There is no denial to the fact that purchasing art can be a costly affair. Artworks can end up costing even more than one’s priciest assets. As a result of the excessively high prices of certain art pieces, most of the people aren’t able to find these prices justified. This is one of the biggest reason why they end up questioning the worth of art works. Certainly, art is an investment and needs to be considered as one.
If you also get amazed after listening to the prices of beautiful modern art paintings, then don’t worry as you aren’t alone. By means of this blog, I will help you in understanding the main reasons behind the colossal prices of different art pieces.
Before we embark on the journey to understanding the hidden secrets behind the sky-rocketing prices of certain artworks, it is important to understand the actual meaning of art. In the most basic terms, art is an expression of creativity and imagination. By using art as a medium, artists have been expressing their deepest feelings and emotions. Certainly, art can say what words can’t and due to this is considered as the strongest means of expression. Within the huge umbrella of art, modern art is comparatively new and is considered as the art of today. Many people are astonished at the high values which are commanded by marvellous modern art paintings. Majority of the people are able to understand the high prices of paintings created by Pablo Picasso and Vincent Van Gogh, but are somehow not able to come in terms with the high worth associated with the creations of lesser known artists.
How does the pricing model of modern art works?
- Supply and Demand:
The fundamental rule of economics has something to contribute towards the excessively high prices of modern art paintings. The prices of paintings created by a deceased artist will be high due to the factor of scarcity. In addition to this, some artists create limited artworks and as a result the prices go up manifolds. Due to the unavailability of something in a greater number, its demand is bound to go up, hence, increasing its price.
- Aesthetic and Emotional Connect:
There is no denial to the fact that the price of a painting is largely dependent on the kinds of emotions being conveyed by it. In this materialistic world, no price tag can be placed on emotional satisfaction and pleasures. This is the biggest reason why people are willing to pay ridiculously high prices for those modern art paintings which they feel connected to. Whether one chooses to buy painting online or from a lavish art gallery, if the artwork is able to establish a strong connection with the viewer, then he or she will most certainly purchase it.
- The Artist’s Repute:
The importance of this factor can’t be emphasized upon enough. The names of extensively known artists turn into a brand and this is the reason why anything and everything created by them is perceived valuable. Say for instance, in a recent auction if the painting created by a particular artist fetched a bomb of money, then most certainly his other creations will be considered worthwhile. So, if you come across modern art paintings created by an artist who holds good reputation, then is rest assured about the skyrocketing prices of his artworks.
- The Status Symbol:
The rich and famous are always thriving to set themselves apart from the rest. In order to achieve this goal, they end up spending huge amounts of money to acquire various items of high status symbol. Modern art paintings are one of them. People consider them as a prestigious item to own which will help them in displaying their worth to others. There is an exclusivity factor associated with art which makes it extremely popular with the riches. One can buy numerous cars and yachts, but there is limited number of Picasso’s creations out there.
Aforementioned are some of the many factors which affect the pricing of art. One can purchase it from a known gallery or can buy painting online, the medium doesn’t matter. So, the next time you here about awe-inspiring modern art paintings being sold for excessively high prices, understand that the price isn’t of the art itself but there are other causes which are contributing their share in that price tag.