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Art has been a subject of many interests throughout the time. From aristocrats to commoners, it has aroused much curiosity. However, what makes art so expensive these days?
There are many factors to notice, for example, ‘the market trend’, ‘historical significance or any other significance that could portray the in-depth meaning’, ‘The artist’s fame’, and also the ‘Rarity and Demand’. Of course, the materials, used to create the art also have a great influence on its expensive tag. But you have to keep in mind that people’s aesthetic appeals or preferences for art have changed over time, which could vividly raise the demand for art as if you are trying to find a certain category of art or often art created by someone famous. Not to mention, auctions also boost an art’s price. So, in short, these are some reasons for art to be very costly.
The functionality of Art is macro
This automatically rejects it’s immediate utility for consumption which is evident as you see how artists have usually hailed from privileged and bourgeoise circles. Even when they don’t, they either end up being in those circles or their work being hung in spaces which have associations with the bourgeois after their deaths.
In the current scenario anything that is even related to artistic or creative merits discouraged as unprivileged artists usually starve but art by the privileged is commodified. One of the prime examples are many “abstract artists” who sell their work for thousands of dollars despite of the lack of knowledge and merit in the artistic field but since they hail from upper class backgrounds their work gets the classist badge of excellence. As even the “labour” of upper class is more revered than some talented artist of unprivileged family background.
Then there is an entire occupation of “Art Investment” which commodifies art and uses it as “investments”. There are even jobs such as “art brokers” which sell art like stocks and bonds. They resell when these artworks gain higher prices. Art pieces are treated like commodities and assets. Van Gogh paintings are sold for tens of millions of dollars in this day and age, knowing how poverty stricken he was during his life this is even more disappointing. There are so many full-time artists/Van Goghs who create while struggling to make ends meet with cheap prices.
Art becomes expensive due to a complex interplay of factors that contribute to its market value. Firstly, scarcity plays a significant role; artworks are often unique or produced in limited editions, which increases their value among collectors. The reputation and historical significance of the artist also heavily influence prices. Established artists with a notable body of work or those considered groundbreaking in their styles fetch higher prices due to their cultural impact and rarity.
Additionally, art’s value is subjective and heavily influenced by trends, taste, and the perception of potential buyers. Auction houses and galleries play a crucial role in establishing and maintaining these values through their marketing efforts and the prestige associated with their sales.
Furthermore, the cost of producing and promoting art can be substantial, especially for large-scale or technically intricate pieces. Materials, studio costs, labor, and marketing all factor into the final price tag. Moreover, speculation and investment in art as an asset class further drive prices upward, as investors seek to diversify portfolios and capitalize on potential appreciation.
In essence, the high cost of art is a reflection of its cultural significance, rarity, market dynamics, and the subjective perceptions of its value within the global art market.