Why do art pieces go for millions?

Why do art pieces go for millions?
Recently a lot of art work have been going for millions and millions of dollars. I'm not 100% sure but I think the most expensive piece of art was sold for around $106 million which is just outstanding. I mean, yes there are some absolutely amazing pieces of artwork there but is it really worth millions and millions when that money could be much better spent on other things to enjoy? I would like to know what actually makes these modern pieces of art worth so much? I understand if a Picasso goes for millions but some of these modern artworks are nothing special and haven't been produced by anyone particularly famous either.

Comments

Marvadaum
I guess taste is subjective. Personally, i wouldn't spend that much money on art even if I had it. Many people like to boast about their lifestyles as well which in my opinion is a big waste of time since material things will not follow you in the after life. In reality, everyone is looking for something to fill their ego with. Whether it's expensive paintings or expensive cars maybe beautiful women they all need to feel proud of something. Hard to find some unattached to that logic.
Posted by Marvadaum on 07-22-2017
freebird37
I have often wondered about that myself. Yes, some art is spectacular, but when it's more expensive than a home, I think it's nonsense. It's a rich man's thing. My take on it is that some people just like the fact that they can afford something that costs that much. There's no rhyme or reason to it. I am a simple person, I can see spending a few hundred dollars but absolutely no more. I can take a million dollars and feed and house a lot of needy people. People are more important than art or anything else. I think the same way when I think of the athletes, movie stars, etc...
Posted by freebird37 on 07-22-2017
Xilkozuf
I'm not a fan of modern art either (have you watched Intouchables? There's a pretty good scene about this. Anyway if we are talking about old classic art, be it Picasso or Giotto, then I can see why they cost a lot. They survived the test of time, they are work of genius with a lot of meaning that no one is able to replicate - there might be copies, but they always miss something. I can see them actually cost millions. But modern art it's just... I don't know, I like weird things but I can't understand their prices.
Posted by Xilkozuf on 07-22-2017
WildSpirit
This question to me remains one of the great enigmas of the world (and no, this is not an exaggeration... haha). One day I still really want to know how the value of an art is defined, what are the relevant criteria for it. So far, everything is very subjective to me.
Posted by WildSpirit on 07-22-2017
Deathisue
Art is something that will always be pleasant for some and horrible for others, no piece of art is the same and none will ever be, unless they are falsified so clear, the value of a piece of art will never be evaluated by whoever does it If not by who buy it for that reason the prices so crazy by some paintings.
Posted by Deathisue on 07-22-2017
reginafalange
This is something that I always wondered. How can a piece of art cost even millions of dollars. What is the factor that set that price. I think I would never pay so much money for something like that even if I had it. I think there are better things to invest your money than buying art, I might sound like an ignorant but it's just my opinion.
Posted by reginafalange on 07-22-2017
peachpurple
To most rich people, art is an expensive collection where the rich could show off to friends, clients or foes. Some people love art painting as a passion while others regard them as an investment to earn profits.

Only the commoners could enjoy browsing at art paintings in art galleries. Of course some art painting would cost millions due to the bidders competition. However, I would never waste my money on arts.
Posted by peachpurple on 07-22-2017
giovanniiiii
I know original art pieces made by famous artists back then would costs millions and I know why those costs so much but for new art pieces to cost like that though seems a little absurd. I don't disagree on people buying those art pieces though especially if collecting is their passion anyway. I think the value of such items increase through time and this is why art pieces from a different age is just very expensive.
Posted by giovanniiiii on 07-22-2017
Neiltarquin
I guess the reason why artwork are expensive is because of it's uniqueness. Some may have the ability of copying a Mona Lisa but no one can duplicate the orginal brush strokes of Leonardo Da Vinci. Another reason why artwork are expensive is if the artist is famous. All sought after artisans would ask for a fat paycheck for their creations because their reputation can do it for them. Last thingbI know and I sure that if an artist died, all of his piece will skyrocket on sales and price.
Posted by Neiltarquin on 07-23-2017
simplym
I do not understand why some pieces are expensive or how pricing for artwork are justified either. Or how does one become famous? No idea. I do support local painters and buy some pieces but they're not expensive. I do like the fact it's handmade and will never be reproduced though.
Posted by simplym on 07-23-2017
Joteque
According to the governing laws that drive economic forces, in the art business this is no difference irrespective of the enormous price markups. The art business is driven by a strong demand for expensive pieces of artwork requested by some of the worlds richest individuals. Apparently it's like a sport and a show of prestige among the worlds richest and this has evolved an entire though very unique and lucrative market all on it's own. According to art economist Dr. Clare McAndrew the market has seen a massive growth in size over the last 25 years. About 27.2 Billion dollars worth of art was sold through dealers and auction houses in 1990. By 2012, the market was still piercing at 56Billion dollars! According to Forbes magazine, there are about 1426 billionaires spread out throughout the world. Art collection has become a highly competitive sport among the wealthy. A single piece of artwork, like Picasso's painting Le Rêve(The Dream) was sold in a private auction for 150million dollars which set a new record for Picasso and also being the highest price any American collector has ever paid for artwork. The art market seems to be spiraling upwards while economic forecast outside of this fashion paints a different picture!
Posted by Joteque on 07-23-2017
rage35
I am also wondering why such paintings cost a million while others are not? There are really those wonderful artworks but I will not pay for the price of a million. It's too expensive and you just going to display it at home. There's more you can do with that money and it's a waste of time buying such.
Posted by rage35 on 07-23-2017
Mehano
I wonder the same thing. I understand that art can have special meaning to people but still... To pay millions for a painting is absolutely ridiculous to me. If I had that amount of money I would rather give it to people in need and not for an item that will hang on my wall.

