„Старо град“, картина, 2005 год.
"Old Town". Easel Painting, 2005

Author(s): Temenuzhka Nikolova
Subject(s): Fine Arts / Performing Arts, Museology & Heritage Studies, Library and Information Science, Visual Arts
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: artwork appraisal; easel painting; market approach; net present value; art investment project
Summary/Abstract: The subject of this complex expertise, including art-historical and aesthetic, historiographical and philosophical-symbolic analysis, technological analysis, financial assessment, and insurance value, is a contemporary artwork – an easel painting entitled "Old Town," dated 2005. The painting is privately owned, movable property, a long-term tangible asset. Given this status as a work of art, a market approach was applied in the valuation using the following methods: PESTEL analysis to identify the macro framework of the art market in Bulgaria; analysis of networks of influence; analysis of the impact of the work and the price that consumers would pay for it; Net Present Value (NPV) method, which is commonly used in the financial valuation of investment projects.

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