Appraising Public Art
Appraising Public Art
Public art achieves its maximum value when it is enjoyed by a community that is enthusiastic about its display; has easy access to it; is able to connect with its meaning and aesthetics; and when the art is installed in a safe environment that maintains and preserves its longevity. Its purpose is to serve the population and contribute to civic life. Over time, these works become part of the permanent visual landscape.
As time marches on, however, public artworks are subject to changing tastes and attitudes. Hot-button issues involving symbol management, contextualism, self-determination, visual gentrification, pedagogy, aesthetics, and economic feasibility are openly debated in the community and the press. These issues can make the idea of appraising a work of public art a somewhat daunting exercise, especially since it is not intended to be traded in the secondary market. It is particularly illiquid and difficult to sell in comparison to stand-alone artworks such as paintings and sculptures.
Prices are heavily impacted by size and weight. If the art is large and monumental, there is a limit to where it can be installed. Corporate buildings, hotel lobbies, airports, parks, hospitals, libraries, and private homes that can accommodate large-scale objects are the most likely locations, in theory. However, buyers of site-specific works usually want to commission new works designed for the exact location. Related costs associated with conservation, restoration, transportation, storage, and installation are high and can dampen the sale price as well. As a result, works of public art that are offered for sale in the secondary market are subject to heavy discounts and often sell for significantly less than the price of the original, primary market commission.
If faced with a crumbling fresco and no idea where to start, remember that the assignment is just like any other, i.e., the methodology is the same as any other appraisal: inspect, research, evaluate, analyze the market, identify comparables, make the necessary adjustments, and arrive at the value. By following established appraisal methodology and principles, expanding one’s research beyond the usual suspects, and taking the time to think about what intended users need to know, one will arrive at a reasonable and correct monetary value for the appraisal’s intended purpose.
Where to start?
As with any appraisal, the first step in the process is to identify the purpose. Why is the appraisal being done in the first place? What are the questions the client is trying to answer?
Sometimes the client will not know what they need. A city manager or municipal employee may not have any experience with art appraisal. What does the city or the company want to learn from the report? Sometimes it is a straightforward replacement value job for insurance. Many cities self-insure, but they may need to offset risk of damage to contractors who are working with or near a public artwork by asking them to purchase independent coverage.
Works are sometimes deaccessioned. Common reasons include: the work is damaged beyond repair; the owner of the building wants something fresh; or the work no longer meets building codes. It may be a combination of all three factors. Sometimes the client may be trying to determine whether the work will be cost effective to conserve and keep, which means both replacement and net cash values may be required.
In these two instances, it is important to understand all the costs involved in selling. Establish relationships with installers, shippers, and conservators to understand what it will cost to bring the work to a marketable state. Be prepared to deliver multiple values, such as replacement and net cash values, and make sure the client understands what those numbers represent. Ask the client if they want those costs included or excluded, and be sure to document all the assumptions and conditions in the scope of work.
The next step is to identify the intended users, stakeholders, and project participants. If municipal work is involved, be aware that some states, like California where I practice, have sunshine laws for all contracted government work. This means the appraisal report must be available to the public upon request. So confidentiality is waived.
Is the artist still living? Is the work covered by the Visual Artists Rights Act (VARA) of 1990, or a state-level protection such as the 1979 California Art Preservation Act (CAPA)? Sometimes, for new commissions, artists will be asked to waive those rights, but for older works those rights may still be intact. If the work is slated to come down, it is important to know what rights are in place as restrictions can negatively impact value.
Even if legal moral rights do not apply, the artist’s or estate’s participation remains a relevant valuation concern. One of the reasons it was possible to excavate and successfully market the Keith Haring Grace House murals, which were sold at Bonham’s in 2019, was because the Haring Foundation was supportive of the efforts.
Speak with the client about whether or not the situation is contentious or litigious. In sensitive situations, it is likely the collection manager or public administrator will want to manage that part of the process. Emotions can be strong when it comes to a work of public art coming down.
Once these questions have been answered, it is time to identify the valuation characteristics that are relevant to the work in question so that appropriate comparables can be identified and the necessary adjustments made. Consider attributes beyond those listed in the object identification and taxonomy, and decide whether or not those attributes contribute or detract from monetary value:
How big is the work? Can it be excavated and moved without incurring damage? The answer is often a surprising yes. When there is a will, there is a way. So if a work can be removed, how much will that cost? Will the costs exceed the replacement or net cash value? The client will want to know the answers to these questions, especially if they are making decisions about conserving or re-siting the work.
