What Makes Art Valuable?

What Makes Art Valuable?

2011, Art and Artists  -   35 Comments
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What makes a piece of art worth tens of millions dollars at auction? A number of things, but not always the things you'd think. BBC's The World's Most Expensive Paintings chronicles the world's ten most valuable paintings, by way of journalist Alastair Sooke's guided tour of the collectors, locales, and Christie's and Sotheby's auction houses that link these great pieces of art together.

One of the more intriguing phenomena touched on in the film is the concept of provenance, which is the added value a piece of art has above and beyond what it otherwise would be worth due to the prestige and/or wealth of its previous owners. A painting previously owned by David Rockefeller, an example covered in the lower half of the top ten list, can and does fetch considerably more than a comparable piece without the same ownership track record. Arne Glimcher, a renowned art dealer, states:

The whole thing of art and money is ridiculous. The value of a painting at auction is not necessarily the value of a painting. It is the value of two people bidding against each other, because they really want the painting.

The value of the works covered range from a "lowly" Rothko piece that sold for $72M, to a Picasso that had been whereabouts unknown for fifty years for $106.4M in 2010. Sooke strays from the focal point of the film - art and money - to shed some light on the world where these two things change hands in such mythical fashion. He takes us inside auction rooms at Sotheby's and similar houses and shows us the process that buyers, and more often their well-compensated art buying representatives, go through in acquiring this caliber of artwork.

Christopher Burge, an auctioneer with one of the more impressive resumes in the business, tells many a story and takes us through the auctions from his perspective. Sooke even haphazardly conducts a "small" auction himself, flanked by Burge overseeing it. One of many insider stories from Burge tells of a Picasso that sold in 1990, amidst global financial duress, that somehow defied the fiscal apprehensions that otherwise dried up so many other markets.

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Lex Apollo
Lex Apollo
5 years ago

As an artist I found that very inspiring :)

Dostain
Dostain
6 years ago

We all feel the same, but once a person have millions or billions, he simply forgets why he wished to have that much money.

Mario
Mario
6 years ago

Response to Landi

Warren donated money not to stop poverty. It is for his eugenics program of how to kill off population, population reduction together with bill gates
And they sell it to you that they donated for poor. Just the fact that they are still poor should tell you that money never went to them
These people buying these paintings we do t know if they already donated 100mil to poor and this is his passion to buy something for himself

SARA
SARA
6 years ago

Added comment:
You should read this book, great insight in to the art world + you will find the answer to your question.
High Art Down Home: An Economic Ethnography of a Local Art Market
By Stuart Plattner

Sara

SARA
SARA
6 years ago

Your title is extremely misleading, there is no analysis on art value, what makes a painting sell for millions... you are simply going thru a top ten list. Your doc should have been titled : top ten most expensive paintings. It"s a shame because the question you put forth is interesting, it would be of great value for anyone not privy to the art world to understand why a Picasso was sold for such an astronomilical price . What factors contributes to its value? Actual talent, popularity, previous owners?
in fact, why is a painting with reds and a white line not worth the same as Rofko ,( I dont remember his name ).

Z06forum
Z06forum
6 years ago

Enjoyed some of the comments: funny to see people talk about wealthy people not being helpful for the needy. The same people complaining probably never made an extra sandwich and gave it a homeless person on their way to work every day. Helping people is all relative as are the choices we each can make.
Easier to vent in a hidden forum than to take action yourself and make the world a better place. I believe in helping others no matter how
Much money you have.
The other day I held the door open for this lady who had a baby in her arms and was on the phone. Come to find out she bought her grocerys with foodstamps
And stood there on her new iPhone 7 watching a little old lady bag her grocerys for her. She proceeded to get in her new BMW and drove away.
So I'm hesitant to just help people these days. Entitlements like this make me want to buy something for myself then help that person who needs foodstamps
So she can have a nicer car and the latest cell phone. I'd prefer to help
Someone in another country where possible. So before you judge someone without knowing really who they are or what they are all about just do what
You yourself think is right. Karma will
Take care
Of the rest.

