The most expensive paintings in the
world why some people pay so much for them?
When there are art
auctions, public or private, fabulous sums are paid for a work of art. Of
millions or tens of millions years about 25 years ago, now known prices
expressed in hundreds of millions of dollars. Are they worth both these works really?
A work of art has an
intrinsic value that is based on the quality of work, the car, the related
facts, creation time, legends and other own details. Extrinsic value refers to
the market value also considers the intrinsic value, the profit margin set by
the sellers after a marketing job that creates and maximizes expectations,
identifying potential buyers and end sales process .
Usually, the galleries
form a kind of cartel by which set in secret, the transaction values and even appear to act independently, they share inside information
about prospective customers and other details. "Production" (ie,
works of art) gradually take them to market.
In the art market,
supply is fixed and demand is shifted to the right so that equilibrium is
achieved at higher prices. Vendors or dealers have discovered the mechanism for
causing the curve to shift well and equilibrate at very high prices. One is the
identification of buyers who do not want the artwork itself but for other
reasons.
The following chart
shows that genuine interest in the work of art, the artist's work, from the
emotional connotation that entails, is inversely related to the wreck paid. A
normal person can offer an increasingly high price for a good job, but there is
a limit not exceeding. If you can not buy it with the resources available, and
although it does is frustrated, not you get sick of it.
It is also true that the
more valuable or expensive is the work, there is greater enjoyment for
possession and the possibility of contemplation, but also there is a limit of
saturation. Obviously a work of art, painting and sculpture, low price does not
generate as much satisfaction as the work more expensive. In the first case,
can be works of students, early work and testing of a great artist; in the
second case are the work of the senior artist, the artwork can have a legend
behind a series of events that increase the intrinsic value.
People have a need to
constantly increase the level of satisfaction, but everything has a limit.
There is a price at which, and no additional joy is experienced. It's like
wine. You can be the best wine in the world, the most expensive, but after a
certain number of glasses, does not feel it or think about the unique
qualities.
Pc critical last price,
the buyer no longer values the work of art in itself but related to the
transaction as satisfying to have more money than others (economic power) facts,
displace other competitors (personal power), by be the holder of a work coveted by many; it is very foreign to what you
expect from a true art lover reasons.
The following figure
shows the degree of distortion is observed in the assessment of the work of art
in relation to the price. The higher the price, this distortion is increased.
In the first part, before the saturation limit, the share of the demand curve D
shows the normal behavior in which you pay extra to have the ownership of a work
of art that is meaningful to the buyer. The buyer is satisfied by to admire your artwork.
On the demand curve D1,
the distortion is evident in the behavior of the buyer. is not satisfied with
the work of art in itself, but the knowledge of owning property, a valuable
object. The buyer is satisfied for comparing a work of art, no matter who is
not representing. They do not care a painting by Giotto, the Mona Lisa or a
work of Picasso.
On the demand curve D2,
the dominant feeling in the buyer is no longer even the possession of a
valuable object with aesthetic content, but the feeling of raw power, the
euphoria has to have shifted to other competitors, perhaps with some of them it
was in direct competition now and savor his triumph.
D3 demand, the
distortion is high. The move prosaic interests absolutely everybody that
relates to art. Here the pleasure of paying more than all, the possibility of
increasing wealth selling this work to others (speculation) is identified. Other
less healthy intentions as money laundering also covers. It is not uncommon for
many valuable works of art are in the hands of individuals or heads of groups
outside the law.
In any case, it is true
that almost none of them appreciate the intrinsic value of the work that will
be saved in their armored tanks, none of them has the sensitivity to appreciate
the colors, shapes, contrasts or facts about these works. They bought a very
expensive object and keep a time to sell it at a profit.
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