Many couples in the Peoria area may enjoy collecting fine art both from already famous artists as well as from those who may be up and coming in the art world. People with the money to do so may find this hobby quite enjoyable for a number of reasons.
When a married couple decides to separate, though, the artwork will likely be part of the property division. Since a painting or sculpture cannot be literally split in two like the funds in a bank account, the artwork will have to have a hypothetical price tag assigned to it, even if there are no plans to actually sell it.
This will ensure an equitable division of property overall, since the person keeping the artwork can trade off other property in order to ensure a fair division of the same. It should be noted, moreover, that it is useful for even happily married art collectors to know how to estimate the value of their work.
Putting a price tag on a work of art is, in a manner of speaking, more of an art than it is a science. The value of artwork depends on a variety of factors. In some cases, the cost of creating the art may be a consideration.
However, more commonly, how much a piece of art is worth will depend on the overall reputation of the artist, as well as how popular the particular style of art is in the current market. One may also need to consider the price paid for the piece of art, or similar works, on previous occasions.
Estimating the value of art can be complicated and may require the help of an art appraiser. It may also require the legal assistance of an experienced attorney who can help identify a qualified art expert and ask appropriate questions.