Source: http://artfcity.com/
The answer to this question is seemingly simple- it all has to do with the basic law of supply and demand. According to art gallery owner, author, and art consultant, Michelle Gaugy from the Huffington Post, the high price of art has to do with the high demand of specific artists. Like everything else in this world, scarcity is a real factor in determining the price of art, especially if the artist is dead.
Gaugy explains that a dead artist, like Van Gough will never make another piece of art thus making the supply of his artwork very limited causing the demand to be even greater. Though I agree with Gaugy on this, I think the same thing can be said about living artists. For example, when Leonardo da Vinci was alive, he did not go running around painting hundreds of Mona Lisa’s. He only painted one. The supply of living artists’ artwork is not as limited as the deceased, but the simple fact that they are creating unique, one-of-a-kind pieces that cannot be replicated is very important to remember when thinking about its value.
Gaugy explains that a dead artist, like Van Gough will never make another piece of art thus making the supply of his artwork very limited causing the demand to be even greater. Though I agree with Gaugy on this, I think the same thing can be said about living artists. For example, when Leonardo da Vinci was alive, he did not go running around painting hundreds of Mona Lisa’s. He only painted one. The supply of living artists’ artwork is not as limited as the deceased, but the simple fact that they are creating unique, one-of-a-kind pieces that cannot be replicated is very important to remember when thinking about its value.
Another factor that determines the value of art is the prestige and fame of the artist. According to Gaugy, if the artist is publicly praised for their work and their work is displayed where thousands of people will recognize it, the value of that work and the respect of the artist will increase. Though I do not disagree with this point, I find it interesting. Let’s say me and Gerhard Richter, an admired German artist, go to hobby lobby and both buy a twenty dollar canvas and twenty dollars worth of paint. The two of of sit in my garage and start throwing paint onto our canvases then post them on the internet to be sold. Obviously, if we put these paintings on the market, his will sell for much more money than mine, even though we spent the same about of money and time creating it. This is because people recognize, respect, and trust Richter’s artistic insight and ability better than mine.
To help you better understand this, think about ballet and football. Though ballerinas are dedicating just as much if not more time and hard-work as football players, players in the NFL are making 50 times more money than a dancer in the Joffery Ballet. This is not because football is better or harder or more entertaining, it is just different and the majority of our country seems to prefer the entertainment of football rather than dance. Not that people do not like watching dance, it is just not as popular. The same can be said about artists and their art. The value and cost of a painting increases when an artist is more popular because more people are demanding of their work. That does not mean less-known artists are working any less or are worse at creating art, they are just creating different art that isn’t as appealing the public.
Future Question: Which kind of art is the most valuable in America and why? (paintings versus sculptures, contemporary versus modern art etc.)
Future Question: Which kind of art is the most valuable in America and why? (paintings versus sculptures, contemporary versus modern art etc.)
I agree with the point you made in your blog post, as it is clear that the more popular an artist or a performer is, the more money he or she is going to make. I especially liked the comparison between NFL football players and ballerinas- it makes you wonder why the society might prefer one form of entertainment over the other. Also, the examples in the blog post urge the reader to think about the factors that might influence the level of success the artist will have, such as whether he or she is still alive or not.
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