Probate: fair market value at the date of death, which HMRC calls open-market value. It is the realistic selling price, not an insurance figure.
- Auction estimate: the range a specialist expects the work to reach at a particular sale, with no guarantee.
- Borrowing: a lender’s assessment of what the work would realise if sold, usually built from the auction estimate.
Gallery prices versus auction estimates
Gallery prices are retail prices. They include the gallery’s margin, which pays for representation, exhibitions, marketing and client service. An auction estimate reflects what a work is likely to achieve when sold, so it is usually lower. Owners who bought from a gallery are often surprised when an auction specialist suggests a figure below their invoice, yet neither number need be wrong.
When selling or borrowing, rely on the auction estimate. Art finance lender, Suros Capital, for example, values works only as part of arranging a loan rather than offering standalone valuations. When insuring, rely on a replacement-value report, because replacing a lost work usually means buying at retail.
How value differs across the fine art market
Top tier. A Picasso oil from a sought-after period, or paintings by Francis Bacon, Mark Rothko or Gerhard Richter, rarely have close comparables. Expert judgement on quality, period and provenance carries most of the weight.
Mid tier. Original Banksy canvases, Bridget Riley paintings and Tracey Emin works trade often enough for recent auction results for similar pieces to anchor the figure, adjusted for size, date and condition.
Premium editions. For Andy Warhol’s Flowers or Mao screenprints, or a signed Banksy Girl with Balloon, edition size, signature and authentication drive value. Two prints of the same image can sit far apart.
Higher-volume editions. Unsigned Banksy prints and Picasso’s Madoura ceramic editions sell frequently, so past sales make them easier to value, but individual pieces are usually worth less.
Who can carry out a fine art appraisal
Auction house specialists give sale estimates, often free and with a possible consignment in mind. Check that the specialist covers your artist or period.
Independent accredited valuers, such as RICS-registered firms, prepare formal reports for insurance, probate and disputes. Check their accreditation, independence from any sale and professional indemnity cover.
Specialist dealers and galleries know an artist’s retail market well. Check whether they might want to buy the work, as that affects independence.
Luxury pawnbrokers often lack in-house fine art expertise, but they work with independent valuers, auction houses and other specialists. They usually gather three to five opinions and base their valuation on the average, so the owner effectively receives several expert views in one valuation. Check who they consult and how the final figure is reached.
Whoever you use, confirm fees and scope in writing before work begins.
What affects value at the higher end
The artist’s standing and auction record set the baseline. Authenticity comes next: for some artists a foundation or authentication body decides, such as Pest Control for Banksy, and a catalogue raisonné listing helps confirm a work’s identity. Provenance and exhibition history add confidence. Condition and restoration, medium, size, subject and period can all move a figure sharply, and for prints, edition size and signature matter.
Free versus paid fine art valuation: UK costs
A free auction estimate tells you what a house expects a work to achieve at sale. It is not a formal document. Insurers, HMRC and courts usually need a formal written valuation that states its purpose, basis and date. Fees vary by firm and collection size. Sworders, for example, charges £300 plus VAT for the first hour of formal valuation work and £200 plus VAT for each hour after that.
Auction results and price databases
Comparable sales are the backbone of most valuations. A valuer matches the work by image, medium, size, date, edition and condition, then adjusts for the differences. Price databases work well for editions that sell often. They help less for unique works or artists who rarely appear at auction, where the nearest sale may be years old or a quite different piece. Private sales are mostly unrecorded, and unsold lots are part of the evidence too.
How to prepare for a valuation
Supply high-quality photographs of the front, back, signature and any labels or stamps, together with measurements. Add invoices, certificates, auction catalogues, exhibition records and notes on any restoration.
Valuations when borrowing ahead of a planned auction sale
Auctions can be months away, so some owners borrow against a piece while they wait for the sale. The lender’s valuation is usually based on the auction estimate, often the low estimate, rather than the gallery or insurance figure. Christie’s, for example, publishes a typical lending range of 40% to 60% of the low auction estimate. The amount borrowed is a percentage of that valuation and is repaid from the sale proceeds.
If the work sells below estimate, less remains after repayment, interest and sale costs. If it does not sell, the debt still stands, so check the maturity date, any extension terms, whether the work can be re-offered and whether you remain liable for a shortfall.
How often to revalue fine art
For insurance, a full revaluation every three to five years is common practice. Review sooner after a significant market change or a notable sale by the same artist, such as a new auction record.
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