Art Market Glossary — Terms Every Seller Should Know

A formal, professional assessment of an artwork’s monetary value conducted by a qualified appraiser. Appraisals follow standardized methods (typically USPAP in the United States) and produce a written report used for insurance, estate planning, tax deductions, or equitable distribution. The appraised value depends on the purpose—insurance, fair market, or liquidation—and each can yield a different figure.

A print from a limited edition that is reserved for the artist’s personal use, typically marked “A/P” or “AP” in the margin. Artist proofs were historically used to check quality during the print run but are now often collected as premium items. They are usually limited to about 10% of the total edition size and can command higher prices than standard numbered prints.

An additional fee charged by an auction house to the winning bidder, calculated as a percentage of the hammer price. Buyer’s premiums typically range from 15% to 25% and are added on top of the hammer price, meaning the total cost to the buyer is significantly higher than the final bid. Sellers should understand this distinction because the hammer price (minus seller’s commission) is what they actually receive.

A comprehensive, scholarly catalog of all known works by a particular artist, typically organized chronologically or by medium. Each entry includes provenance, exhibition history, condition notes, and reproductions. Inclusion in a catalogue raisonné is a strong indicator of authenticity and significantly boosts an artwork’s market credibility.

A signed document from the artist, their estate, or an authorized expert certifying that an artwork is genuine and created by the attributed artist. A COA typically includes the title, date, medium, dimensions, and a photograph of the work. While not legally required in all jurisdictions, a COA substantially increases buyer confidence and is expected for prints, multiples, and works by established artists.

The Convention on International Trade in Endangered Species of Wild Fauna and Flora, an international agreement that regulates cross-border trade in materials derived from protected species. CITES is relevant to art sellers because artworks containing ivory, tortoiseshell, certain hardwoods, or other restricted materials may require permits for sale or export. Violations can result in seizure, fines, or criminal charges.

The percentage a gallery or dealer takes from the sale price of an artwork as compensation for marketing, exhibiting, and closing the sale. Standard gallery commissions range from 40% to 60%, though emerging-artist galleries may take less and prestigious galleries occasionally take more. The commission structure should be clearly defined in a consignment agreement before any artwork changes hands.

A detailed written and photographic record of an artwork’s current physical state, documenting any damage, repairs, discoloration, or structural issues. Condition reports are standard practice before sales, loans, insurance renewals, and shipping. They protect both buyers and sellers by establishing a baseline and are essential for resolving disputes about pre-existing damage.

An arrangement where an artist or owner places artwork with a gallery, dealer, or auction house for sale without transferring ownership until a buyer is found. The consignor retains title until the sale closes and typically receives the sale price minus the agreed commission. Consignment agreements should specify duration, pricing authority, insurance responsibility, and payment terms.

Art produced from approximately the 1970s to the present day, encompassing a vast range of media, styles, and conceptual approaches. The contemporary art market is the most active segment of the global art trade, driven by living artists and institutional collecting. The boundary between “modern” and “contemporary” is debated, but most auction houses and museums use the 1970s as the dividing line.

The formal process by which a museum, gallery, or institution permanently removes an artwork from its permanent collection, typically through sale, trade, or transfer. Deaccessioning is governed by strict ethical guidelines—the Association of Art Museum Directors requires that proceeds be used only to acquire new works. Deaccessioned pieces often enter the secondary market and can represent buying opportunities.

A fraction printed in the margin of a limited-edition print (e.g., 12/50) indicating the print’s sequence number and the total edition size. The first number is the individual print’s position in the run, and the second is how many were produced. Lower edition numbers are sometimes perceived as more desirable, though in modern printmaking the entire edition is typically identical in quality.

The practice of painting outdoors, directly from the landscape or subject rather than from photographs or memory. The term comes from the French Impressionists who popularized the technique in the 19th century. Plein air paintings are valued for their spontaneous quality and atmospheric light, and there is a thriving contemporary plein air movement with dedicated exhibitions and competitions.

A sale of artwork and personal property from a deceased person’s collection, conducted by heirs, executors, or professional estate liquidators. Estate sales can offer significant buying opportunities because sellers are often motivated to liquidate quickly. For sellers, understanding estate-sale valuation methods (fair market value vs. liquidation value) is critical to avoiding underpriced dispositions.

The price an artwork would sell for on the open market between a willing buyer and a willing seller, neither being under compulsion and both having reasonable knowledge of the relevant facts. Fair market value is the standard used by the IRS for charitable donation deductions and estate tax calculations. It is typically lower than insurance or replacement value because it reflects actual market conditions rather than worst-case replacement scenarios.

A high-quality reproduction of an original artwork produced using professional printing techniques such as giclée, lithography, screenprinting, or etching. Fine art prints are distinguished from commercial posters by their archival materials, limited editions, and artist involvement in the production process. Signed and numbered fine art prints from recognized artists can hold or appreciate in value.

A fraudulent imitation of an artwork created with the intent to deceive buyers about its authorship, age, or origin. Forgery is both a civil and criminal offense in most jurisdictions. The art market combats forgery through provenance research, scientific analysis, and expert authentication—but sophisticated forgeries still occasionally surface, making due diligence essential for every transaction.

A high-resolution inkjet print produced on archival paper or canvas using pigment-based inks, capable of reproducing fine color gradations and detail. The term (French for “squirt”) was coined in the early 1990s to distinguish fine-art inkjet prints from commercial output. Giclée prints on quality substrates can last 100+ years without noticeable fading, making them a popular choice for limited editions and reproductions.