Hello There
Hello There
6 years ago

Judging by the comments of the likes of people like voiceoftruth, there seems to be a resurgence of socialism in the West, as well a perpetual contempt of the wealthy. This is what will lead to it's downfall I'm afraid...

Dave Nelson
Dave Nelson
7 years ago

Pleased to see Jeffrey Archer doing what he does so well. Namely being an utter gutter dwelling nutter.

DustUp
DustUp
7 years ago

One interesting aspect of it all is that the rich art collectors certainly aren't new or unique or avant-garde. They fall into the same thing as their peers.

Is that how they made it? One can guess that some were smart risk takers. After they have grown tired of doing what they were doing before, they still are risk takers and now have chosen another way. For them, going to play games of chance like poker just wouldn't do, not a smart risk, they could walk away with nothing.

One might praise a rich fellow who builds a hospital where it is sorely needed. Yet is that worthy of praise if it inflicts the same kind of torture upon those having cancer as do the typical hospital?

People are so quick to judge. Judgement is not ours sayeth the Lord, it is his. Clearly we are very poor at it ...and it usually harms us far more than those we judge. Let it go or let it be an inspiration to actually do something actually good with your dough. Substance over symbolism. And what of the person who builds the torturing killer pharmaceutical drug pushing center called a hospital? The road to hell is paved with good intentions. Be mindful of the results, not the thought that really doesn't count.

DustUp
DustUp
7 years ago

Picasso certainly proved beauty is in the eye of the beholder.

If an expensive piece goes higher the person who bought it is considered smart. If it doesn't they are considered foolish. Yet the art is the same. Which demonstrates that for the expensive pieces it is not about love of art at all.

I do admire talent. What someone can do. However, I can walk outside and see some truly amazing artwork that is living. Beautiful majestically tall trees, green foliage of many types, nimble deer, numerous fascinating birds, and yes even cats and dogs, as well as people living their lives. Any of these living scenes is worth far more to me than some swirls of paint on a canvass, even if it isn't "rare".

The ridiculous amounts of money involved certainly isn't limited to art. How about sports? What if people chose to have some friendly competition themselves at whatever level. It would likely do them more good than watching the overly paid do it.

Which is more prestigious, owning an expensive painting or an expensive sports team? That also is in the eye of the beholder but at least the sports team has a number of jobs added to the workforce, including the people who sell food and sweep the floor.

What makes Christie's and Sotheby's, etc. worth 10s of millions for the sale of one expensive lot, more so that the auctioneer who sells used farm and construction equipment? Isn't that just as obscene?

It just shows to go you that many of the rich have it bass ackwards and aren't all that bright or enlightened. The Bible, a great descriptive of psychology and the foibles of mankind, outlined such things a few years ago. Human nature isn't likely to improve overnight. Getting sick and repulsed or resentful about it certainly won't improve anything at all. It is just taking a less expensive ego trip telling yourself that you wouldn't do such a thing, you would do better. By default you are telling yourself and now others that you are better. Is your ego trip better or worse than the rich art collector?

Kathryn
Kathryn
7 years ago

Many artists spend a lifetime of countless hours in solitude working, giving up sleepless nights creating - some almost obsessively. Few have earned the riches spent on their works in the secondary art market - Sotheby's, etc.' Their connection the world and other people comes from sharing their works via sales and exhibitions. Some artists even die broke.
To possess a work of art and hide it away like a toy in it's original box to protect the investment, does a disservice to the artist's intent. Billionaires investing in art for ego or profit instead of love for the work is disheartening. It's rarity makes it "dealable" more than most other objects, goods, or services. Regarding the comment of rather having a pussy cat, make the cat rare in some way, owned by someone important, and the eventual bones of the cat would have value. Let's not confuse the artworks with the financial ego game that's going on.

Nando
Nando
7 years ago

More money than sense - we all love good things and yes we should appreciate and value art, but I believe there is a limit and here is an example how the world is so unbalanced (life extremes?)

