Interwar-Era Art Valuation: Appraisal and Auction

Art Deco, jazz, and the modernity of the Roaring Twenties: the value of interwar-era works varies greatly depending on the artist, style, and provenance.

Below you’ll find all our valuation guides dedicated to the interwar period—Art Deco furniture, paintings, sculptures, and objets d’art from the interwar period. Each guide details the price ranges observed at auction and the factors that determine a piece’s value before it is entrusted to our state-certified auctioneers.

Understanding the Value of a Work from the Interwar Period

What Is Market Value in the Interwar Art Market?

The market value of a work from the interwar period refers to the reference value that the art market assigns to it at a given moment, based on its attribution to a specific artist, the relevant movement and period, its condition, and the strength of the supporting documentation.

The interwar period, which spans from the 1918 armistice to the outbreak of World War II in 1939, encapsulates the most radical artistic upheavals of the 20th century, from the Roaring Twenties and Art Deco to Surrealism, including a return to neoclassical order and the first major abstract works.

This market enjoys exceptional vitality, driven both by the global renown of figures such as Picasso, Dalí, and Foujita, and by the growing interest in Art Deco design and decorative arts, whose aesthetic has enjoyed a considerable resurgence in popularity over the past several decades.

This dual dynamic—avant-garde painting and refined decorative arts—gives this segment a diversity and commercial vigor that make it one of the most active markets in 20th-century art.

Art Deco, Surrealism, and the School of Paris: Which Movements Are Shaping the Market?

Art Deco, which dominated the decorative arts and architecture during the Roaring Twenties before reaching its peak at the 1925 International Exhibition of Decorative Arts in Paris, developed a geometric and luxurious aesthetic found in furniture as well as in sculpture, glassware, and metalwork of that period.

The École de Paris, which brought together around Montparnasse a generation of foreign artists who had settled in the French capital—including Foujita, Soutine, Modigliani, and Chagall—produced a body of work of great stylistic diversity, united by this shared experience of creative exile in Paris.

Surrealism, a movement officially founded in 1924 around André Breton and led in the visual arts by figures such as Dalí and Magritte, profoundly revitalized the exploration of the unconscious and dreams in painting, while the return to order, a classicist reaction evident in part of the period’s pictorial output—notably in Picasso’s own work during certain phases of his career—attests to the diversity of trends coexisting during this period of exceptional artistic richness.

The criteria that determine the market value of a work from the interwar period

The market value of a work from the interwar period depends first and foremost on its attribution to a specific artist; the price difference between an anonymous work of the school, a documented studio piece, and a work by Picasso, Dalí, or Foujita is considerable—sometimes differing by several orders of magnitude.

The nature of the medium—whether an original painting, a multiple, or a poster—also plays a decisive role, as these different categories follow distinct valuation logic even within the body of work by a single artist.

The price ranges observed on the secondary market illustrate this considerable variation. An anonymous work of average quality, attributed to the French school without a specific artist, can range from 300 to 5,000 euros.

A documented work from a school or studio ranges from 5,000 to 80,000 euros, depending on the quality and rarity of the subject.

A work attributed to a recognized second-tier artist sells for between 80,000 euros and several hundred thousand euros, while a major work by Picasso, Modigliani, or Dalí can exceed several million euros, with some records having reached considerable heights at international public auctions.

Paintings, prints, sculptures: all works from the interwar period appraised

The hierarchy of interwar artworks and its impact on market value

In the art produced between the two world wars, the major paintings by the masters of the École de Paris and the Cubist and Surrealist avant-garde movements occupy the top of the value hierarchy; these works are among the most sought-after on the international modern art market.

Prints and multiples—silkscreen prints, lithographs, and etchings—produced by these same artists or by specialists in Art Deco posters constitute a more accessible yet nonetheless sought-after category, with their value depending heavily on the rarity of the print run and the quality of the print.

Art Deco sculpture and furniture—whether designed by a renowned interior designer or produced by workshops specializing in this geometric and luxurious aesthetic—constitute a particularly dynamic segment of the contemporary market, driven by a considerable resurgence of interest in the design of this period over the past several decades, with the finest pieces now commanding prices that rival those of second-tier paintings from the same period.

Originals, prints, and posters: the most sought-after works

Original paintings by the great masters of this period—whether they belong to Picasso’s synthetic Cubism, Soutine’s tragic expressiveness, or Modigliani’s melancholic elegance, constitute the most sought-after tier of this market; their relative rarity and historical significance justify exceptional price levels when they appear on the market.

Prints, particularly silkscreen prints and lithographs produced in close collaboration with the artist, offer a more accessible entry point to these same bodies of work while retaining genuine artistic and historical value.

Art Deco posters, whose graphic quality reflects the aesthetic refinement of this period and which document both commercial advertising and the major exhibitions and cultural events of the time, constitute a category particularly prized by collectors who appreciate this characteristic geometric aesthetic, with their value depending heavily on the rarity of the print run and the condition of the paper.

Get a free appraisal of a work from the interwar period

A certified appraisal by a licensed auctioneer in less than 24 hours

Appraising a work from the interwar period requires a precise understanding of the various art movements that succeeded and overlapped during this prolific era, as well as particular vigilance in the face of a very active market that has seen numerous copies and erroneous attributions circulate for the most famous artists—Picasso and Dalí foremost among them—whose global fame has led to a significant production of forgeries over the decades.

A certified auctioneer has the necessary training to conduct this appraisal with the rigor it requires.

Auctie’s offers this appraisal free of charge, with a certified response within 24 hours.

Whether you’ve inherited a painting from the interwar period, wish to have a print or an Art Deco object appraised, or are considering compiling an estate inventory, the process is the same: submit your item to a trained expert capable of accurately assessing its value.

