Method of estimating the market cost of art objects based on the interpolation model

Abstract

The task of assessing the market cost of an art object (AO) is relevant for artists, art dealers, collectors and museum workers, among others. Experts and appraisers who need appropriate automation tools are involved in its solution. The task is complicated by the inconsistency of the conceptual apparatus of the specialists’ various fields of knowledge, the specifics of AO and the art market. Known methods for solving it, especially automated methods, are not numerous and not universal. The purpose of this study was to develop a method for automated valuation of the market value of AO, which defines it as the sum of two components: the prime cost of the AO and added cost – the cost of the asset “value of the AO.” To calculate the first component, a cost–based approach and an additive model were used; the second was a comparative approach and an interpolation model. The added value of modern AO is represented by a function of the parameters of each of the four price-forming factors of AO: “the value of the artist,” “the artistic value of AO,” “the cultural value of AO,” “the quality of the state of AO.” It is proposed to implement models in the form of a software package integrated into the information systems of modern art institutions, having coordinated the data formats used.