Lucky Luke
Lucky Luke
8 years ago

The arrogance of certain people in this doc. is just mind blowing.

Landi
Landi
8 years ago

Whats with all the hate? I am not wealthy so my comment isn't biased. first of all allot of super rich people have sacrificed early childhood enjoyment, countless sleepless days, enormous stress and have endured tremendous risk to get to where they are. And now that they have their reward in the form of wealth they should share it with the world? share it with the poor who chose a life of laziness and decided to have 10 children in a third world country (there are exceptions). people like Warren buffet have donated vast amounts of money 40+ billions and i didn't see poverty decline. No amount of money will save some people in some countries with more money they will enjoy having more kids and spend it irresponsibly. if these people want to seek fulfillment in owning something someone of great importance once owned then be it. who are you to say how one choses to make himself feel happy.

maree
maree
8 years ago

Never mind spellcheck,we need grammar check.This was an informative documentary.I now know why these pictures sell for insane amounts.The rich really are clueless.But it's their money and sanity,so good luck to them.

Steve nelson
Steve nelson
8 years ago

Have not seen this yet but leave you with a quote: "Art is like a shipwreck, it's every man for himself." Marcel Duchamp

DeLanceyArt
DeLanceyArt
8 years ago

Are any of you artists that commented here?
Most, and I mean most, collectors are donating to charities/ social assistance programs etc...in ways many people can't even imagine. The idea that the readers should suggest what someone else should do with their money is what's ridiculous.
I create my pieces of art to make people happy or intrigued, any feeling or connection if you will is good. The money is only important for survival, the message is so much more important. Perspective. It's not just about art.

roo
roo
8 years ago

what is value measured in? is there a number saying that weight of art is 1.5 kilos does it measure in how long time was spent to find out how much you can earn and compare it to our minimum per hour rate or how much of that expensive/cheap paint was wasted to make what? art is art for all too see when you put a value on it, it is no longer art.

freak_girl
freak_girl
8 years ago

Lol at the grubby hands thing

Cain
Cain
8 years ago

When that pretentious convict Archer told me to take my grubby little hands off his beautiful wall, I would have saved him some time at the dentist by removing a few of his teeth myself. What a petty, insignificant man.

Mox
Mox
9 years ago

I wait for a day when a baron buys a painting for 200 million dollars then uses it as a door mat for his toilet. That is the value of art when it becomes "investment" in the hand of the filthy rich.

The Duchess of Malfi
The Duchess of Malfi
9 years ago

Not gonna lie, the Massacre of the innocents made me tear up a bit.

Ximena Apisdorf
Ximena Apisdorf
9 years ago

I really enjoy it, as it is a very quick view but significative to try to understand it is not only about art

Morthund
Morthund
9 years ago

Almost pissed myself laughing at the 38 minute joke at the art collecters 'ahem' expense.

MofromRo
MofromRo
9 years ago

I'd rather have a pussy cat. One of creation's most beautiful and fascinating creatures and true works of art. Then I'd spend my billions uplifting people from poverty and stupidity.

ginarnold
ginarnold
9 years ago

The telling tale for me was, the painting being owned by a Rockefeller made it more valuable. The phoniness in the art world is what turns a lot of people off art, which is sad, as art should be the history of the culture at that time. This absurd painting says it all-----"what culture"?

John Doherty
John Doherty
9 years ago

It must be about one-up-man-ship; that A is willing to spend profligate amounts more than B or C is willing to match.
(Coincidently, how petty did Mr. Archer "portray" himself with his grubby remark, inter alia. Tasteless.)

voiceoftruth
voiceoftruth
9 years ago

1% of the people control 99% of the wealth. How could you ignore the needed to such an extent that you would spend 100 million on a painting and not spend that 100 million trying to save starving/sick/orphaned/destitute children?! I resent these people.. being in a position to help but instead buying a painting to put on a wall - sick.