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Why is a work of art worth a huge amount of money?

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hshakir80 | Student, Grade 11 | eNotes Newbie

Posted November 24, 2011 at 12:34 AM via web

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Why is a work of art worth a huge amount of money?

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readerofbooks | College Teacher | (Level 2) Educator Emeritus

Posted November 24, 2011 at 12:55 AM (Answer #1)

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There are many ways in which to answer this question. Let me make a few points.

First, not all works of art are worth a lot of money. Some will never be worth a great amount, even if it is a good piece of work. There are other factors that have a bearing on price.

Second, when it comes to price, there are several factors: skill of artist, public willingness to purchase, and level of rareness.

The skill of the artist does play a role. Some artists are singular in terms of their skills and creativity. People will pay a premium for artists like Vincent van Gogh. He was groundbreaking.

The public willingness to pay for art also hugely impacts price. In a strong economy, people will pay much more and in a down economy, art work will be discounted.

Finally, the most significant factor in the price of art is how rare a piece of work is. Originals will fetch the greatest price, because there is only one. Signed lithographs also are very costly, because there is a limited amount. The less of something, the more the price.

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