What goes into the determination of art value? What differenciates an skilled amateur price from say something from Picasso – assuming the viewer doesn’t know the artist
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Rich person goes to an appraiser and pays them to say it’s worth $1 million. Rich person then gives it to a hospital or something and writes off $1 million worth of taxes.
That’s how stated values are made. But it’s not the thing’s value. That’s just the price-tag for accounting and tax-dodging purposes. The value is always whatever someone is willing to pay and what the seller is willing to take.
The basis of that is mostly rich people trying to show up their friends with how much they can spend. This is actual money changing hands, but it’s usually never to the actual artist.
The utility of art is always zero. If it’s something like… a piece of marketing advertisement, or a game asset, or such, then it’s not really art.
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