According to economists, the price of art, like the price of other commodities, is mostly determined by supply and demand. No one truly needs art when it comes to demand. With so much demand for artwork, it is typically the supply side of the equation that leads to exorbitant pricing for art. If there were no buyers, then artists would not be willing to sell their work for less than they are worth.
The most common explanation for why art prices are so high is the limited number of people who can appreciate it. There are only a small number of people on earth who could possibly buy all of the art that's made, so of course the value of each piece will be high. If this was true, then we should also expect music prices to be high because there are only so many people on earth who could possibly buy all of the music that's made. But according to economist Robert H. Frank, this argument doesn't hold water because music sales are growing even while art sales are shrinking.
Another reason given for why art prices are so high is that collectors tend to be rich people who can afford to spend their money on something they enjoy but cannot necessarily afford to go out every night or travel the world. This argument makes sense until you consider some famous paintings that sold for just a few hundred dollars years ago - Matisse's Dance, Picasso's Bullfight, Modigliani's Man in a Chair.
Scarcity is a major factor. Many of history's greatest famous artists are no longer alive. This brings us to another element that influences the price of art: each piece of art is one-of-a-kind. There can be only one Rembrandt or Van Gogh in existence at any given time. This means that when you buy a painting, you're buying a unique piece of art.
Another reason why being an artist is so expensive is because artists usually work alone and don't have any other way to make money. Most start out doing everything themselves and then eventually hire help. But even when they do this, they still need to pay someone else salaries which reduces what they can spend on materials and transportation.
Being an artist also requires a lot of time. It's not easy to make a living with your art. Most people don't become rich selling paintings. The average artist spends about 50 hours per month on their craft. That's more than lawyers (40), doctors (40), or teachers (35).
Finally, artists often have trouble securing employment. One study found that artists tend to be less likely than others to have jobs. If you want to be an artist and try to make money at it, you should know that this isn't going to be easy.
These are just a handful of the factors that will affect whether or not a piece of artwork sells. Art pricing is critical in the selling of artwork. Popular or in-demand art will be more valuable, but even fine paintings will sell if they are priced and marketed effectively. A painting that no one wants to buy is still worth money if it can be sold for even a small amount. The only thing that can take away from art's value are other people's opinions about its quality. There are many pieces of art that are considered great works of art that have never sold for much at all because nobody wanted them.
Some artists make a lot of money with their work while others do not. Some artists become famous quickly while others do not. All of this depends on how popular or unique their vision is. If someone else has done something similar before them, then they won't be able to charge as much for their work. If there is no demand for their kind of art, then nobody will want to buy it. Even if an artist does not sell their work directly, they can still make money by having their images printed on products that people use every day.
There are many different types of art. Some examples are paintings, drawings, photographs, sculptures, crafts, and interior decorating. Each type of art has its own market forces that influence what will and will not sell.