During the art market booming on a global scale, due diligence of art market has become more and more important not only in developed countries,but also in developing countries, especially Asia area. When we collect our interviews from Asia, we can find some similarities between them. First of all, all of the interviewees from Asia do not know about the Royal Institute of Chartered Surveyors (RICS).After our explanation, they are able to know about the valuation of RICS. This may be for two reasons. The first point is that the art market in Asia is quite short and simple. People are not well aware of importance of the valuation of art and antiques. For example, art market in China just was built about 20 years. (interviews no.1) There is few experience in the art market, particularly contemporary art section. The second point is that RICS launched in art and antiques in recent decade year. It may be a reason why people do not know this institution.
The second similarity between the interviewees is that they do not know what is due diligence. It could be also for two reasons,on the one hand, there is no translation for this term in Chinese or Korean.On the other hand, it is obvious that they do some parts of due diligence in their daily work and own area. However, they cannot recognize it is due diligence.
The valuing process of due diligence in their works could be summarized in six general steps. The first step is that when the provenance is not clear, they will ask the artist who created this work. In the contemporary art market, it should be a direct and easy way. The second step, if the artist is dead, the family members of this artists could be an important way to establish the provenance. The third step is when people are not able to find some evidences about the artist or his/her family members. Some foundations and colleges could provide some evidences. Asia art market prefer to avoid using technologic devices. One of them pointed out that there is a controversy about using high technology with art and antiques. (interviews no.2) Furthermore, most of the interviewees talked about asking an expert for help, if above step cannot solve problems when they valued the works of art and antiques. They will ask for help to internal and external experts.Taking the example of the auction house, on the one hand, they will discuss the problems in their department. On the other hand, some experts with wide experience in their own area are employed by auction houses and institutions. They are usually included in the list of the advisory committee and they help auction houses to appraise the art and antiques.
In the end one of the Interviewees pointed out that they do a more serious research when the objects are involved in exhibitions or publishing. (interviews no.3) As the interviewee said, for some important exhibitions and serious publishing they need to value the art works and find the evidence very prudently. Interviewee would pay...