The final bid price at which an auctioneer strikes the gavel to close a sale, before any buyer’s premium or taxes are added. The hammer price is the baseline sale price, but the total amount a buyer pays also includes the auction house’s buyer’s premium (typically 15–25%) and applicable sales tax. Sellers should note that the hammer price minus the seller’s commission is what they actually receive.

A painting technique where thick layers of paint are applied to the canvas, creating visible brush strokes or palette-knife marks that add three-dimensional texture to the surface. Impasto is associated with artists like Van Gogh and de Kooning and adds a tactile quality that cannot be replicated in prints. The technique can increase a painting’s visual impact and is often noted in condition reports and authenticity assessments.

The amount for which an artwork is insured, typically representing the highest reasonable cost to replace the piece in the event of loss or damage. Insurance value is usually higher than fair market value because it accounts for the full retail replacement cost, including dealer markup and the time needed to find a comparable work. Policies should be reviewed and updated regularly as market values change.

A set number of prints, sculptures, or other multiples produced from a single image, mold, or matrix, after which the original is destroyed or retired. Edition sizes vary widely—from as few as 5 to several hundred—and smaller editions are generally more valuable. Legitimate limited editions are numbered, often signed, and should be accompanied by documentation confirming the edition size.

A print made using a flat stone or metal plate on which an image is drawn with a greasy substance, then chemically treated so that ink adheres only to the drawn areas. Lithography allows artists to create prints with painterly qualities and subtle tonal variations. Original lithographs (drawn directly by the artist) are more valuable than reproductions printed from photographic transfers.

Artwork that combines two or more different artistic materials or techniques in a single piece—for example, paint with collage, photography with embroidery, or digital elements with traditional drawing. Mixed media works can be challenging to categorize and value because they don’t fit neatly into traditional medium classifications. Condition reports for mixed media require special attention to how different materials interact and age.

Art produced roughly between the 1860s and the 1970s, characterized by a deliberate departure from tradition and experimentation with new forms, materials, and ideas. The modern art period includes movements such as Impressionism, Cubism, Surrealism, and Abstract Expressionism. On the secondary market, modern art is a well-established category with extensive price histories and scholarly documentation.

A designation used in exhibitions and galleries indicating that a displayed artwork is not available for purchase. Artists and collectors use NFS to showcase important pieces without the pressure of selling, often to generate interest in their other available works. Gallery visitors who inquire about NFS pieces may be directed toward similar available works by the same artist.

A print or reproduction with no limit on the number of copies that can be produced. Open editions are generally less valuable than limited editions because scarcity drives art market pricing. However, open-edition prints by famous artists (such as museum shop reproductions) serve an important role in making art accessible and can still generate meaningful revenue for artists at scale.

The surface appearance of an artwork or frame that develops naturally over time through aging, oxidation, handling, and environmental exposure. On bronzes and metals, patina typically appears as a green, brown, or black coating. Authentic patina is a sign of age and originality that collectors value; removing or artificially recreating patina can significantly diminish an artwork’s value.

A production and distribution model where prints are created individually as orders are placed, rather than being printed in advance as a batch. POD eliminates inventory risk and upfront printing costs, making it popular with emerging artists and online sellers. However, POD prints are generally considered open editions and carry lower perceived value than hand-signed limited editions.

The documented chain of ownership for an artwork from its creation to the present day, including every collector, dealer, gallery, and institution that has held the piece. Strong, unbroken provenance is one of the most important factors in determining an artwork’s authenticity and value. Gaps in provenance—especially during wartime periods—can raise concerns about looting, theft, or forgery and may reduce marketability.

A legal action filed to establish clear ownership of an artwork when the title is disputed, clouded, or uncertain—common with pieces that have wartime provenance gaps, inheritance disputes, or competing ownership claims. A successful quiet title lawsuit removes all competing claims, giving the owner a clean title that facilitates sale or insurance. Art sellers who encounter title issues should consult an art law attorney before listing the work.

The estimated cost to replace an artwork with a comparable piece of similar quality, size, medium, and condition at current retail prices. Replacement value is typically the highest valuation figure because it reflects what a buyer would pay to acquire a substitute in a retail setting. It is the standard used for insurance scheduling and should be updated every 3–5 years to reflect market movement.

A printing technique where ink is forced through a fine mesh screen onto paper, fabric, or other surfaces, with areas blocked off by a stencil to create the image. Screenprinting allows for vibrant, opaque colors and was popularized as a fine-art medium by Andy Warhol in the 1960s. Original screenprints (where the artist created the screens) are significantly more valuable than commercial reproductions.

The resale market for artwork that has already been sold at least once, as opposed to the primary market where works are sold for the first time (usually by the artist or their gallery). The secondary market includes auction houses, private dealers, and online resale platforms. Prices on the secondary market are driven by supply, demand, provenance, and the artist’s current market momentum.

An artwork composed of three separate panels or canvases designed to be displayed together as a unified composition. Triptychs have their origins in medieval altarpieces but remain a popular format in contemporary art. When selling a triptych, all three panels should be offered together—separating them typically reduces the total value significantly compared to the intact set.

The Uniform Standards of Professional Appraisal Practice, the nationally recognized ethical and performance standards for appraisers in the United States, maintained by The Appraisal Foundation. USPAP compliance is required for appraisals used in IRS tax matters, legal proceedings, and many insurance claims. When hiring an appraiser, always verify they are USPAP-compliant and hold credentials from a recognized professional organization such as the ASA or AAA.

The process of determining the monetary worth of an artwork for a specific purpose, such as sale, insurance, donation, or estate distribution. Valuations can range from informal dealer opinions to full USPAP-compliant appraisals. The resulting figure depends heavily on the purpose: insurance valuations are typically highest, fair market valuations reflect open-market conditions, and liquidation valuations represent quick-sale scenarios.