What you need to provide for an online appraisal

For a painting, clear photographs of the front and back of the work are essential, as well as a close-up of the signature and any inscriptions on the back of the support, the precise dimensions of the composition, and any known provenance information: an old gallery label, a purchase invoice, a previous certificate of authenticity, or a reference in a catalog raisonné or specialized publication.

For a print, please specify the exact edition number if the piece has one, as well as the condition of the paper.

For Art Deco furniture and sculpture, photographs of the entire piece and of any signatures or studio stamps are required.

In cases of uncertainty regarding attribution—which is particularly common in this segment, where numerous copies of works by the most famous artists are in circulation—a thorough physical examination will be offered before any steps are taken to list the item for sale.

Signature, Attribution, and Authenticity: The Pillars of Valuation

Signatures, dating, and “after” attributions: their impact on value

The authentication of a work from the interwar period relies on a system of attribution notes, the precision of which directly determines the work’s value.

Precise dating within the artist’s career is particularly crucial for figures whose style evolved significantly during this period, foremost among them Picasso, whose Cubist, classical, and Surrealist works from these two decades exhibit major stylistic differences that must be rigorously compared with the documented body of work.

The designation “after” refers to a copy recognized as such, whose value is primarily decorative.

For major artists of this period, catalogs raisonné and foundations serve as the authoritative sources in the market; those dedicated to Picasso, in particular, are systematically consulted by experts prior to any serious valuation.

A work listed in one of these catalogs, or accompanied by a certificate issued by a recognized foundation, benefits from the highest level of scholarly endorsement, which is directly reflected in its valuation.

Provenance and condition: their impact on value

The provenance of a work from the interwar period is a key factor in building trust in this market, which is particularly vulnerable to the circulation of forgeries, especially for the most famous artists.

A work whose history can be traced through a historic gallery that represented the artist during his or her lifetime, or which is documented in a known historic private collection, enjoys considerable legitimacy that buyers directly factor into their bids, as this traceability significantly reduces the risk of misattribution.

The condition of this relatively recent yet fragile oil-on-canvas painting warrants special attention; any restorations must be carefully documented.

For Art Deco furniture and objects, the integrity of the precious materials and original veneers—frequently used in this luxurious style—is an essential criterion for valuation, as any overly invasive restoration can significantly affect the piece’s value.

Selling a Work from the Interwar Period at Auction with Auctie's

From the reserve price to the final bid: how the price is determined

Auctions are the most advantageous method of sale for high-quality interwar artworks, in a market where the combination of a well-documented piece and a collector passionate about this period of creative effervescence can generate fierce competition.

The reserve price, set in consultation with the seller, must be carefully calibrated based on the work’s specific attribution and the relevant artistic movement, as a significant portion of its value in this diverse market depends on these factors.

For major, well-documented works, the dynamics of the auction can lead to final prices far exceeding initial estimates, as several collectors and institutions may engage in intense competition to acquire a piece emblematic of this pivotal period in 20th-century art.

The auctioneer plays a vital role in facilitating this process.

Hôtel Drouot and online auctions: reaching the right bidders

Auctie’s holds its auctions at Hôtel Drouot, the leading auction house in continental Europe, founded in 1852 and frequented by a dense network of dealers, collectors, and specialists in interwar art.

For a work from this period, Drouot offers optimal visibility among French and European art lovers, complemented by an online presence that significantly broadens the reach of each auction on an international scale.

An American collector passionate about the École de Paris, an Asian museum seeking a Surrealist work by Dalí or Magritte, or a design enthusiast looking for a signed Art Deco piece of furniture can bid in real time from their home country.

For the interwar period, which enjoys worldwide renown, this international dimension is almost always decisive in securing the highest hammer price.

Estate Planning, Inheritance: Valuing an Inherited Work of Art from the Interwar Period

Inventory and Distribution of an Estate

Artworks from the interwar period frequently appear in the estates of families whose collections were built up over several generations, with some pieces having been acquired directly from the artists or their galleries in the decades following their creation—at a time when these artists, though already recognized, were still accessible to collectors with substantial but not exceptional means.

A work that has been in the same family for a long time may now be worth considerably more than the heirs realize.

Auctie’s regularly works alongside notaries to compile comprehensive estate inventories that include works from the interwar period.

Each piece is appraised individually, with particular attention paid to attribution and precise dating—factors that are absolutely critical to determining value in this segment.

The resulting report is an official document that is legally enforceable and may be included in the estate file without reservation.

Confidentiality of the process and preservation of anonymity

The circumstances leading to the appraisal of an inherited interwar-era artwork are often personal and sensitive: discovery as part of an inheritance, reorganization of a family collection, or a decision to sell after a long period of ownership.

Auctie’s handles each case with absolute discretion. The owner’s identity is never disclosed to third parties without their explicit consent, and the works may be offered for sale under complete anonymity if the consignor so desires.

This confidentiality is a fundamental commitment of Auctie’s, applicable at every stage of the relationship, from the initial contact through to the receipt of the proceeds from the sale.

Glossary of Art Prices and the Art Market Between the Two World Wars

Let Auctie's appraise your interwar-era artwork

A work from the interwar period deserves an appraisal that reflects the exceptional diversity of this pivotal era in 20th-century art.

The precision required to distinguish between different movements and to date works within each artist’s career, the critical importance of provenance in a market vulnerable to the circulation of forgeries, and the strong demand—both artistic and heritage-related—for Art Deco design: these are all factors that only a licensed auctioneer, well-versed in the specificities of this period, can assess with the rigor they require.

Auctie’s guides you from the initial appraisal through to the final auction, offering the expertise of a state-certified appraiser and the discretion your financial decisions deserve.

The appraisal is free, confidential, and non-binding, and you’ll receive a response within 24 hours.