ELI5: Explain Like I'm 5

Art valuation

Art valuation is like figuring out how much a treasure is worth. Remember that time we found those shiny rocks in the creek and we guessed how much they were worth if we sold them? Well, it's kind of like that but with artwork. People who know a lot about art look at things like who made the artwork, how old it is, what it's made of, and what kind of art it is (like a painting or a sculpture). Then, they try to guess how much it's worth based on all that information. They look at things like other artworks by the same artist that have sold before and how much they sold for, or how famous the artist is. Just like how we might ask our parents or friends for help when we're trying to figure out how much our toy is worth, art valuation experts need to work together and rely on their knowledge to decide how much an artwork is worth.