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Discussion 5.2: Art for Sale

Discussion 5.2: Art for Sale

Q From the sale of the Juan de Pareja to the MET for a then-record price of $5.5 million in 1970 to the $110 million paid for a painting by Jean-Michel Basquiat in 2017, the amount of money generated by the sale of works of art has been an important part of our narrative in this lesson. Should these things matter? What story do these numbers tell us? Should economics play a role in how we define quality or importance? Are the most expensive objects the greatest objects? If so, the greatest object in the world is a painting attributed to Leonardo da Vinci called the Salvator Mundi that sold for $450 million in 2017—the most expensive work of art ever sold. For more on this sale, read this article: The Invention of the "Salvator Mundi" MORE INFO In addition to the Leonardo, here are the current record holders for the most amount of money spent on works of art: PAINTINGS SCULPTURES Please share your thoughts about the following questions: 1. What factors do you think go into why one object is more valuable than another: The person who made it? Age? Beauty? Rarity? Hype? 2. What role does economics play in how we gauge the importance of musicians. How do things like album sales, streams, or tour earnings affect how our society judges the success of artists? Are the musicians making the most money the BEST musicians?

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I think all of these factors can affect the value of an artwork. In the modern days, we are aware of "brand value" which is similar to the fact that artwork by a famous artist would be more expensive or valuable than a similar artwork by someone who is not famous enough. However, hype also plays a crucial role as in the era of social media; we can see how people promote their works on social media, and if one work manages to go "viral" or hypes enough then its value automatically increases. This helps to create a reputation or brand that acquires a good portion of the overall value of that artwork.