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If a client/collector has paid $10,000 for a work of art, does that mean the value of that work of art is worth at least the amount paid?

April 26, 2017art client Collector mean paid value worth

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If a client/collector has paid $10,000 for a work of art, does that mean the value of that work of art is worth at least the amount paid?

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Unfortunately not always. If there are three other galleries selling similar works by that same artist in the same size and genre for $5000, then the replacement cost for insurance purposes is $5000.