When most of the world is hindered due to economic gloom, artwork and painting market seems to grow constantly, seeing surges up to millions for a single sculpture or a painting, and therefore seems to be living in almost a parallel world. Salvator Mundi attributed to Leonardo da Vinci (2017) worth $453 million is just one example of how values spiral upwards and remain driven by new economy, speculation and newly emerged money. This again shows overlapping fashion for arts over lifestyle choices and other luxury goods like car and bikes.
This seemingly art market also reflects the nature of wealth in present society where the sheer amount of money is held privately by few millionaires who indulges to set a highly competitive sport in bagging most expensive artworks available in art industry. After all, if you can spend around billions of moneys for a yacht like a Russian billionaire Roman Abramovich did, other billionaires bid for winning artwork trophy, so it remains equable, isn’t it?
What is an artwork?
For ones, who see artwork as yet another piece created in some leisurely time and out of other motivation, art world remains an alien place in which prices are insanely high and art pieces are sought due to some kind of obsessive behavior. However, there is a perfect and a logical reasoning behind such insane prices and passionate behavior of art collectors.
Historically, artists like Picasso, Monet and Vincent van Gogh can be held responsible for initiating a new and revolutionary art movement. All the masterpieces created by them comprised radical techniques and panache that changed the paradigm of artwork completely. It was then a new era started in which most of the historic paintings and other masterpieces started getting bagged by some kings and Dukes in exchange of massive values.
Coming back to the 20th century, “The Card Players” painting made by Paul Cezanne sets one great example that was sold for around $250 million! Well, certainly a single factor cannot make such masterpieces so expensive, rather, a combination of various factors does. Among all, one biggest factor is the artist themselves which makes the price of the artwork sway in a particular direction. This is the reason why you must have never heard of Pablo or Leonardo da Vinci paintings been sold under million dollars. Renowned artist creates an impact over people that are naturally reflected through high pricing. Though, the quality of the work is also an important factor that attracts millionaires towards high rated art pieces
Celebrated artists have reputation of creating the best, though the work quality may come under scrutiny for lesser known artists and for the ones who try to paint their own image in history books. Techniques used for depicting an artwork, idea developed behind it and manner it is been portrayed further signifies work quality an art piece or a painting hold. Such recognition is gained by artists only if they manage to maintain quality and when their art pieces becomes expensive.
Style and Materials used
The style and representation of art is another significant factor that fixes its selling price, especially in today’s volatile market. For instance, now you may find an abstract painting more expensive than real life portraits. And when we talk about artistic painting or sculpture, materials used can even affect the price. Talking about paintings only, it can be noted that the number of colors used, thickness of colors and layers applied can directly affect the price tag.