Why is Modern Art so Expensive?

Most of the times, the prices of something is determined based on its intrinsic value. However, this concept doesn’t exist much in the world of art. There are multiple factors on the basis of which price of modern paintings are decided. Some of these reasons are mentioned below.

There is no denial to the fact that modern art paintings are considered as a symbol of high prestige and class in our society. There are numerous art fairs and exhibitions that take place every year and going to such events is interpreted as a high-status thing. The riches need something to distinguish them from the rest. This is one of the biggest reasons why they prefer buying art. It helps them in making a strong statement and catching eyeballs. In addition to this, the factor of exclusivity which is attached with art can also not be neglected. Art pieces are unique and exclusive. For instance, a billionaire can purchase multiple mansions and private jets but he can get his hands on limited marvellous pieces of Picasso!

· Artist’s Reputation:
 

If an artist is of a high repute, then his or her paintings would surely sell for a massive price. In the world of art, artists are treated as a brand and just like the famous brands there is no price limits to the works of an artist. Modern art paintings, which are created by established artists, will be sold for ridiculously high prices just for the very reason that a brand name of a renowned artist is attached to them. More than the meaning, content and style of a painting its value depends on how celebrated it creator was.

· Living Artists vs Deceased Artists:
 

The modern art paintings created by deceased artists will be of a higher price than those of living artists. The reason behind this is scarcity. As the artist has taken demise from the material world, his or her absence means that a similar piece of the same artist can never be created again. This is the biggest driving force behind the steep prices of paintings. That is why the artworks of the famous Pablo Picasso are sold for such high prices.

· Emotional Satisfaction:
 

There are a few things which can’t be weighed in terms of money. Emotional satisfaction and pleasure is one of them. Individuals are ready to pay obnoxiously high prices for mesmerising modern art paintings just for the reason that they derive strong emotional connections with them. People pay high amount to acquire those art pieces which appeal strongly to their sentiments.

To summarise it all, there are multiple reasons which affect the prices of modern art paintings. Aforementioned are some of the most important ones.