All the above are key factors used by contemporary art experts in making formal valuations.
The valuation department of Cambridge Expertise uses algorithms to make models using VTM software programs to gather and analyze statistical data that is constantly being updated. The assumptions on which these algorithms themselves are based undergo regular verification.
What matters most to artists is to become known in the art market and for their business to be managed professionally, while recognizing that a formal valuation may go up or down over time. All the parameters listed above can have an impact one way or another.
This variability makes fixing a valuation impossible other than by setting up a trading platform in art similar to Euronex on the stock exchange, but this would be unrealistic given the nature of the art market .
To summarize: there are many factors which can raise the value of a work of art, ranging from successful auctions through to well-displayed promotion, effective marketing, fashion, a buyer’s taste, acquisition by public art galleries or well-known collectors.