Why Is Art So Expensive?

What makes a painting worth millions of dollars? In this episode of Crash Course Art History, we’re looking at the history behind today’s art industry and how we determine an artwork’s financial value. We’ll also learn how the big business of buying and selling art runs on imperialism, and how people in the art world are fighting back.

Crash Course Art History: Episode #19
Introduction: Million-Dollar Paintings 00:00
Patronage 00:53
The Free Market 01:55
Appraisal 03:59
Colonialism & Art 06:17
The Gallery Industrial Complex 08:10
Review & Credits 10:07

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[kylehenderson]

Ever wonder why people look so good in renaissance era paintings? They had an amazing Instagram filter called "I'M THE ONE WHO'S PAYING YOU!"

[TJtheBee]

Don’t forget! If you want to support the actual art market, buy from small local creators! There is so much good art out there that is affordable, and doesn’t run in this same whacky manner as the auction house. Plus many of us artists would love to be commissioned and make some new work!

[hierophrantic]

It's a little odd (though perhaps it's saved for a future episode) that there's no mention here of modern patronage and commissioning. People absolutely still pay artists directly for work, and not just big moneybags looking to show off to their rich friends - I know artists and people who commission them for works in the tens to hundreds of dollars based around fandoms, hobbies, politics, humour, and simple aesthetics. Patreon has people creating art for free (at the point of release) and making a living from people who pay them to keep doing it.

[joshualajoie]

Except the highest end of the fine art market is just a way for the ultra rich to launder enough money to avoid paying any taxes through museum "donations".

[sonicgoo]

Maybe the prices on the art market don't so much reflect the value of the art, but the value of the money. And how unequal the distribution of that money is around the world.

[lhfirex]

It seems like art sales should at least involve a percentage of sales fees for the artist, so all of that resale industry still has to pay credit to whoever made it in the first place.

[Layn]

This made me really want an episode on the current online art market. There's a vibrant commission based market on social media, as well as premade works in artist alleys at conventions. Not to mention the artists that subsist off of Patreon. It's both open to artists just starting out as well as experts, and it's affordable for regular people (though most often artists are underpaid for their work)

[pedrostormrage]

9:19 Banksy's self-destructing painting is wild. He "released a video of the shredding and how the shredder was installed into the frame in case the picture ever went up for auction" (so I'm assuming he must have had some way to control the mechanism remotely).

[_maxgray]

The INSTANT I saw Sarah in my feed, I clicked. She makes art and art history so accessible and interesting!

[trevorshaw-mumford]

Unless I'm mistaken, the Banksy work was supposed to fully self-destruct but the mechanism stopped partway through.

[Alex-jslg]

It's infuriating that people will spend $73, 000, 000 on a painting when that money could change the lives of thousands of people.

[RedwoodGeorge]

Through pure dumb luck, I found myself at the Tate Modern when they had their Giacometti exhibition. It was an enlightening experience to be able to look at those sculptures up close - to see how his thumbs shaped the clay model - but there were moments where I was acutely aware that the collection of sculptures was valued at well over a billion dollars, which was awe-inspiring in another, somewhat confusing way...

[anju]

This reminds me of Adam Ruins Everything's episode on the fine art market.

[.Tapestry]

art is expression and sometimes it's ridiculous

[Petch]

Honestly I think you were way too nice with this one.
Why do people "invest" in art? where do they store it? what is the alternative?
This video make it sound like selling a multi milion $ painting is just like baying a 500$ painting yourself.

Also maybe talk about grading systems that have trickled down to things like video games (in a box), paper cards and have inspired footboxes and skin markets in game played by kids.
The insanity that is the art market have been normalized and we cannot even taste the poison in the water that we are swimming in.

I liked that you included stolen art though.

[ArtichokeHunter]

i feel like if banksy wanted to make a work that actually self-destructs, and thus someone has paid millions of dollars for nothing, he could. instead, he made art that transforms, that isn't the same as what the buyer say when buying, but which continues to exist and grow in values (or shrink)

[scottymcm]

I would say the Art market benefits the wealthy and powerful. The people put value to art for a number of reasons but the consequence of us doing that is that the folks the need it the least want it more. At least that is how it feels a lot of the time.

[visualartsbyjr]

This was a contentious subject in my arts BA classes. How a vast majority of living artists get hosed (have to be dead, be well off already, or part of the literal 1% of artists that are deemed worthy in the art community). I’ve gotten ripped off and near arguments when selling my own pieces due to pricing. Like how dare I have anything near living wage to sell something I spent 30 hours on, let alone some extra I can set aside for savings as well.

Props for making and posting, but this subject makes my blood boil. 😊😜😤

[Zombiesamg]

Imagine spending 450m on a painting to hang it up ONCE and then put it in STORAGE...

[hannahbritcher]

Would love to see music history crash course!!