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Why is expensive art so bad?
With plenty of demand for artwork, it is the supply side of the equation that often leads to outrageously expensive prices for art. Scarcity plays a huge role. Many of the most famous artists in history are no longer living. This leads to another factor that affects the price of art: each piece of art is unique.
Why is some art more expensive than others?
The reason that paintings are so expensive is that each art piece is wholly original and unique. There can be no other exact copy. Even the painter would be unable to make it again. The paint may not mix exactly, the sunlight might affect the paint in some way, even the drying process can change how the paint looks.
Why do people pay so much for modern art?
Dealers, artists and auction houses spend huge sums to promote works of art and create a perception of the future value. Recent auction prices influence the price of modern art. So for instance, if the work of an artist has fetched a huge amount, other works of that artist will also be perceived as valuable.
Who is the most expensive artist in the world?
Jeff Koons – Hanging Heart (Magenta/Gold) Jeff Koons is currently the most expensive living artist at auction, with his Hanging Heart work selling for $23.6 million in Novemebr 2007.
Why should you buy art?
There are many reasons why people buy art from artists. Here are 7 of the top reasons: They can identify with the artwork. There is an emotional connection. Purchases for social status. Decorate their home. They know and follow the artist. Art Investments.
What makes paintings so valuable?
Size can also be an issue–a painting has to hang on someone’s wall, and one as small as a postage stamp or as big as a blimp is unlikely to be as valuable as one of more accessible scale. Condition can also be important. At the top of the art market, wealthy collectors, top dealers, museums,…
What is the most expensive piece of Art?
Last week, a mysterious rich man paid $104.3 million for a six-foot tall sculpture by Alberto Giacometti , making it the most expensive piece of art ever sold.