The art world is full of works of all kinds. From genius that was ahead of its time, to works of dubious reputation. This is how art works
However, with new artistic movements not so easy to ‘digest’ by most, such as abstract art and Pop art, it makes many who are not related to the more formal artistic circles we ask the question: ¿ What is it that makes a painting so valuable, even if it seems that anyone can do it (even a child)?
The answer to this question appears in books, essays, articles, and in dozens of discussions on portals such as Quora, Yahoo Answers, and DeviantArt. Although most of the arguments go their separate ways, in the end they all converge on two principles: subjectivity and market value.
Table of Contents
Qualitative Value
A Work is Valuable and at the Same Time Rubbish
It is known that art is totally subjective and you don’t have to be an expert to understand it. However, this idea is barely being accepted, since until just a couple of centuries ago –to be specific, before the invention of photography– the technique and its approach to reality were what gave a painting its value.
Today some of the most valuable paintings such as Jackson Pollock’s “No.5 1948” or Mark Rothko’s “Royal Red and Blue” are unintelligible to the unaccustomed eye, but that does not lower the price at all. that have.
In other words, what may be crap to you is a masterpiece to another. The important thing will always be what you convey to the right viewer.
Who Was the Artist?
A Van Gogh is worth a Van Gogh because it belongs to Van Gogh. A Juanito Pérez is worth as a Juanito Pérez because it belongs to Juanito Pérez.
The price of a Van Gogh is invaluable, the price of a Juanito Peréz is also invaluable (it is because it is worth nothing). Even good old Juanito, if he started making reproductions of a Van Gogh, it is likely that I earned more than with his original works. In the end, it is the artist who dictates the value of a work.
Explains art critic Douglas Tarlow:
“Art is not always about beauty, in fact most of the time technical perfection does not matter. Its value is not only in the work itself, but also in everything behind it […] For example, a letter from John Lennon that was written on a napkin was auctioned for $ 100,000 in New York, while a beautiful letter created by a calligrapher is not worth more than 5 dollars ”
Historical Importance
It is often heard that “art is nothing more than the whim of the artist”, however this is not always the case.
Any Modern art painting can be catalogued in a temporal stream. In turn, this work shares certain attributes with works by other artists (techniques, styles, themes, etc.). This is called an artistic movement. When a segmented movement is spoken, in a geographic location and defined time, it is called as an artistic school.
It is not always the forerunners of movements and schools that are valued the most in the market, but they are those who have gone down in history because of their impact.
Another historical factor that impacts the value of a painting is who has owned this painting? In other words, a painting that belonged to the nobility of a country is worth more than one that was hung in the room of a drug trafficker.
Emotional Value
The emotional aspect cannot be forgotten to mention.
Buyers sometimes give paintings an emotional meaning. This can be the memory of a particular stage in their lives or a strong emotion that they transmit when seeing them.
That meaning can make a work that many do not give a penny for it, multiply its price exponentially (yes, it takes a very wealthy buyer to make it happen).
The Final Price
All Painting is Intentionally Overrated
The art market is rife with true and false critics, skilled auctioneers, and historical errors that can make a painting worth a few dollars at a garage sale end up costing millions at a large auction.
This price inflation has been done intentionally for centuries to protect the integrity of the artist and the interests of art merchants. Therefore, prices are inflated from the start.
Art is Active
Some billionaires like to spend their money in huge mansions, others prefer to invest it in the stock market, in the same way there are people who are inclined to invest in works of art as if it were an asset. That is, a value in kind within its heritage.
One of the advantages that art has over many other goods is that works are never devalued; they even go up in price over the years.
Shortages: Law of Supply and Demand
Most of the artistic manifestations or objects that have a historical value (paintings, sculptures, documents, etc.), are unique and unrepeatable. No matter the number of copies and counterfeiting attempts made, in the end the only thing that really counts is the original.
In the principles of economics there is something called the “law of supply and demand.” That is, when there is little supply of a product and many potential buyers, the price increases.
Furthermore, the idea that ‘ a work increases in value when the artist dies’ is totally true. That is why paintings by living artists are rarely seen at such high prices.
Popularity
How recognized is the painting? In how many art histories books does it appear? How acclaimed is it by critics?
The better known a painting is, the better its chances of monetization. Likewise, demand increases and prices go through the roof (referring to the previous point).
As we mentioned before, La Gioconda (Mona Lisa) is undoubtedly the most well-known painting in the world, but it is also the most expensive since it generates millions of dollars a year just in tickets to see it live.
Valuation Process: Auctioneer and Buyer
The buying and selling process in art is usually quite complex and difficult to understand. In other words, although the galleries’ catalogs give an “approximate” starting price, at the time of auctions that amount can go up or down drastically.
When works are sold at auctions it is because there is more than one interested buyer. It is in these energetic bids that those works “that look like scribbles” reach unimaginable values.
Rarely in direct purchases are exaggerated figures as in auctions, so many say that this is when you understand the true value of a painting.
Conclusion: Getting to the Point Why are They so Expensive?
Summing up the article, these are the main reasons.
- The market is the one that sets the price, not just a person.
- They reach such high amounts only at auctions.
- Art collectors have very high budgets; therefore, prices are “inflated” from the start.
- There are at least two wealthy people or recognized institutions willing to get that work at any cost (auction bids increase).
- They are from a recognized artist.
- They are unique pieces (authentic in terms of style, technique, etc.).
- They have an emotional value for the buyer.
- Laundering money (something more and more common).
- They are an asset that does not devalue over time.
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