Challenges Facing Valuers in Valuation of Art and Artifacts in Ogun State Nigeria

Abstract

Contrary to the perception that estate surveyors and valuers are only concerned with the valuation of lands and buildings, their scope of work included art and artifact valuation. The valuation of art and artifacts can pose serious difficulties to a young valuer, as experienced valuers can establish expertise in the arts area. This study examines the possible challenges in the valuation of art and artifacts. Structured questionnaires were administered on 17 estate surveying and valuation firms in Abeokuta, Ogun State. The data was analyzed using the Relative Important Index. The results revealed that the valuation of art and artifacts requires more specialized knowledge and practical skills than what is required for valuing lands and buildings. The results further show that valuers are confronted with the challenges of a lack of information and inadequate access to past transaction records. This study recommends that, beyond the valuation of lands and buildings taught in schools, training on art and artifacts should also be incorporated in a curriculum and as well as professional training from time to time.

Market Data Limitations in the Application of Income Approach to Property Valuations in Nigeria: Practitioners' Perspectives

“…The author also found a convergence of views in the literature as to the importance of establishing central data bank for effective and more accurate valuation exercise. Ibisola, Folarin and Atilola (2018) examined the possible challenges in the valuation of art and…”