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Evaluation Technologies in the Sphere of the Circulation of Art Objects (History of Assessing the Market Value of a Russian Painting)

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  • A. N. Tsatsulin

Abstract

The article deals with the problems of the domestic and foreign market of objects of art as objects of national heritage. The structure of the sphere of circulation of art objects is shown, participants and agents of the art values market are described. Particular attention is paid to the activities of world auction houses and galleries. Methodical approaches are specified and methods for estimating the market value of art objects, including objects of painting, are listed. The article illustrates the authors’ attempt to evaluate the cost of the most mystical pictorial canvas in the history of the national museum science “Ivan the Terrible and his son Ivan†by the famous Russian artist I. E. Repin. The picture with a tragic-psychological plot was twice attacked by vandals with an interval of a hundred years and experienced a long-term costly restoration, even with not quite successful attraction of the author of this work.

Suggested Citation

  • A. N. Tsatsulin, 2019. "Evaluation Technologies in the Sphere of the Circulation of Art Objects (History of Assessing the Market Value of a Russian Painting)," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 11.
    • Handle: RePEc:acf:journl:y:2019:id:966
    DOI: 10.22394/1726-1139-2018-11-44-58
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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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