Market Value
Definition: Market value is the price a work of art would likely achieve in a competitive and open marketplace. It’s influenced by recent auction results, gallery pricing, artist reputation, condition, medium, rarity, and overall demand.
Appraisers use market value as a benchmark when valuing works for insurance, estate planning, or resale. It’s distinct from retail price (set by a dealer) or fair market value (used in IRS filings), though the terms may overlap in casual use.
