Modern art, a term that encompasses an array of contemporary art, is often perceived as being overpriced. Whether it’s a painting, sculpture, or installation, there are numerous factors that go into why modern art is so expensive.
The most obvious reason why modern art is so pricey is due to its rarity. Each piece of modern art is unique and can only be produced by the artist.
This makes it an exclusive item and therefore increases its value. The artist’s reputation also plays a role in determining the price of their work; if they have achieved international fame or critical acclaim, then their work will be more expensive than lesser-known artists.
The cost of materials used to create the artwork also significantly contributes to its hefty price tag. For example, if the artwork requires exotic materials or rare resources, then it will naturally cost more than if it was made from cheaper materials such as paper or cardboard. Additionally, if the artwork takes a long time to create or requires complex construction techniques and tools, then this will further inflate its price.
Finally, the gallery where the artwork is exhibited plays an important role in determining its final cost. Most galleries take a commission on sales of artwork in order to cover their expenses such as rent, electricity and staff salaries. This commission can range from 15-50%, meaning that even if an artist prices their work relatively low they may still be subject to high markups when it comes to selling at galleries.
Conclusion: Modern art is typically seen as being overpriced due to its rarity, the reputation of the artist who created it and also because of factors such as the cost of materials used and gallery commissions taken on sales of artwork. It’s clear that there are many reasons why modern art tends to be so expensive but ultimately each piece provides a unique experience that cannot be replicated elsewhere – making them worth every penny for those willing to pay for them!