There are many reasons why a company or business may need art appraisals and valuations. For example, if a business is relocating to new premises, there may be a requirement to downsize which requires due diligence of the assets to determine the true value of the individual artworks, so that the company can make a fully informed and transparent decision on what art is retained and which works are disposed of.
Also, with a change in company ownership, the taste in art may change, resulting in the need for the existing artworks to be valued and perhaps sold. The artworks will be appraised prior to any sale to ensure they are being sold in accordance with current market value.
In other cases, companies may want to refresh their brand, and as a result, anything which represents the old image needs to be replaced. Artworks play a strong part in representing a company’s image, so in an instance where the image is being refreshed, the old artwork will need to be sold or given away.
For more information, visit https://bhfineart.com/services/corporate-art-valuations/
