Why Is Art So Expensive?

Summary

This Crash Course Art History episode explores the evolution of the art market, highlighting how art sales have shifted from patronage in 15th-century Europe to today’s billion-dollar global industry. It touches on the roles of patrons, guilds, art dealers, and auction houses, showcasing the power of money and status in the art world. The episode also delves into issues of provenance, stolen art, and the disparities in who profits from art sales, with contemporary critiques from artists like Banksy and CB Hoyo on the gallery industrial complex.

Takeaways

• 💎 The value of art can be extraordinarily high, with a Van Gogh painting recently selling for $71 million.
• 💰 Throughout history, the rich and powerful have heavily influenced the art market, but this has also led to progress in artistic freedom.
• 🖼️ In the 15th century, art was mostly commissioned by wealthy patrons, giving them significant control over the art's material, technique, and subject matter.
• 🎨 By the 17th century, artists in places like the Dutch Republic began creating non-commissioned work to sell freely, leading to more creative freedom.
• 🏛️ Art guilds and full-time art dealers emerged, setting standards for what made art valuable and establishing a consumer-focused market.
• 📈 By the 18th century, art was being bought and sold in auctions, and collectors began buying based on trends, with works often changing hands multiple times.
• 🔍 Art provenance, the history of a piece's ownership, plays a major role in determining its value, as seen in the case of 'Salvator Mundi.'
• 🛑 Many artworks were stolen during European colonialism, posing ethical dilemmas about their rightful ownership today.
• 💼 The modern art market, sometimes criticized as a 'gallery industrial complex,' benefits a few wealthy players, while most artists see little financial gain from secondary sales.
• 🎭 Artists like Banksy and CB Hoyo critique the excesses of the art market, with Banksy famously destroying one of his pieces to protest the system, which ironically increased its value.

Q & A

What is the significance of the $71 million painting mentioned at the beginning of the transcript?

The $71 million painting by Vincent Van Gogh highlights how the art market is dominated by wealthy collectors and demonstrates the high monetary value some artworks can reach, often making them inaccessible to most people.

What role did patronage play in the European art market during the 15th century?

In the 15th century, the system of patronage allowed wealthy individuals, like nobility, to commission specific works of art directly from artists. The patrons had significant control over the artwork, dictating materials, subject matter, and technique.

How did the Dutch Republic change the way art was sold in the 17th century?

In the Dutch Republic, artists began creating and selling non-commissioned work to the general public. This marked the emergence of a free market where artists had more creative freedom, as they were no longer bound by patrons’ specific requests.

What was the role of art guilds in the art market during the 17th century?

Art guilds established standards for artistic quality and helped artists set prices for their work. They also played a role in connecting artists with potential buyers, shaping the evolving art market.

How did art dealers influence the market in the 18th century?

Art dealers became intermediaries between artists and buyers, purchasing various artworks from workshops or guilds and reselling them at higher prices. This made it easier for wealthy collectors to acquire a diverse range of art in one place.

What impact did auction houses like Sotheby’s and Christie’s have on the art market?

Auction houses like Sotheby’s and Christie’s played a significant role in art sales from the 18th century onwards, creating a secondary market where collectors could sell and resell works. This helped the art market expand and increase in value.

What is provenance, and why is it important in the art market?

Provenance refers to the documented history of ownership of an artwork. It is crucial in determining the authenticity and value of a piece, especially when considering how an artwork has changed hands or been restored.

How does the example of 'Salvator Mundi' illustrate fluctuations in art value?

'Salvator Mundi,' once sold for just $72 in 1958, increased in value as it was restored and later attributed to Leonardo da Vinci. Its final sale in 2017 for over $450 million illustrates how the perceived origin and historical importance of an artwork can drastically increase its value.

What challenges are posed by stolen artworks in the art market?

The art market contains many stolen works, often taken during colonial times. Returning these artworks to their rightful owners is challenging due to the complexity of tracking their provenance and determining who has rightful ownership.

What critiques do contemporary artists like CB Hoyo and Banksy offer about the art market?

Artists like CB Hoyo and Banksy critique the excessive wealth and status-seeking behavior of collectors in the art market. Hoyo mocks the luxury-driven market with satirical versions of famous works, while Banksy’s 'Girl With Balloon' stunt criticized the high prices paid for art, even though it ultimately increased the work’s value.