Providing a statement of “No Commercial Value” will not help a client who is looking to see if they have the funds to do the work or not. If the artwork is owned by a government entity, there may be a regulatory requirement to assign a monetary value.
Is the work in marketable condition or has it deteriorated? Can it be conserved? Is it up to current building codes, or can it never be displayed again and will it have to come down no matter what? Building codes and conservation costs have a major impact on aging public works and the decisions surrounding whether or not to preserve them.
What are the architectural constraints? Can the work be re-sited or, if it is a mural, for example, are there doorways, windows, light switches, or other impediments? Their presence impacts value and needs to be accounted for in the final valuation. Factor in how difficult it would be to re-site such a work.
Very often answering such questions is a hypothetical thought experiment because no one is going to cut out the frescoes and mosaics. But, theoretically, many works can be excavated, so the presence of the cut-outs do impact value when compared to a mural that is unimpeded by any kind of architectural constraint. This needs to be accounted for, usually in the form of a discount.
What is the art historical context? Is the subject or message still relevant? Is the community—the public—still actively engaging with the work? Questions as to “Who is the public?” and “What community is being represented?” may alter the work’s original meaning and intent.
The issue of who controls the visual space affects the interpretation and role of these artworks in public life. From a valuation perspective, once a work’s original context is no longer relevant and the originating concepts have lost agency, its value diminishes. So the impact of subject and art history on monetary value needs to be addressed by answering questions such as: What is the context? Is the artist well known? Is the work well known? Is the work art historically important? Is its context still relevant? How would the public feel about the work’s deaccessioning or destruction? Would certain communities be impacted?
Assess whether or not community engagement and interest in the work are high and how that might impact value. The artist may not be well known, but the work’s prominence or its art historical context may still be very relevant.
One of the biggest issues surrounding the valuation of public art is site specificity, meaning the art has been created for and attached to a specific location. Will the artist or estate allow the work to be moved from its original site? Even if the answer is yes, will the work retain its meaning in a new location? Such issues need to be fully explained and contextualized in the report, so be prepared to formulate an opinion about them.
When it is time to write the report, keep in mind that these works are public in the truest sense of the word. Tact and sensitivity are paramount. Opinions will vary, and there may be significant cultural and sociological factors. Be as neutral as possible and support the valuation with facts, actual costs, and comparable sales data, not subjective opinion.
As time marches on, however, public artworks are subject to changing tastes and attitudes. Hot-button issues involving symbol management, contextualism, self-determination, visual gentrification, pedagogy, aesthetics, and economic feasibility are openly debated in the community and the press. These issues can make the idea of appraising a work of public art a somewhat daunting exercise, especially since it is not intended to be traded in the secondary market. It is particularly illiquid and difficult to sell in comparison to stand-alone artworks such as paintings and sculptures.
Prices are heavily impacted by size and weight. If the art is large and monumental, there is a limit to where it can be installed. Corporate buildings, hotel lobbies, airports, parks, hospitals, libraries, and private homes that can accommodate large-scale objects are the most likely locations, in theory. However, buyers of site-specific works usually want to commission new works designed for the exact location. Related costs associated with conservation, restoration, transportation, storage, and installation are high and can dampen the sale price as well. As a result, works of public art that are offered for sale in the secondary market are subject to heavy discounts and often sell for significantly less than the price of the original, primary market commission.
If faced with a crumbling fresco and no idea where to start, remember that the assignment is just like any other, i.e., the methodology is the same as any other appraisal: inspect, research, evaluate, analyze the market, identify comparables, make the necessary adjustments, and arrive at the value. By following established appraisal methodology and principles, expanding one’s research beyond the usual suspects, and taking the time to think about what intended users need to know, one will arrive at a reasonable and correct monetary value for the appraisal’s intended purpose.
Where to start?
As with any appraisal, the first step in the process is to identify the purpose. Why is the appraisal being done in the first place? What are the questions the client is trying to answer?
Sometimes the client will not know what they need. A city manager or municipal employee may not have any experience with art appraisal. What does the city or the company want to learn from the report? Sometimes it is a straightforward replacement value job for insurance. Many cities self-insure, but they may need to offset risk of damage to contractors who are working with or near a public artwork by asking them to purchase independent coverage.
Works are sometimes deaccessioned. Common reasons include: the work is damaged beyond repair; the owner of the building wants something fresh; or the work no longer meets building codes. It may be a combination of all three factors. Sometimes the client may be trying to determine whether the work will be cost effective to conserve and keep, which means both replacement and net cash values may be required.
