How is an art piece valued?

The valuation of an artwork is a team effort. Establishing the market value of a given artist or a given artwork requires the establishment of a corporative team of stakeholders such as artists agents, curators, critics, collectors, art commissioners, art dealers, museums, etc to build their careers, reputation and markets. Artists’ careers development stages can be categorised into three main categories: emerging, mid-career and established which directly impacts the demands for an artists’ work and therefore its value.