Art, as we know it seems to be a distant purchase especially if you are working on a monthly salary to make ends meet. In today’s world, it feels as if people who by art are either tycoons or millionaires because good or valuable art goes into the millions? So, have you ever wondered why is art so expensive?
The most expensive art work ever sold presently is the $119.9million paid for Edvard Munch’s The Scream. And then, there is this piece, Le Reve by Picasso which if not for the puncture would be worth about almost $140million. But Steve Wynn, the Las Vegas casino owner accidentally punctured the painting through his elbow, and it became worthless. But then, he sent it for repair and then it was sold for $150 million breaching all records.
In Malaysia, art is seen as a luxury. It appeals to ‘collectors’ who are either renowned architects, millionaires and surgeons. They are the people you will see at openings and responsible for the ‘red dots’ on the labels.
Art is expensive because it is LIMITED. Billionaires can buy yachts, sports cars, buildings and businesses, but they can only buy ONE Picasso painting. Spending millions is easy, spending it on something that they cannot get is not.
Art is expensive because it has VALUE. You can see art as an appreciating asset. If you have billions in your bank, the currency will drop if there is a disaster or a market crash. But if you keep several Warhol paintings in your collection, you can bring it all around the world, and the price is constantly appreciating.
Art is expensive because it is EXCLUSIVE. This is almost the same situation across the world. You are invited to an art opening because you are SOMEONE. It is either you have money or you know the gallery or the artist whose work is on show.
Art is expensive because it is GLAMOROUS. It is the lifestyle of the rich and famous as well as the socialites. Everyone can be at these places, but not everyone can rub shoulders with the crème de la crème of the market.