who determines how much is a painting worth?
In: Other
Appraisers basically. And how do appraisers determine the price? On some level it’s based on some fundamental data like what price has the piece commanded thus far if it’s been sold a few times already and we know the numbers. What prices do the artist’s other paintings sell for? How rare is the painting? And then it goes to auction and the final price is significantly higher than the floor price, and that sets the floor price pretty much for the next time it is sold.
The reality though is that it’s arbitrary and often the prices are inflated on purpose.
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