In these two instances, it is important to understand all the costs involved in selling. Establish relationships with installers, shippers, and conservators to understand what it will cost to bring the work to a marketable state. Be prepared to deliver multiple values, such as replacement and net cash values, and make sure the client understands what those numbers represent. Ask the client if they want those costs included or excluded, and be sure to document all the assumptions and conditions in the scope of work.
The next step is to identify the intended users, stakeholders, and project participants. If municipal work is involved, be aware that some states, like California where I practice, have sunshine laws for all contracted government work. This means the appraisal report must be available to the public upon request. So confidentiality is waived.
Is the artist still living? Is the work covered by the Visual Artists Rights Act (VARA) of 1990, or a state-level protection such as the 1979 California Art Preservation Act (CAPA)? Sometimes, for new commissions, artists will be asked to waive those rights, but for older works those rights may still be intact. If the work is slated to come down, it is important to know what rights are in place as restrictions can negatively impact value.
Even if legal moral rights do not apply, the artist’s or estate’s participation remains a relevant valuation concern. One of the reasons it was possible to excavate and successfully market the Keith Haring Grace House murals, which were sold at Bonham’s in 2019, was because the Haring Foundation was supportive of the efforts.
Speak with the client about whether or not the situation is contentious or litigious. In sensitive situations, it is likely the collection manager or public administrator will want to manage that part of the process. Emotions can be strong when it comes to a work of public art coming down.
Once these questions have been answered, it is time to identify the valuation characteristics that are relevant to the work in question so that appropriate comparables can be identified and the necessary adjustments made. Consider attributes beyond those listed in the object identification and taxonomy, and decide whether or not those attributes contribute or detract from monetary value:
How big is the work? Can it be excavated and moved without incurring damage? The answer is often a surprising yes. When there is a will, there is a way. So if a work can be removed, how much will that cost? Will the costs exceed the replacement or net cash value? The client will want to know the answers to these questions, especially if they are making decisions about conserving or re-siting the work.
Providing a statement of “No Commercial Value” will not help a client who is looking to see if they have the funds to do the work or not. If the artwork is owned by a government entity, there may be a regulatory requirement to assign a monetary value.
Is the work in marketable condition or has it deteriorated? Can it be conserved? Is it up to current building codes, or can it never be displayed again and will it have to come down no matter what? Building codes and conservation costs have a major impact on aging public works and the decisions surrounding whether or not to preserve them.
What are the architectural constraints? Can the work be re-sited or, if it is a mural, for example, are there doorways, windows, light switches, or other impediments? Their presence impacts value and needs to be accounted for in the final valuation. Factor in how difficult it would be to re-site such a work.
Very often answering such questions is a hypothetical thought experiment because no one is going to cut out the frescoes and mosaics. But, theoretically, many works can be excavated, so the presence of the cut-outs do impact value when compared to a mural that is unimpeded by any kind of architectural constraint. This needs to be accounted for, usually in the form of a discount.
What is the art historical context? Is the subject or message still relevant? Is the community—the public—still actively engaging with the work? Questions as to “Who is the public?” and “What community is being represented?” may alter the work’s original meaning and intent.
The issue of who controls the visual space affects the interpretation and role of these artworks in public life. From a valuation perspective, once a work’s original context is no longer relevant and the originating concepts have lost agency, its value diminishes. So the impact of subject and art history on monetary value needs to be addressed by answering questions such as: What is the context? Is the artist well known? Is the work well known? Is the work art historically important? Is its context still relevant? How would the public feel about the work’s deaccessioning or destruction? Would certain communities be impacted?
Assess whether or not community engagement and interest in the work are high and how that might impact value. The artist may not be well known, but the work’s prominence or its art historical context may still be very relevant.
One of the biggest issues surrounding the valuation of public art is site specificity, meaning the art has been created for and attached to a specific location. Will the artist or estate allow the work to be moved from its original site? Even if the answer is yes, will the work retain its meaning in a new location? Such issues need to be fully explained and contextualized in the report, so be prepared to formulate an opinion about them.
When it is time to write the report, keep in mind that these works are public in the truest sense of the word. Tact and sensitivity are paramount. Opinions will vary, and there may be significant cultural and sociological factors. Be as neutral as possible and support the valuation with facts, actual costs, and comparable sales data, not subjective opinion.
Author: Susan McDonough
Image: An egg tempera on plaster mural by Helen Forbes, Mother's Building, San Francisco Zoo
03.09.2026