What makes an Artist Proof so valuable?
Artist Proofs tend to sell for more than Limited Edition prints even when the two are identical. With older prints, this was due to their better quality. While this historical legacy has translated into common misconceptions that APs are better and more prestigious than editioned prints even in the contemporary prints market, there are also other factors that have determined their overall performance in the contemporary prints and multiples market.
The first, and most important, is rarity. Unlike the large edition size of many portfolios, Artist Proofs are released on the market in very limited numbers, meaning that they are rare to find and are therefore in higher demand among art collectors. The rarity and exclusivity of an Artist Proof are for many an added bonus to owning a work by their favourite artist.
Desirability increases with APs when an aritst makes them in unique colourways. For example, Banksy has capitalised on his APs as a way to offer further colour variations on his prints. He is an artist who produces more APs than the usual 10% of the total edition. His Gangsta Rat, has corresponding APs in as many as six colourways and a total number of 257 artist proofs (compared to a total main edition, of 500).
Another factor is determined by authorship, with many collectors veering towards APs because they feel the work is as close as you can get to an original. Particularly, if an artist adds exclusivity to a print by adding hand-detailing, like adding watercolour. This hand-detailing addition, however, does not immediately mean that the print is an AP, if it is not labelled as one.
Artist Proofs can also sometimes be hand-signed by the artist and labelled AP or "Epreuve D'Artiste", which means Artist Proof in French, which explains why the value of some APs has skyrocketed at auction.
