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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Just like with company stocks, real estate, infrastructure building contracts or tulip bulbs, if you want to find the true value you put the item up for auction.
The form of the auction is largely irrelevant, the point is that you get several buyers to simultaneously tell you what the item is worth to them. Conveniently they factor in what they believe the item is worth to each other as well.
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