is there objective criteria that justifies why valuable art is valuable or is such art just valuable because the art world decides it is?
In: 8
Why would it be objective?
The price of *anything* is based on what people are willing to pay for it, which is always inherently subjective. Nothing that we buy is priced solely on how much it costs to produce. Not your food, not your clothes, not your technology, not your art. It’s all priced subjectively based on perceived value.
For pretty much anything that exists, people will try to charge as much for it as they think they can get away with. If you know that people would be willing to spend millions on a work of art, why sell it for less?
It sells for millions because people like the idea of owning a Picasso or a Van Gogh or whatever else. That’s why even if you could make a copy that was completely indistinguishable from the original to even the most trained eye, it would still be worth less if people knew it was a fake. Rich people like the idea of being able to say that something made by a famous artist hangs in their home and they will pay a lot to get that.
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