Where does the price of contemporary artworks come from?

A photograph with various coins piled on the dark background. Where the price of the art work comes from?
Money by artist Rafael Chavez Najera

Have you ever wondered from where the price of the art work comes?

The work of art is created through two process; first, made by artists, and second, it is showed by curator, collector or gallerist.

In the first process, the value of the art work is determined by various factor. For example, the materials used for work, labour of the artists, and time etc… there are various factors to determine value of the work. The commercial value, which is the price of the art work, on the other hand, is validated by the other people in the art world.

Unlike normal market, art market has their own rule. Based on the principal of supply and demand, but the most important distinction of the art work is scarcity. Except editioned works such as re-printed or re-produced photographs, most works of art is only one. Therefore, if there is another bidder for one work, the price of the art work will be raised.

Especially in the contemporary art market, the most important factor is the artists AND the galleries. Every single year, over 3 millions of art student graduate school but only very few of them can continued their life as an artists.

Then how about rest of them?

The fundamental factor of the problem is shortage of the opportunities for young and emerging artist to sell their art works. This is unspoken rule but, normally the galleries take more than half when the work of young and emerging artists’ is sold. Of course there are certain reason to take money from artists; the cost of management, exhibition, and commission. However, sometimes artists cannot get proper recognition of their works.

The start-up company BBuzzArt suggest new solution for the young artists. Through the online system, young and emerging artists all over the world can show their work on BBuzzArt and art lovers can buy then through few clicks in the bed at home. The platform provide easy access to both artists and collectors. And the other important and distinct point is that the artists is the person who decide the price of the art work.

The number of artists think their works are undervalued at some point due to gallery commission but at BBuzzart, the price of the art works are listed by artists therefore, young and emerging artists can have their own recognition.

There is no artists who was born as Andy Warhol or Jeff Koons. For better art world, it is important to encourage young and emerging artists to stage themselves more easily. Art is related to money but is it not just for money. For art for art sake, BBuzzArt can be the starting point to meet future masterpiece.

Buzzing Art, Budding Artist

BBuzzArt

BBuzzArt Curator Jackie Kim

Leave a Reply

Your email address will not be published. Required fields are marked *