ISSN 2587-814X (print),
ISSN 2587-8158 (online)

Russian version: ISSN 1998-0663 (print),
ISSN 2587-8166 (online)

Mikhail Maltsev1, Sergey Baglyuk2, Irina Solntseva3
  • 1 A.F. Mozhaysky Military-Space Academy, 13, Zhdanovskaja Street, St. Petersburg 197198, Russia
  • 2 Ltd EFO, 15A, Novolitovskaya Street, St. Petersburg 194100, Russia
  • 3 KultProekt Gallery, 3, Tverskaya Street, at the Cube Art-Center, Moscow 125009, Russia

Method of estimating the market cost of art objects based on the interpolation model

2022. No. 3 Vol 16. P. 24–35 [issue contents]

      The task of assessing the market cost of an art object (AO) is relevant for artists, art dealers, collectors and museum workers, among others. Experts and appraisers who need appropriate automation tools are involved in its solution. The task is complicated by the inconsistency of the conceptual apparatus of the specialists’ various fields of knowledge, the specifics of AO and the art market. Known methods for solving it, especially automated methods, are not numerous and not universal. The purpose of this study was to develop a method for automated valuation of the market value of AO, which defines it as the sum of two components: the prime cost of the AO and added cost – the cost of the asset “value of the AO.” To calculate the first component, a cost–based approach and an additive model were used; the second was a comparative approach and an interpolation model. The added value of modern AO is represented by a function of the parameters of each of the four price-forming factors of AO: “the value of the artist,” “the artistic value of AO,” “the cultural value of AO,” “the quality of the state of AO.” It is proposed to implement models in the form of a software package integrated into the information systems of modern art institutions, having coordinated the data formats used.

Citation: Maltsev M.G., Baglyuk S.I., Solntseva I.M. (2022) Method of estimating the market cost of art objects based on the interpolation model. Business Informatics, vol. 16, no. 3, pp. 24–35. DOI: 10.17323/2587-814X.2022.3.24.35
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