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  • How do you put a dollar value on a piece of art like this?

  • Or this?

  • Or this?

  • It's a billion-dollar question.

  • Well, more than that actually.

  • It's estimated around $50 billion in art was sold worldwide last year.

  • Compared to stocks or commodities it's hard to measure how much art is worth.

  • Why?

  • For many the value of art lies in the eye of the beholder.

  • Meaning one piece of art could be worth a lot to one person and nothing to someone else.

  • You can get a sense of the ranging valuations of art in just one gallery.

  • From one piece costing in the thousands of dollars.

  • All the way to a Picasso in the millions.

  • What makes a Picasso worth millions?

  • One reason is simple economics: supply and demand.

  • Wealthy art buyers, whether they're Picasso enthusiasts or investors looking for a place to store their money,

  • all want to get their hands on a Picasso. But there are only so many Picassos left in the world.

  • The supply shortage drives up prices as buyers outbid each other.

  • So sales in the high-end art market come from a select group of in-demand artists

  • whose work, like Picasso's, is considered scarce.

  • The most expensive pieces of art sold across sectors last year were from artists who are no longer alive.

  • Even in contemporary art, 25 artists accounted for nearly half

  • of public art auction sales in the first six months of 2017.

  • Put another way, the art market is like the professional golf market.

  • A handful of professional golfers make a lot of money, millions of dollars, when they win.

  • But there are many more golfers in the field who earn just a fraction of those winnings.

  • The price for a piece of art isn't just about the artist's reputation.

  • There are other factors at play, like the art's size and genre, its condition,

  • the prices of similar pieces and where the work has been exhibited.

  • Art Fairs, like Frieze here in London, are an important venue for new buyers and they're likely to stay that way.

  • Sales at art fairs hit an estimated $13 billion in 2016, an increase of 57% since 2010.

  • But half of art dealers in one survey

  • said the costs associated with exhibiting at art fairs are a top business concern.

  • This piece sold for around $20,000 and that's considered a good value.

  • Even new buyers willing to spend thousands of dollars can be put off by the idea that

  • they need to spend millions to be part of an exclusive club of art collectors.

  • It's the million dollar buyers generating headline after headline of record sales in the art industry.

  • The top end of the art market is dominated by a select group of players

  • who are pretty private about their business.

  • Which can make it tricky to value how much they're actually spending on art.

  • More and more art sales are conducted in private which attracts high net worth investors.

  • These wealthy buyers are also lured by tax breaks for art donations

  • or the prospect of making big returns on a piece of art.

  • Galleries, dealers and auction houses can be tempted to cater to high-end clients

  • who pay millions of dollars for art, and who keep coming back, instead of to the average Joe.

  • You can see this trend in a chart showing the value of art sales, the total dollar amount,

  • versus the volume of sales, the number of transactions, in global fine art auctions last year.

  • Art that sold for more than $1 million accounted for nearly half of the market's value in less than 1% of transactions.

  • China has been driving a lot of the growth in high-end art sales since the financial crisis

  • as it mints new millionaires and billionaires looking for places to invest their money.

  • China ranks third in global art sales after the U.K. and the U.S.,

  • and those three countries combined make up 81% of global sales by value.

  • Just because some art costs millions doesn't mean you have to pay that much.

  • A worthwhile investment can be art that you like for just a couple of bucks.

  • Hey guys, it's Elizabeth. Thanks so much for watching.

  • Check out more of our videos over here.

  • We're also taking your suggestions for future CNBC Explains

  • so leave your ideas in the comments section.

  • And while you're at it, subscribe to our channel.

  • See you!

How do you put a dollar value on a piece of art like this?


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アートはなぜこんなに高価なのか?| CNBCが解説 (What makes art so expensive? | CNBC Explains)

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    kstmasa に公開 2021 年 01 月 14 日