When encountering art, many people may wonder, "What's so good about this?" They may also question the astronomical prices of some works, scratching their heads and wondering, "Why is it so expensive?" Therefore, this time, let's consider together the value of contemporary art from the perspectives of price and the buyer's criteria of value.
The image is of Naoko Shimagami's work, "Because." Scheduled for release in 2024 by a good view.
How is the price determined?
First of all, the value of contemporary art is largely different between the primary market (new market) and the secondary market (used market). In the primary market, it is common for the artist and the gallery to cooperate to determine the price. Here, the artist's past achievements and the relationship of trust with the seller are considered. On the other hand, in the secondary market, especially at auctions, prices fluctuate greatly depending on market demand and supply. The background to the rise in the price of contemporary art is influenced by the artist becoming famous or the rarity of the work increasing. Conversely, if the trends of the times change or the artist's popularity declines, the price may fall. It's pretty easy to understand, isn't it? (laughs)
Does a higher price mean it's more valuable?
In the world of contemporary art, price is often a key indicator of a work's value. As mentioned above, works that fetch high prices at auction are valued based on the artist's reputation, market demand, and the rarity of the piece. However, a high price ultimately reflects the consensus opinion of many people that the work possesses significant value.
For example, works by world-renowned contemporary artists such as Basquiat , Damien Hirst , and Takashi Murakami are often traded at auction for exorbitant prices. Their works are visually impactful and have strong concepts, making them highly sought after by many collectors (including those with investment purposes) and museums. As a result, prices soar, and these inflated prices further reinforce and spread the perception that they are "valuable."
On the other hand, a high price does not necessarily mean that a work of art is "valuable to everyone." Fundamentally, the value of art is subjective, varying according to individual sensibilities, experiences, and cultural backgrounds. While a work may become a hot topic in the market and its price may rise sharply, this doesn't necessarily change the intrinsic value of the work. Similarly, while the price may surge due to a temporary trend or media attention, whether that value is maintained in the long term is a separate issue.
What is true value?
The true value of art is said to lie not only in its price, but also in the message it conveys, its power to evoke emotion, and its cultural influence. Furthermore, art is said to have the power to move people's hearts, stimulate thought, and even change society.
For example, let's say you find an unsigned piece of art in a small gallery that deeply resonates with you. Experiencing that artwork might uplift you or bring you comfort. In this case, even if the artwork isn't expensive, its value to you is incredibly high.
The value of art is multifaceted and cannot be measured solely by price. While I don't deny that a high price can be one indicator of a work's value, I certainly don't believe it's everything. Personally, I think that the most important thing when enjoying art is to cherish your own sensibilities and find value that you truly feel, whether it's an original artwork or not, or a limited edition or not.
