table of contents
1. Introduction
2. Factors that determine the value of contemporary art
3. Tips for developing an eye for contemporary art
4. For those considering purchasing contemporary art
5. Things you should know before actually purchasing
6. Summary
1. Introduction
In the world of contemporary art, sometimes works that make you wonder "Why is this so expensive?" are traded at high prices. Conversely, there are also works that you think are "amazing!" that are surprisingly affordable. As such, the value of contemporary art can be difficult to understand at first glance, and many people feel that there are many aspects of it that are shrouded in mystery.
This article focuses on how the value of contemporary art is determined, providing an easy-to-understand explanation of the background and key points to keep in mind when purchasing art. Whether you're thinking about buying art or are just curious about how it works, this is a must-read.
2. Factors that determine the value of contemporary art
The value of contemporary art is determined by a variety of intertwining factors. The following points are taken into consideration to have a major impact on the value of art:
1. Artist's own evaluation
Exhibition history: which museums and galleries has the work been exhibited in?
Collector endorsement: Are there any well-known collectors or foundations that have purchased the artist's work?
Awards: Has the artist received any prestigious awards in the art world?
For example, the works of internationally acclaimed artists such as Yayoi Kusama and Takashi Murakami are themselves branded and enjoy stable, high value.
Image source: Yayoi Kusama Wishing for World Peace in the Sunshine
Image source: Takashi Murakami, Doraemon's Daily Life
2. Market Trends
The value of art is greatly influenced by economics and trends. When a particular artist or theme gains temporary attention, the price of the artwork can skyrocket. In some cases, like Banksy's, the value of a work can increase when it is linked to a social phenomenon or news item.
3. The value of the work itself
The value of the work itself is also very important and is influenced by the following factors:
Size and materials: Larger works and works made with more expensive materials generally tend to fetch higher prices.
Technique and originality: Works that use unique expressions and techniques are more likely to be highly rated.
Themes and messages: Works that delve deeply into historical backgrounds and social issues are highly valued by collectors
Scarcity: In the art market, the fewer the number of pieces, the higher the value. One-of-a-kind or limited edition works are typical examples. For example, prints that have an edition number (how many copies were produced) have a rarity that is reflected in the price.
3. Tips for developing an eye for contemporary art
When looking at a work of art, rather than simply thinking "it's good because it's expensive," try looking at it from several perspectives and you'll be able to see its "value" to you.
Trust your intuition: When it comes to contemporary art, the most important thing is what you feel you like. There's no need to be wary of thinking, "This must have some complicated message." Rather, if you look at a work and think, "There's something interesting about this," or "I like the use of color," then that is the value of that work to you.
Understand the background and context: Knowing the background and story behind a piece of art will help you understand its value more deeply. For example, Yayoi Kusama's work reflects her spiritual struggles, and her work is even more appealing when you learn about her own life, rather than just looking at superficial pop designs.
Know market trends: To predict whether the value of a particular artist's work may increase in the future, it is important to keep an eye on market trends and gallery developments. Make it a habit to gather information by using art magazines and online platforms.
There are also online platforms where you can buy directly from artists. FROM ARTIST is an online shop where you can negotiate directly with artists. It has a proven track record of sales, handles a wide range of art genres, and has a large number of works and artists. It has been featured in many media outlets such as television, magazines, and newspapers, and has also hosted events at art museums, so you can use it with confidence.
4. For those considering purchasing contemporary art
What should you keep in mind when purchasing contemporary art? We'll explain the key points in an easy-to-understand way, even for beginners.
Prioritize what you love: While art can be an investment, ultimately it's what you love that matters most. The best piece of art is one that makes you happy every day.
Use a reputable gallery: When buying art for beginners, it is recommended to use a reputable gallery or auction house. Not only can you receive professional advice, but you can also rest assured that the work is legitimate (guaranteed to be authentic).
Start with an edition: Original artworks can be expensive, but editions (prints and reproductions) are more affordable and may have greater future value because they are officially recognized by the artist.
Visit art fairs and emerging artist exhibitions: Art fairs and emerging artist exhibitions are a great way to buy artwork at relatively affordable prices. You may also discover works by artists with great potential.
5. Things you should know before actually purchasing
Before you buy, check the following:
The provenance of the work: information about who owned it, where it was exhibited, etc.
Preservation: Paintings and prints, in particular, are at risk of deterioration if not stored properly.
Define your budget: Set a budget before you buy
6. Summary
The value of contemporary art cannot be measured simply by price or reputation. The "value" of a work to each individual is determined by the emotions it evokes and the message it conveys. When considering a purchase, it's important to value your intuition and enjoyment while gradually increasing your knowledge.
We encourage you to enjoy contemporary art from your own perspective, and if possible, try to find a piece that is just yours. It has the power to make your everyday life just that little bit more special.
FROM ARTIST has approximately 700 artists from all over Japan registered, and you can view many of their works on its website. They also sell paintings, so you can enjoy them in your home as if they were in a museum.
If you would like to know more, please feel free to contact us.
Please also add us as a friend on the official FROM ARTIST LINE.
If you would like to purchase, please click here ▶︎ https://line.me/ti/p/%40517rkxah
For artists, click here ▶︎ https://line.me/ti/p/%40433xxkes
Written by: MIKIKO
FROM ARTIST Management staff. I write columns. I provide management support so that we can convey the appeal of artists.
Supervisor: Shoma Toida
CEO of BUSCA LLC. Head of FROM ARTIST. Started his career as a marketer, he worked for a business company and an advertising agency before going independent. He completed marketing-related programs at several graduate schools and business schools, including the University of California, Berkeley and London Business School. He also completed the MBA core curriculum at Macquarie University and studied the importance of art in education at the University of British Columbia.
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