This is a philosophical post on value. Who determines the value of an art piece? Like anything in the world, art is subjective. Who determines the value of anything actually? The market does. Buyers and sellers come to a happy medium, and that’s how price discovery occurs. We allow the free market to determine value.
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I've always felt that placing value on art is an emotional thing. The piece speaks to people differently and just like art auctions, people place value based on those feelings.
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OK cool