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A 3 page essay that discusses this question. Art commentator Martine MacDonald describes what bidding at Sotheby's on expensive art works is like and how in May in 2004, a painting by Pablo Picasso, his 1905 work "Garcon a la Pipe" (Boy with a Pipe) sold to a private bidder for the incredible amount of $104 million (MacDonald). This astonishing amount brings up the question of what factors contributed to this astonishingly high figure. Was it Picasso's skill? The answer to this question is "yes," but only to a certain extent, as another factor is the scarcity of an artist's work. Bibliography lists 2 sources.
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3 pages (~225 words per page)
File: D0_khgudart.rtf
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with a Pipe) sold to a private bidder for the incredible amount of $104 million (MacDonald). This astonishing amount brings up the question of what factors contributed to this astonishingly
high figure. Was it Picassos skill? The answer to this question is "yes," but only to a certain extent, as another factor is the scarcity of an artists work. Art
critics, critics and collectors have, for example, lamented that Andy Warhol created "too darn much stuff" (MacDonald). In other words, while some of the perceived value of an art
work is definitely related to the status of a particular artists in the "art pantheon," the value is also related to the perceived availability of works by that artist (MacDonald).
From diamonds to real estate, part of the value is a commodity is related to its availability. The number of diamonds that are available on the market, for example, is
carefully controlled by De Beers. This international diamond company releases only a certain number of diamonds into the market every year, and this strategy serves to keep the price
of diamond jewelry high. As this suggests, art is valued in one sense according to art standards, that is, it is evaluated along the lines of aesthetic value established
by art historians and critics. However, it is also true that a works intrinsic economic value, that is, how much it will sell for, is related to issues of
availability and what people are willing to pay. In other words, the economic factors that are true for any commodity are also rue for art. From this point of view,
that is an economic perspective, the actual aesthetic value of a painting, and its actual creator, whether an Old Master or one of his employees, is secondary to the market
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