Nothing in the art industry attracts more attention than record-breaking sales. Last year, Leonardo da Vinci’s Salvator Mundi’s record-breaking sale of $450 million received more media coverage than any other work of art in recent history. And when those sales occur, we get asked, "how would ARTBnk RTV value that piece?”
The answer is, it won’t. At least not accurately. That painting was clearly an outlier, meaning the work, artist or circumstances surrounding the sale make an accurate valuation impossible.
Factors that result in a work of art being an outlier include tradeable artists whose works are rarely sold, works of outstanding quality (i.e. a masterpiece), works that have significant condition issues (i.e., substantial damage) or extraordinary provenance (i.e., the Rockefeller collection).