Explanation:
There are all sorts of ways to value the arts. Anything that is rare or unique has some monetary value, and art is no exception. In a world where people collect old matchbooks, souvenir spoons, toy trains, teddy bears and other items, is it any wonder that artworks also have value as collectibles.
Yes, art has aesthetic, educational, historic and cultural values. That doesn’t preclude it from also being worth money. The value of any given piece will be determined by the market, which is in turn determined by what is in style, what is rare and beautiful, what is desired for the novelty of the piece, and what people think the piece will be worth ten or twenty years from now. Some artists are more in demand than others. Some of these are actually great artists. Some of them are not, but have other qualities hat make their work desirable. No artwork has some sort of absolute value. But then, neither does anything else.
With the exception of long term investments, this is no different than the market for, well…eggs. If all the chickens in theUs came down with a condition that caused them to lay half as many eggs, the price of eggs would go up. Free range eggs, even those that are only labeled free range without actually having that particular property,cost twice as much in the local market as regular eggs. Why? Because they are seen as being desirable. Stores charge what people are wiling to pay. That’s how capitalism works.
Eggs, art, fancy automobiles, collectible thimbles. It’s all the same. Whatever the market will bear.
