What Makes Modern Art so Expensive?

Art and its price, these are two things which have been intriguing people for quite some time now. The prices of exquisite paintings seem justified to few people who hold certain level of expertise. For the general public, like you and me, the prices of art pieces can be inexplicable. Majority of people always keep on wondering about the reasons which make art pieces amount to such high prices and because people don’t have a thorough understanding about the factors which contribute to the exuberant prices of artworks. Whether you are looking forward to options where you can find modern art for sale or you are just curious to understand what makes modern art so expensive, we have an answer to each question of yours.

Back to Basics:
Before we go any further in discussing the reasons contributing to the skyrocketing prices of modern art, it is crucial to understand what exactly art is. In the simplest terms, art is an expression, either self or otherwise, of imagination and creativity. Anything and everything can comprise in the definition of art and it, in no way, is restricted to paintings and sculptures. If we come to modern art then it is beautiful pearl in the ocean of art. It is something which made an entry in the world of art recently. The main objective which gave birth to modern art was to view the world with an entire new and fresh perspective. Modern art was an attempt to break free from the fetters of traditions and other established practices.

Determining Prices:
there is no denial to the fact that this art form commands surprisingly high prices, especially if it is created by masters like Pablo Picasso. If you are interested in buying paintings belonging to this genre and are searching for modern art for sale then the following reasons— which explain the way pricing of this art works— might interest you.

  • Law of demand and supply:
    Somethings are laws of the universe which work the same across all the facets. One such rule is that of demand and supply. Anything which is scarce in number would have a higher demand which, in turn, would lead to steep prices. The world of art is also influenced by this law. If there is a limited edition modern art for sale then it is quite possible that it would be having an extremely high price tag attached to it. In certain cases, when the artist is deceased, the prices of his or her creations increase manifolds as a shortage is generated. Same is the case with those artists who create limited and exclusive pieces of art. Thus, the law of supply and demand is a critical determinant of commanding higher prices.
  • Social status:
    There is no denial to the fact that people relate exquisite art pieces with their social status. All around the world there are so many auctions, art fairs, galleries, etc. which are putting up modern art for sale and people are going and buying them as a matter of prestige. We humans have a basic need to gain a reputable stature in the eyes of society and wish to be perceived in a certain respected way. Artworks because of their exclusivity factor are considered prestigious thus, they are seen as a status symbol.
  • Brand:
    When an individual is looking for modern art for sale then brand becomes a major concern. People are crazy for creations of Henri Matisse because he is perceived to be a valuable and reputed brand in the art world. An artwork of any famous artist is considered as a status symbol and it is evident of the voluminous persona of its buyer. Just like other items, branding has the power to overpower the artistic, emotional and aesthetic appeal of any art piece. Just like a Rolls Royce or any other precious commodity, people are willing to pay sky-rocketing prices for the brand factor, regardless of the fact whether they are contented with the object itself or not.

Aforementioned factors are some of the many factors which are influencing the price of any modern art piece. So next time when you are looking for a fascinating modern art for sale and come across a painting with an extremely high price, you’ll be able to remember that the price is a result of multiple attributes apart from the art itself.

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Author: caroline.johan

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