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Not to sound too cynical, but I am wondering how over-pricing can be a problem when the price for a piece of art is however much someone is willing to pay for i

Not to sound too cynical, but I am wondering how over-pricing can be a problem when the price for a piece of art is however much someone is willing to pay for it?

tempguy9999 7y ago
Further, if there is any measurable value to much art other than how much someone pays for it? Which is seemingly driven by hype, not any intrinsic worth such as beauty/utility. For example, anyone going through Gloucester Road tube station in London might wonder if the platform 'art' there does anything noteworthy but hide the brickwork behind.
- yitchelle 7y ago
  >> the platform 'art' there does anything noteworthy but hide the brickwork behind. Too true. I guess the value of the platform "art" might be equivalent to the financial cost of actually fixing the hole, which in this case, could be millions if you factor hiring the hole fixers and the lost of revenue due to closing of the tube station.
  - Cheyana 7y ago
    So the value of art by Jeffrey Koons could be the gainful employment of the people that physically produce it, though their number appears to be dwindling. https://news.artnet.com/art-world/jeff-koons-downsizing-1442788 https://news.artnet.com/art-world/jeff-koons-downsizing-1442...
- oriol 7y ago
  >> Further, if there is any measurable value to much art other than how much someone pays for it? Well, materials cost money, and then there's the time spent producing the work of art. Assuming each artist has her own hourly wage (think minimum wage for a no-name artist), there's your perfectly measurable value of any artwork. https://binnedart.com https://binnedart.com are trying to do something along these lines.
TheOtherHobbes 7y ago
Art has no direct utility value. But there is a definite - if approximate - consensus value based on the reputation and history of an artist and the location of a work in their output. This is often multiplied by speculative hope/greed, which can be manipulated in ways that have nothing to do with any consensus about artistic value or historical interest. Galleries and collectors are not unfamiliar with the art world's equivalent of pump 'n dump. More direct methods may also be used: https://www.cnbc.com/2018/08/16/think-you-can-spot-a-fraud-this-80-million-art-scam-fooled-experts.html https://www.cnbc.com/2018/08/16/think-you-can-spot-a-fraud-t...

Not to sound too cynical, but I am wondering how over-pricing can be a problem when the price for a piece of art is however much someone is willing to pay for it?

tempguy9999 7y ago

Further, if there is any measurable value to much art other than how much someone pays for it? Which is seemingly driven by hype, not any intrinsic worth such as beauty/utility. For example, anyone going through Gloucester Road tube station in London might wonder if the platform 'art' there does anything noteworthy but hide the brickwork behind.

yitchelle 7y ago
>> the platform 'art' there does anything noteworthy but hide the brickwork behind. Too true. I guess the value of the platform "art" might be equivalent to the financial cost of actually fixing the hole, which in this case, could be millions if you factor hiring the hole fixers and the lost of revenue due to closing of the tube station.
- Cheyana 7y ago
  So the value of art by Jeffrey Koons could be the gainful employment of the people that physically produce it, though their number appears to be dwindling. https://news.artnet.com/art-world/jeff-koons-downsizing-1442788 https://news.artnet.com/art-world/jeff-koons-downsizing-1442...
oriol 7y ago
>> Further, if there is any measurable value to much art other than how much someone pays for it? Well, materials cost money, and then there's the time spent producing the work of art. Assuming each artist has her own hourly wage (think minimum wage for a no-name artist), there's your perfectly measurable value of any artwork. https://binnedart.com https://binnedart.com are trying to do something along these lines.

TheOtherHobbes 7y ago

Art has no direct utility value. But there is a definite - if approximate - consensus value based on the reputation and history of an artist and the location of a work in their output. This is often multiplied by speculative hope/greed, which can be manipulated in ways that have nothing to do with any consensus about artistic value or historical interest. Galleries and collectors are not unfamiliar with the art world's equivalent of pump 'n dump. More direct methods may also be used: https://www.cnbc.com/2018/08/16/think-you-can-spot-a-fraud-this-80-million-art-scam-fooled-experts.html https://www.cnbc.com/2018/08/16/think-you-can-spot-a-fraud-t...