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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It’s all subjective. When there’s only one, then those who can afford it will decide what it is worth to them. All it takes is one multimillionaire/billionaire to decide what they’re willing to pay to set its value. Typically art is going to be benchmarked against other art to help value it — how does it compare to other works by the same artist, how famous is the work, how attractive/popular is the work, comparisons to artists of similar fame/popularity, size of painting, how many works from that artist are available in total and/or will ever come up for sale (vs. in museum), etc.
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