Have you ever wondered why certain paintings cost tens or even hundreds of millions of dollars, while others executed with the same masterful technique sell for pennies? Why are some works by famous artists exhibited in the most prestigious galleries in the world, while others are kept in a garage?
The paradoxical pricing policy in the field of fine art has always struck some people and confused them. At first, it seemed there was no place for logic or common sense in such a market, because here everything was subject to the opinion of some self-proclaimed experts. However, it is worth understanding that the world of painting is ruled by brands.
Do recognized masterpieces have anything special about them?
If you ask a random passerby to name at least one painting, most likely he will remember the Mona Lisa. But why? The answer is quite simple: over the years, these works have managed to attract the attention of many art connoisseurs. And the point here is not that their authors used innovative painting techniques, but that at one time these paintings were at the center of scandalous stories.
What role should galleries and auction houses play?
In most cases, up-and-coming artists work with established galleries, which charge commissions on each successful sale. Art dealers reserve the right to adjust the cost of the canvas and try to maintain a certain level of price stability in the art world.
This means that if an artist’s work doesn’t sell well, they would rather stop showing it than reduce the price of the painting itself. Yes, such strict rules are difficult to come to terms with, but in reality, artists simply have no choice.
Auction houses are a secondary market and weaken the control that galleries try to exercise over prices. If, after being sold to a trusted collector, the painting ends up at auction, galleries take part in the auction, trying to preserve its value. In addition, some collectors agree to cooperate with galleries and bargain for certain paintings in order to then receive a discount on other works.
Does owning paintings by famous artists mean status?
Indeed, many paintings by famous authors cost a lot of money, and this is not surprising. Today art:
- status indicator;
- access to a closed world;
- an indicator of your wealth.
This is why many investors are willing to spend millions of dollars to become the owner of a famous classic.
On the other hand, it is paradoxical that paintings are sold for such a lot of money when the artists themselves could be very poor. At this moment, I immediately remember Vincent Van Gogh, who sold practically nothing in his life, but now he is one of the most recognizable artists, and his works have become not just paintings, but a heritage of the era and today is cultivated in many areas of human life.
Conclusion
Art is a very peculiar industry, where there are its own rules and where it is impossible to predict how much this or that item may cost. Naturally, we understand that works by Picasso or Rembrandt will cost a lot, but if we talk about contemporary art, nothing can be predicted here.
