RICS Milan Conference Calls for International Art Valuation Standards

At a conference titled 'Fair Art: Art and International Valuation Standards' hosted by RICS at the Bank of Italy in Milan, industry experts highlighted the lack of transparent and shared valuation standards in the art market. The global art market exceeded $63 billion in 2017, yet Italy accounts for only about 1% of that. Speakers including Daniele Levi Formiggini (RICS Italy President), Roeland Kollewijn (Global Arts & Antiques Board, Vasaris), and Stefano Baia Curioni (Bocconi University) discussed the need for professionalization and international standards. Giuseppe Sopranzetti (Bank of Italy Milan Director) noted art's role as a fundamental asset. Silvia Stabile (BonelliErede) proposed a register of accredited appraisers. The conference underscored that the current system is opaque and unregulated, with galleries often setting prices for emerging artists. The case of the Salvator Mundi, sold for $60 in 1958 and later for $450 million, illustrates valuation volatility. The event was organized by RICS, founded in the UK in 1868.