What is the value of a Work of Art ?

If an artist sneezes into a piece of paper and someone is prepared to pay a Million Dollars for it, then its value is one Million Dollars.

Value, measured in a monetary sense, relating to works of art is somehow a miraculous number pulled out of a hat.
There is no such thing like “real monetary worth”.
The market and its prices fluctuate depending on the present fashion, the general taste and demand.

Auction Houses set indicative values that are based on research of past selling prices for similar objects.

The price paid is a combination of rarity, execution, number of interested buyers and how much propaganda is made around the piece.

A lot of debate and politics go into determining a price.

Eventually, whatever someone is prepared to pay, is what it’s worth.