LECTURE 22: ART AS VALUE

Question 1

Inherent Value

Answer 1

1. Cannot be determined by numbers
2. includes historic, aesthetic, symbolic, religious and societal contexts

Question 2

Market value

Answer 2

Value determined by galleries and auction houses

Question 3

Factors determining inherent value

Answer 3

1. Context
2. Aesthetic history
3. societal, cultural, symbolic & religious relevance

Question 4

Factors determining market value

Answer 4

1. Size
2. Medium
3. Date
4. Subject Matter
5. Provenance (history or artwork’s ownership & authenticity)
6. Condition
7. Rarity

Question 5

Provenance

Answer 5

History of the artwork’s ownership and authenticity

Question 6

Patron

Answer 6

1. Person or group of people paying for the artwork
2. they are considered the primary force behind the artwork

Question 7

Curator

Answer 7

1. Someone who selects and interprets artwork for exhibition
2. Importance: they are involved in writing history, reading, researching and putting the work out for the public
3. They add value to the artwork.

Question 8

Art World

Answer 8

1. All professional entities working in the field of art.
2. those associated with both elite and institutional art

Question 9

Damien Hirst

Answer 9

1. Challenged the art market
2. sold his work directly at auction instead of art gallery

Question 10

Andreas Gursky

Answer 10

1. Started working in large scale as time went by - higher price

Question 11

Murizio Cattelan

Answer 11

Comedian - 2019

Question 12

Mike Winkelmann

Answer 12

1. aka Beeple
2. Everyday: The First 5000 Days - Feb 2021
3. Posted a picture he made everyday for 12 years straight
4. sold at Christie’s for $65mil.