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The Value of Artworks



What is the value of a Work of Art ?

If a young girl sneezes into a piece of paper and someone is prepared to pay 100000$ for it, then its value is 100000$, as absurd as this might sound.

Value, measured in a monetary sense, relating to works of art is some miraculous number pulled out of a hat.
There is no such thing like “real worth”.

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

Indicative values are determined by auction houses who set their estimates based on research of past selling prices for similar objects. If they give high estimates buyers think the piece is more important, perhaps, than it is. However, if they aim to high, the market won’t bid. If they undervalue, the piece looses its cachet, but chances are more people will bid, get the momentum going, and they will end up with a higher hammer price.

A color photograph in a catalogue raises more interest then a black and white picture or even none. A full page or maybe even a two page spread makes the artwork look even more important. Sometimes entire catalogues are dedicated to only one piece and are written up in international newspapers weeks ahead of time.

So the better question might be:
How much would an individual be prepared to pay for a work of Art ?


 Keep in mind – prices fluctuate
Auction Houses keep on breaking their own sales records