Why professional appraisal is important for the Bulgarian art market
How the value of a painting is determined and why its authenticity, provenance, and history are only part of the bigger picture
A few days ago, I had the pleasure of being a guest on the "Afternoon for the Curious" program on BNR's "Hristo Botev" radio station, alongside Assoc. Prof. Dr. Katya Mihaylova.
The occasion was the graduation of the second class of the postgraduate program "Management and Valuation of Cultural and Artistic Values" at the UNWE Institute of Postgraduate Studies – the first university postgraduate program in Bulgaria for acquiring the professional qualification of "Expert Valuer of Cultural and Artistic Values."
However, the conversation quickly moved beyond the training itself. We talked about the preservation of cultural heritage, the need for a clear state policy, the development of the Bulgarian art market, and, above all, the question we face daily in our work:
How is the value of a work of art actually determined?
Experience is important, but so is methodology
For years, my work has been related to the valuation of paintings, antiques, and various works of art.
Practice builds intuition. When you see works of art daily, track sales, talk to collectors, and participate in the acquisition of entire collections, you gradually begin to understand the market very well.
But professional valuation should not be based solely on intuition.
This was precisely one of the main reasons I undertook the training at UNWE – so that practical experience could be complemented by a clear and reasoned valuation methodology.
How is a painting valued?
One of the biggest misconceptions is that it is enough to identify the artist and check the prices at which their paintings are being sold.
The reality is significantly more complex.
Authorship and authenticity are the foundation. If there is any doubt as to whether a work was actually created by the artist, the conversation about its value practically loses meaning.
After that, however, a number of other questions begin.
From which period of the artist's life is the work? Is the piece typical of them? What are the size and technique? What is its physical condition? Is restoration necessary?
Provenance is also extremely important – where the work comes from and whether its history can be traced.
It also matters whether the painting has been featured in exhibitions, published in a monograph or catalog, was part of a significant collection, and whether there is archival documentation for it. These are the very factors I pointed out in the BNR conversation.
Only when we examine all of them together can we begin to speak of a reasoned valuation.
Provenance is more than just an interesting story
At ROYAL Gallery, we pay special attention to the provenance of artworks.
Sometimes we have old photographs, documents, catalogs, correspondence, or information about previous owners. In rare cases, the history of a work can be traced practically back to the artist themselves.
This is not just a curious detail about the painting.
Well-documented provenance is part of its identity and can be an important factor in establishing its authenticity and value.
Therefore, preserving this information is just as important as the professional care for the work itself.
Price and value are not always the same thing
The market, of course, remains the primary guide.
One monitors real sales, auction results, market supply, and interest in certain artists and periods.
But two paintings by one artist with the same dimensions can have completely different values.
One might be a minor work, while the other is a piece from a key period, with excellent provenance, exhibition history, and high artistic quality.
That is why the question "How much is a painting by this artist worth?" rarely has a single answer.
We must see the specific painting.
The Bulgarian art market is gradually changing
In recent years, we have seen more and more people buying and collecting Bulgarian art. Some of them view these works as a long-term investment – a trend we also noted in the BNR conversation.
This development brings with it greater responsibility.
A mature art market needs more than just good artists, galleries, and collectors.
It requires art historians, restorers, expert valuers, insurers, and institutions that work professionally and according to clear standards.
The more value a work acquires, the more important the questions regarding its authenticity, provenance, condition, documentation, valuation, and insurance become.
That is precisely why the role of professionally trained expert valuers will only become increasingly significant for the Bulgarian art market.
Cultural heritage also has an economic dimension
One of the interesting topics in the conversation with Assoc. Prof. Dr. Katya Mihaylova was the need for Bulgaria to have a consistent policy toward its own cultural heritage.
Cultural values carry memory, history, and identity, but in modern society, they also have an economic dimension. This is precisely why mechanisms for their professional management, valuation, insurance, and preservation are necessary.
This does not diminish their cultural value.
On the contrary – the professional market is one of the mechanisms through which works are studied, preserved, documented, and passed on to future generations.
The responsibility of a gallery
For us at ROYAL Gallery, trust has always been the foundation of our relationships with collectors.
When a person acquires a work of art, they need to know what they are buying, why the work has a certain value, and what information exists about it.
That is why investing in additional knowledge and qualifications is a natural continuation of our practice.
Because the more the Bulgarian art market develops, the higher the professional standards of those of us working within it must be.
And ultimately, the one that benefits most is the most important thing – Bulgarian art.
🎙️ You can hear the full conversation between Ani Kostova, Assoc. Prof. Dr. Katya Mihaylova, and Krasimir Radev on "Afternoon for the Curious" on the Bulgarian National Radio website.
Listen to the conversation on BNR
ROYAL Gallery
33 Tsar Asen St., Sofia
www.royale.bg