Every month you read about auction records in the papers. But how meaningful are those record prices? Do they say anything about the other sectors of the art market? In this module, we will discuss the tangible and intangible drivers of value in artworks in the primary and secondary markets: the importance of the artist, collector’s tastes, rarity, condition and more. We will take a look at appraisal concepts, such as fair market value, retail value and sales estimates and what they mean for your clients. Common risk factors that affect the value of an artwork will be examined, including forgeries and art theft.