Deciphering the Extreme Worth of Artworks

Deciphering the Extreme Worth of Artworks

Do you have a talent for drawing and design? Perhaps, you are planning to use it as a career in architecture. In such a case, then you would definitely need to invest in the best laptop for architecture students. However, if you just love drawing as a hobby or side hustle, that still works.

The Reality

But have you ever thought of the paintings that sell for big sum of money at art auctions? Do you wonder why they’re extremely valuable and what’s about with some artists that make their work worth millions of dollars such as:

  • Monet
  • Picasso
  • Da Vinci
  • O’Keeffe

A lot of economists will be telling you that the cost of art is almost equivalent to the cost of commodities. It is based largely on the law of supply and demand. With regards to demand, no one actually needs these artworks. On the other hand, there are lots of people who are still after these beautiful pieces.

Impact of Supply and Demand to Pricing

With a huge demand for artwork, it’s the supply part of the equation that normally results to sometimes ridiculous prices for artworks. Scarcity plays a significant role in the process. Most of the famous artists in our history are no longer around. Monet and Picasso are not alive to paint more works. This makes their surviving pieces to be extremely valuable in the art market.

In this case, you may be asking about the living artists. There are thousands of current pieces that living artists made and in circulation of the market that are still high in price. What drove its price to its current value?

Still, supply and demand have a part in this. Demand is there and even though the artists are still alive, there is only a finite number of artworks they can produce. Normally, it takes a lot of time and effort to make a fine and beautiful artwork.

The Uniqueness of Every Piece

Another element that is affecting the cost of every artwork is its uniqueness. Even if the artist is still alive, it is very unlikely that they can or will create several copies of their work. In such an extent, the price for a particular piece becomes so high!