Dec 30, 20229 min read

Why art is expensive? What is the value of art?

Updated: May 18, 2023

Why art is expensive? What is the Value of art?

Recently I was approached by some of my friends who asked me, Why art is expensive? They wanted to know the perspective of artists and how the value of our art evaluate what is the actual reason that people do art investments.

I thought very deeply about this last few days and come to some concrete points in order to explain the reason Why are paintings so expensive?

First of all, Art is much more than what we see through our eyes. It changes its value in perspective to every person to person.

I believe that art makes us free to accept its beauty and flaws at the same time.

“An artist is not paid for his labor but for his vision.”-

— James McNeill Whistler

It seems as though James McNeill Whistler is saying the value found in art is not the work that goes into it but the sharing of a perspective, through a visual medium. This kind of perspective is one that can last forever.

Let's see various reasons why art is expensive.

Being an artist comes with a lot of challenges, emotionally, socially & financially.

“Creativity takes courage.”

— Henri Matisse

To those who rarely create art, it may seem as though the process of creation is easy and comes without any challenges. But, for those of us who know that creating a work of art is rarely simple, this quote by Henri Matisse will likely resonate.

Why art is expensive? What is the value of art?

There are many practical factors, like the high costs of running an art business, and other subjective, like a painting’s historical significance. But in general, paintings tend to be expensive because they are unique items that take a lot of time and craftsmanship to produce.

1. Art is an Investment: art investment

Art is always been an asset for so many centuries and carries a lot of weight a meaning with it. As history is witness that the value of art increase with the increase in time and it is a long-term investment worth a lot of money.

Wealthy people have long understood the value of investing in art and have been doing so for centuries.

Do you want to know how artist make money? Click here to learn about it.

2. What is the value of art? It is difficult to put value on art.

"It’s not what you look at that matters, it’s what you see."

― Henry David Thoreau

It is sure that art is an independent discipline so It is difficult to put a value on art. Because every art is unique, and there is no real way to compare one piece to another. However, there are some key aspects you can consider while evaluating it.

Size of the art piece
Age of art piece
Who is the artist
If it is bought by someone before
etc

As I said before

Art is much more than what we see through our eyes. It changes its value in perspective to every person.

Sometimes the art piece can be worth millions to 1 person and worth nothing at all to another.

If the art piece connects to you, it's valuable for you.

If it isn't, it is simply not for you.

Art needs to be appreciated and admired. never judge art for its price unless you plan to buy a piece of art at a given time. That's not the way you should be looking at art.

The market value of a piece of art keeps changing as the artist gets to experiences & fame.

3. Artist's perception of the art

“Painting is just another way of keeping a diary.”

— Pablo Picasso

Another great artist, Pablo Picasso, linked his paintings to maintaining a diary. The way he describes substituting a paintbrush for a pen demonstrates how similar the branches of the arts can be. It’s not so much about being a painter or a writer; they are two beasts of the same species. We could also guess that creativity of all types essentially draws from the same well of genius.

Artists don't think of money when it comes to their art. it's more a reflection of themselves in the big wide world, money is just a small aspect.

Some artist share their stories, feeling, expressions, emotions, imagination, reality, perspective, and understanding of nature & life through their eyes,

in the form of their art, and the value of art lies in how many people can connect to it.

Art is not about beauty, it never was. It means different things to different people, its strength lies in its uniqueness, raw passion, and the ability to convey those intense emotions. it will be beautiful to some, and it will be stupid to others.

So it depends on whether you can connect to something or not.

“A work of art which did not begin in emotion is not art.”

— Paul Cézanne

Cézanne describes emotion as a necessary element involved in the creation of art. By using the term “art,”, Cézanne broadens the topic beyond just painting, although he was a very famous painter. Instead, he includes all forms of creative genius. If they all draw from the same well, it must be deep water made of intense feelings, as light and dark as the end results.

Artists often live challenging life. It's not easy to sustain yourself being an artist and I learn this harsh truth in the very 1st year of my journey as an artist. Because, again, the value of something will be what people are willing to pay for it at the end of the day.

So, next time you look at a piece of art, make sure you encourage the artist. A tiny thing like that can make a huge difference to that person.

How to pack your artwork, how to present your artwork for sale. why presentation is important for art sales. Is it important you present professionally your artwork for a better sale? Read How to professionally present your art for sale?

4. The Curve of Art Market Supply and Demand: How it Affects Painting Prices: Art Business

The law of supply and demand is one of the most basic principles of economics. It states that when there is more demand for a product than the available supply, its price will increase. The reverse is also true – when there is more supply than demand, the price will go down.

This simple concept has a significant impact on the art world. Why? Because there is a very limited supply of paintings by certain artists, there is often high demand for those paintings. As a result, the prices of these paintings can be extremely high.

So, how do market supply and demand effect painting prices? It all comes down to the simple law of supply and demand – when there is more demand for a piece of art than there is available supply, the price of the painting will go up. And as we’ve seen, this can result in some works selling for tens of millions of dollars.

The reason why some paintings are so expensive is that the artists who painted them are no longer alive anymore. The value of art increases significantly after the artist is dead.

