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If the demand for art were infinite, it's a mathematical fact that the price would also be infinite, regardless of the quantity supplied. In fact the price for
by avn2109 10y ago
If the demand for art were infinite, it's a mathematical fact that the price would also be infinite, regardless of the quantity supplied.
In fact the price for most art is very low, below the cost of materials, or free. This implies that demand for art is very, very finite.
Andy Warhol's whole point was that the art that sells for real money has nothing to do with art. It's a sale of association with social status, and the physical art itself is superfluous.
- fjdlwlv 10y agoThat's incorrect. Price is limited by capacity to pay. If art production gets more efficient, more people can afford to buy it. Demand has multiple dimensions. There is only demand for so much quantity of art, but competition can drive the quality up indefinitely.
- mtdewcmu 10y agoI meant infinite in the sense that there will never come a time when the human race stops making art because there's none left to make.
- boomlinde 10y agoThe relationship between demand, supply and price that you assume to make that conclusion is not a mathematical fact.