If I am completely honest, it is probably a hobby of people that have too much extra money and don't know where to spend it. So, they start buying paintings and collecting them to show off their wealth :)
Posted by Mehano on 07-23-2017
Corzhens
To be honest, I am also baffled why some art pieces are being put into auction with millions of dollars as beginning bid. Come to think of it, an artwork like a painting is just for the visual value. Unlike a beauty pageant where the winner is based not only on beauty but also of brains, the artwork is for visuals only. However, the monetary value of an artwork is also based on the painter. That may be the reason why some new painters would quip that their artworks will be popular someday when they die.
Posted by Corzhens on 07-23-2017
Jameson
I think the reason why art is expensive because it is a form of human expression.A work of art can tell stories and each one is unique in it's own way.
Posted by Jameson on 07-23-2017
rose thornes
I want to be a painter and sell my paintings in million of dollars too. Easy money. Lol. Kidding. I know painting depict emotions, life and some meaning we dont understand but the artists do. An abstract painting look like a kid paint it but there is someone who is captivated by its beauty and willing to pay how much it cost. Its the story and meaning behind that painting, that make it expensive. The perfection of brush stroke making it flawless.
Posted by rose thornes on 07-23-2017
overcast
I think lot of what about art comes down to emotions. What type of emotions are being told here? And what we can see out of it? That's the point one has to look for. It'd not be easy in such case to understand why art gets sold for more. I have seen some people spending millions in art. And that's because repetition of such art is not even possible. So one has to look for what is and isn't possible with that.
Posted by overcast on 07-23-2017
JaiGuru
Art is a commodity that caters primarily to the well-to-do. The lower and middle classes have to focus their resources more on necessities so artists format their marketing, branding, and display floors to a wealthy demographic. Attracting this demographic means they are free to set very high minimums on their product. This is a tradition as old as art itself. You can learn more by researching the term "patrons of the arts" to see the historical context of how it has been marketed and sold throughout the years.
Posted by JaiGuru on 07-23-2017
Sue
I have often wondered that same thing. Sometimes it blows me away to see what these paintings fetch at auction. Sometimes it will be an unknown artist yet it will still sell for outrageous amounts of money. There are others that you think will do well yet they don't sell for even near as much. Art is a mysterious thing. Each piece has a story to tell and I guess how well that story comes across determines the value of the piece.
Posted by Sue on 07-23-2017
lilac123
I guess it's the same as why people will spend thousands of dollars on designer fashion items or tens of millions of dollars on purchasing and renovating a huge house when they cannot even use up that much space. Some might see it as an investment. Some might just want to show off their wealth and show that they have refined taste to their friends and family. Some people might enjoy art and feel moved after seeing a piece, to the point where they are willing to spend so much money on it. Personally, if I had so much money to spend, I probably wouldn't be spending it on art but to each their own.
Posted by lilac123 on 07-24-2017
Denis_P
You know I've thought about this for a while. Why would, what is in my opinion, an aesthetically unappealing piece of junk sell for the kind of money I won't even see in five lifetimes? I understand fine works such as that of renaissance painters or even the work of such painters as Dali, Van Gogh, and Picasso.

