Art Business Glossary

A professional assessment of an artwork's monetary value for insurance, tax, estate, or sale purposes.

A professional service that guides collectors in acquiring, managing, and building art collections.

A leading international art fair held annually in Basel, Miami Beach, and Hong Kong, showcasing modern and contemporary art.

A commercial exhibition event where galleries present and sell artworks to collectors, curators, and the public.

An investment vehicle that pools capital to purchase artworks with the goal of generating financial returns.

A commercial agreement granting permission to reproduce an artist's work on products or media in exchange for royalties.

The process of verifying that an artwork was created by the attributed artist, using provenance, scientific analysis, and expert opinion.

A surcharge added to the hammer price at auction, paid by the buyer to the auction house.

A comprehensive scholarly catalog of all known works by a particular artist.

A document certifying that an artwork is genuine, typically signed by the artist or an authorized expert.

The percentage of a sale price retained by a gallery or dealer as compensation for selling an artwork.

A detailed written and photographic record of the physical state of an artwork at a given point in time.

An arrangement in which an artwork is placed with a dealer for sale while the owner retains title until the work is sold.

The legal right of an artist to control the reproduction, distribution, and display of their original work.

Artist's resale right entitling creators to a royalty on secondary market sales of their work.

A set of identical prints, photographs, or cast sculptures produced in a limited or open number.

The price at which an artwork would change hands between a willing buyer and willing seller with reasonable knowledge.

A high-quality digital inkjet print on archival paper or canvas, commonly used for fine art reproductions.

The winning bid price announced by the auctioneer when the gavel falls at auction.

The market for the first sale of an artwork, typically through an artist's representing gallery.

The documented ownership history of an artwork from its creation to the present day.

The confidential minimum price below which an auction house will not sell a consigned artwork.

The resale market for artworks that have been previously sold at least once.

A gallery that charges artists fees to exhibit, rather than earning income through sales commissions.

Visual Artists Rights Act (1990), a US federal law granting artists moral rights of attribution and integrity.