Written by Rachel Christophe Baker, Fine Art Appraiser, Veritas Fine Art Appraisals & Consulting Group
Age alone does not determine the value of a work of art.
Yes, an Old Master holds the public-auction record: Leonardo da Vinci’s Salvator Mundi sold for $450.3 million in 2017. But major modern and contemporary works have also reached extraordinary prices, including Jeff Koons’ Rabbit at $91.1 million and David Hockney’s Portrait of an Artist (Pool with Two Figures) at $90.3 million.
These headline sales do not reflect the broader art market. In most cases, value is shaped by a combination of factors—not simply age.
1. Artist Reputation & Attribution
A work securely attributed to a recognized artist will usually command more than one with uncertain authorship. Descriptions such as “school of” or “after” generally indicate a lower level of certainty and, often, a lower market value.
2. Provenance
A strong, well-documented ownership history can increase desirability, especially when a work has ties to notable collectors, exhibitions, or historical figures. With older works, however, complete provenance can be difficult to establish.
3. Condition & Restoration
Age can bring deterioration, relining, overpainting, and other conservation issues. Restoration does not automatically diminish value, but its extent and quality matter.
4. Changing Taste & Demand
The market evolves. Scholarship, exhibitions, cultural trends, and collector interest can all raise or lower an artist’s standing. Modern and contemporary art may feel more accessible to today’s buyers, while Old Masters often require specialized knowledge and connoisseurship.
Ultimately, age is only one piece of the puzzle. Quality, rarity, authenticity, historical significance, condition, provenance, and demand all contribute to value.
Photo 1: Description “Rabbit” is a stainless steel sculpture by Jeff Koons, created in 1986. Original size: 41 in. (104.1 cm) × 19 in. (48.3 cm) × 12 in. (30.5 cm). Image via The Broad.
Photo 2: Description “Salvator Mundi” is an oil on walnut panel painting attributed to Leonardo da Vinci, created c. 1499–1510. Original size: 25.8 in. (65.7 cm) × 19.2 in. (45.7 cm). Image via Louvre Abu Dhabi.
