Why art is expensive?
The “Salvator Mundi” was sold at $450 million / Ph: Pexels
1. The excessive expensive paintings
In May of 2019, a 1986 sculpture by Jeff Koons was sold at the recors price of $9.1 million at Christie’s. Honestly, some people just do not understand what special with a large, silver reflective rabbit that is was set that umaginable price. This rabbit painting was bought by gallerist Robert Mnuchin, a former Goldman Sachs partner, also the father of Treasury Secretary Steve Mnuchin, on behalf of an anonymous client. In September, Sotheby’s Hong Kong sold a pair of painting by a Chinese French painter Zao Wou-Ki for the price of $65.1 million and $11.5 million respectively. In 2017, “Salvator Mundi”, a long-lost painting which was doubtfully to be by Leonardo da Vinci, was sold at Christie for $450 million. This painting set the record of the most expensive art that ever sold. So why is for that price?
2. Why art is expensive?
First and foremost, it should be noticed that the rich hardly buys an art from an anonymous painter. Most of the purchases are through the destination auction such as Sotheby’s or Christie’s. So, obviously, these aunctions must receive some commission for their promoting art. And the price of painting sold at the auction includes the commission, which is very high.
Besides, normally, gallerists often visit art school’s MFA graduate to find fresh young talent to present. And the tuition to purchase the art study at MFAs is not cheap. The 10 most influential MFA programs cost an average of $38,000 per year, which means that an art student need around $100,000 for their degree. Only artists that are outstanding in a graduate show have their work displayed in group shows. Another reason, according to Olav Velthuis, a professor at the University of Amsterdam who studies sociology in the arts, is from the difference in demand. The demand for art is not distributed evenly among all living artists. Many buyers tend to put their attention on a small numbers of artists, creating a chance for them to boost the price up.
Due to several reasons, the price of paintings is droven up, which is a good chance for the development of creativity for artists.
Why art is expensive?
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