Before we get into the actual information, can you guess the price of the following work of art?
Artwork by Barnett Newman
Most of you might not even consider buying it. But, in fact, this artwork is worth $84.2 million. Shocking, isn’t it? You must be thinking what makes it so valuable, and why some paintings are so expensive.
Factors such as the size and genre, condition, and where it has been exhibited make a piece of art expensive. Compared to stocks or commodities, it is hard to measure how much an artwork is worth. In other words, the value of a painting lies in the eyes of the beholder. One piece of art could be worth a lot to one person and nothing to someone else. Just what we noticed in the drawing above.