But a blue square on blank paper that sells for millions? I have an explanation. It's the same reason that fashion designers can sell plain white shirts for hundreds of dollars. It's all about having something with the artists brand stamped onto it. It's all in the name, and nothing more.
Posted by Denis_P on 07-24-2017
cmoneyspinner
I suspect there are two things that drive the price of a piece of art up, up, up! Death and popularity. The longer the artist has been dead, probably the higher the price. After all, he or she won't be doing any more art work. OR If the artist is super popular like Andy Warhol? Then everybody wants to say they own one the original works by this artist. Then after that popular artists dies, the owner can sell it at auction for a mint! :)
Posted by cmoneyspinner on 07-24-2017
kgord
Sometimes artists get reputations by people holding on to their collections. It is something that people enjoy, and talk to their friends about. It is word of mouth popularity, technique and style that make artists popular and people willing to pay big bucks to hold their work.
Posted by kgord on 07-24-2017
hermessantos
Each product has the price that people give it. Works of art are expensive because there are people capable of paying millions for them. If today or tomorrow starts charging high prices for vegetables, for example, and there are people able to buy them even if they are expensive, then they will simply become expensive forever, just like the works of art.
Posted by hermessantos on 07-24-2017
Jonathan Solomon
Well, I think to begin, we first must go back to the basic principle of perspective. Remember, what's worthless to one person, could be priceless to the next guy. Art is a prime example of this because not everyone sees each piece the same way. From quality, nor price. We all value things like art differently. The second reason would probably be who actually painted it and what role/impact they made as an artist. As well as what time period the piece was painted in. I guess what I'm saying is, a couple of factors come into play when determining the monetary value of an art piece. Though I do agree with you that the price tag on some of them are outrageous!
Posted by Jonathan Solomon on 07-25-2017
Anonymous
Paintings are products of passion and ingenuity. I think no one should replicate an artwork because it also means plagiarism. Each stroke made for each piece is the artist's own description of passion, dedication and talent. That's what makes it priceless. Materials for each artwork is also expensive the finished artworks can be kept for years, decades and hundred years. The longer the artwork is preserved, the more expensive it is. Another reason to make it to million price is its relevance and significance in the history. Just like the paintings of Vincent Van Gogh during war. Visionary Arts is more than words to describe the situation during a time or season.
Posted by Anonymous on 07-25-2017
VintageRose
I think that, at some point, art became a status symbol.

You see, there are artists that are AMAZING at what they do and they have a signature style, but there's only so many works of art one person can make in a lifetime. This limited number of pieces of art by a given artist make them exclusive, and thousands of people want it. Due to how economics work, if lots of people want a single thing, this thing's price rises up to ridiculous levels, because the offer is lower than the demand.

Because of this, art became a status symbol that only a few can afford, and people willingly spend millions on it.
Posted by VintageRose on 07-26-2017
wallet
This is stupidity, I know I'm not an art lover but spending millions of dollars on a painting is hilarious. The people who spend so much money on a painting are bored and tired of living, they don't find anything interesting in life than a paint ( usually these paintings are really ugly). They could spend that money in a more useful way, they can help the poor people or the sick children (there are sick kids that have cancer and need special treatment but they cannot afford it), are orphanages or old people's homes. And these are only some good ways in which they can spend their money but I'm sure there are other ways!
Posted by wallet on 08-02-2017
Craap
Being an artist myself I consider we should keep in mind the time involved, effort, the quality of the concept itself, which we all know can be pretty subjective, but based on specific factors (In paintings goes by the type of paint used, brushes, techniques...) we can estimate a price. The value the artist and the buyer itself gives to the painting is what REALLY sets the price, though. Something can be very valuable for me, and not for others, and so on. I would definitely buy a 1 million dollar painting if I had the money. Sorry, I'm kind of an art freak :p
Posted by Craap on 08-05-2017
this_free_spirit
While I enjoy anything creative and artistic in general, I have never really been able to understand modern art... or the amount of money some of it sells for. I personally like Renaissance work much more, but I realize everyone has their own tastes. I know each artist has their own perspective and amount of time they put into a piece. Some paintings may take months to complete to the artists desire. In the end, it's the person who wants the art piece that really puts a value on it... how much is the art worth to them.
Posted by this_free_spirit on 08-07-2017
vinaya
That's because there is ony one piece of that art from that artist. For example, There is only one Monalisa, only one Last Supper. You cannot find another copy of Monalisa from Da Vinci. Amnother factor determining the value of art is how much the buyer is willing to pay. There is no exact list price for the art piece. You want to buy a certain art for 1K then another person also likes the same art and he pays 2K. Now the price of the art is 2K until someone is paying 3K.
Posted by vinaya on 08-08-2017
joey98
there is this joke running in the artistic community, that if you want a painting to be sold for millions, wait till the artist is dead, this shows that they buy the artist, not the painting. Those modern artists are not famous yet, but there are some experts who have been dealing in the art for so many years that they know the future value of an artist, before the public even knows about his existence.
Posted by joey98 on 08-28-2017
Wubwub
I've heard or read in some places that there might be a bit of money laundering involved in some of these transactions and I can certainly see why that can be the case as it does seem logical. However, I think for the most part it just is a status symbol for those that can afford them because a lot of rich people probably do like to show off their collection when someone visits their house. Also, I think there is also some element of investment in it as a lot of art just increases in value over time so it's a worthwhile expense for people.
Posted by Wubwub on 12-18-2017
lovely
I ask this question as well because it perplexed me some time why a piece of artwork would always be that expensive and funny enough people still buy them.Well, I think it a thing for the rich and maybe because it adds beauty and splendor to a home and there's money to get one.
Posted by lovely on 01-08-2018
mar06
We don't just judge those arts that we mean that just only simple things. But we don't know that it can cost of about many of millions. Depends upon art how beautiful it is.
Posted by mar06 on 01-22-2018