For example, let’s take a look at the work of Vincent van Gogh. Van Gogh is one of the most renowned artists in history, and his paintings are highly sought-after by collectors. However, there are only a limited number of van Gogh paintings. This limited supply, combined with high demand, has resulted in Gogh’s paintings selling for tens of millions of dollars at auction

In contrast, there is a much larger supply of paintings by lesser-known artists. But because there is less demand for these paintings, they typically sell for much less money. This explains why 75% of artists must do something besides art production to make a living, and why 63% of sales in art galleries are mostly by their top three artists.

Because it makes the piece exclusive and more important and preserved by the museum to maintain its value and exclusivity.

5. The expensive cost of Art Exhibition and Art Galleries

If you remember I have mentioned before that There are many practical factors and It is also one of them.

It is not just the value of art that needs to be considered while evaluating art price.

Exhibitions and events are very expensive. If you are considering a well-known place like Jehangir Art Gallery in Mumbai, It will cost you a lot of Money.

So, even if you are someone who appreciates art, you won't be able to afford it.

Art exhibitions, auctions and other events cost money.

It is not cheap to showcase art in front of people and make them aware of its existence. So, it's another factor to be considered and it is eventually the major reason why some art pieces are worth so much.

Here is a list of 10 best art galleries to visit in Mumbai.

6. Art Education & Practising art is expensive.

Paintings can be expensive because of the supplies needed to create them. High-quality canvas, paints, brushes, and other materials can add up quickly.

Another expense when it comes to practising art is space. Since most painters work onsite in a studio, renting or leasing space can be costly. In addition, paintings can take up a lot of space.

Artists often live hard lives. It is very challenging to get by, and local artists find it hard to sell their stuff. The difference is almost heartbreaking.

Either the artist is super rich or absolutely broke.

How they perceive reality, how they see the world that hasn't been so kind to them, and the will to stand up and face it every day is so hard.

Art is liberation and requires so much courage, pain, & sacrifice and struggle. A struggling artist is a warrior within, fighting countless battles in mind and the world alike.

So always be kind and compassionate to one if you meet them.

Sometimes kind words and appreciation are all they need.

All art is unique & beautiful in its own way.

The greatness of art is not to find what is common but what is unique.

-Isaac Bashevis Singer

Sometimes art conveys some story through its beauty or pain through its darkness. Sometimes it expresses its emotion to you to understand. Sometimes it just shows you more about life.

7. Cost of Running an Art Business

Several factors determine art prices, but one of the most important is the cost of running an art business.

Since I started my business I have invested so much money on my website, marketing, art supplies, tech-equipment, studio space, packaging and other business expenses which can add up quickly. I know it is not very cheap to start your own business even if you are a beginner.

Another factor is the cost of online sales. While selling paintings online is more cost-effective than marketing them through a gallery, there is still a need for markup to pay for the exposure that the painting will receive.

As a result, the final price of a painting reflects the cost of the materials used to create it and the costs associated with exhibiting and selling it.

There are ways to save money on artwork, such as buying directly from the artist or looking for sales and discounts. With a bit of research, you can find affordable art that you love.

Here are some best Art Supplies For Beginners.

8. Time and Training

To create a true masterpiece, an artist needs to have a wealth of knowledge and skills at their disposal. Michelangelo took 10 years, Leonardo da Vinci learned in 15, Rembrandt in 6, and Frida Kahlo in 10. And Pablo Picasso spent 8 hours a day painting and drawing from an early age and eventually became one of the most influential painters of the 20th century.

It takes time to become a master painter, and the schooling or professional training required is often costly.

Even if you are a self-taught artist still you need material and some Quality references & sources to educate your own self.

The hefty price tag of a painting is not just a reflection of the canvas and the paint. It also takes into account the years of training and experience that the artist has put into becoming a master of their craft.

9. Length of Time to Create a Piece

Another factor contributing to the high cost of paintings is the length of time it takes to create a single piece.

For example, Michelangelo’s painting on the ceiling of the Sistine Chapel took him 4 years to complete. Leonardo da Vinci’s “Mona Lisa” took him 4 years to paint. And Rembrandt’s “The Night Watch” took him over a year to finish.

When you factor in the cost of materials and the artist’s time, it’s no wonder that paintings can be so expensive!

10. Size and Medium of The Piece

Generally speaking, larger paintings are more expensive than smaller ones because they take up more space and thus require more material and labour to create.

Another factor that can affect the price of a painting is the medium used. For example, oil paintings are typically more expensive than watercolor or acrylic paintings because they take longer to dry and require special materials like turpentine.

In addition, certain painting techniques, like encaustic or pointillism, can also add to the cost of a piece.

How to Stop Perfectionism From Ruining Your Art Career?- Learn Here

11. Scarcity and Artist Notoriety

A painting is a unique object. Once it is sold, it is doubtful that the buyer will ever have the opportunity to purchase another one. This scarcity drives up prices, as buyers are willing to pay a premium for something that they know is rare.

In addition, paintings by well-known artists tend to be more expensive than those by lesser-known names. This is because buyers are willing to pay a premium for works by artists who have established themselves as masters of their craft.

As a result, paintings can be extremely costly, but the price is worth it for many buyers.