Homework Help

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

user profile pic

hshakir80 | Student, Grade 11 | eNotes Newbie

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

dislike 1 like

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

2 Answers | Add Yours

user profile pic

readerofbooks | College Teacher | (Level 2) Educator Emeritus

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

dislike 1 like

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.

user profile pic

arrellbelle | TA , College Sophomore | Valedictorian

Posted July 26, 2014 at 10:44 PM (Answer #2)

dislike 1 like

You've heard of many artworks from famous artists such as Claude Monet, Edvard Munch, Vincent van Gogh, and etc. going for millions to even billions of dollars and people are thinking that they can imitate the same artworks as theirs, so what's so special with them anyways? You must take into account that these are artists with different art styles that caused an uproar during their time frame, negatively or positively, and these are artists that you can never get back again. So this makes their artworks very rare, a collectible, and comes with quite a large price tag.

Join to answer this question

Join a community of thousands of dedicated teachers and students.

Join eNotes