02

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How do we understand the value of a

work of art?

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"Societies that progress are those that look beyond the material"

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It is common, when the subject of art collecting arises, to assume that it is an interest reserved exclusively for the wealthiest — that acquiring a painting or sculpture is a privilege available to very few. This perception is largely shaped by the art news that generates the most impact and circulates most widely: stories about the record-breaking sales at auction houses. Who has not heard of the sale of Leonardo da Vinci's Salvator Mundi for nearly 450 million dollars, or of an auction in which a work by Jean-Michel Basquiat sells for more than 50 million?

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When prices like these make the news, collecting art can seem impossible. And yet the market is far broader and more accessible than these figures suggest, with more people participating in it every day.

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But to begin, it is worth asking ourselves: what is the value of art?

From my perspective, two of the most important dimensions of a work's value are its economic value and its intangible value.

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• Economic value is understood through money — as an asset susceptible to appreciation or depreciation, whose acquisition responds to both cultural interests and expectations of return, within an environment of risk and uncertainty. With this in mind, it is valuable to consider how a work is acquired, since buying a work by a living artist through a gallery is not the same as investing through auction houses in works from the secondary market. It is also important to bear in mind that the price achieved at auction reflects the specific circumstances of that particular transaction and does not necessarily reflect the general behavior of the artist's market.

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The recognition of the artist is one of the most relevant factors — though not the only one — in the construction of economic value. Exhibitions, gallery representation, presence in public and private collections, publications, specialized criticism, art fairs, and sustained market demand all contribute, in varying degrees, to the consolidation of a career. As that recognition grows, so too may the interest in the artist's work and, with it, its value on the market.

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Even so, there are cases of consistent appreciation. One example is Peter Doig's The Architect's Home in the Ravine, which has been auctioned five times and has always risen in value — selling for 474,838 dollars in 2002 and reaching 19,958,612 dollars in March 2018.

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• Intangible value, on the other hand, resides in the essence of art as a mechanism for perpetuating the history of humanity beyond material goods — that is, acquiring a work as an object that invites aesthetic reflection, observation, and the empathetic exercise of understanding our fellow human beings through their creations.

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In this sense, art contributes something invaluable to people's lives: a work coexists with the viewer, offering a range of emotions and feelings when observed, connecting them with their own goals, ideas, and beliefs.

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The world of art collecting is complex, but it is not inaccessible. It requires understanding a few core principles and seeking guidance when deciding to begin or expand a collection.

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Because, in the end, a work worth one thousand dollars can hold a greater intangible value than one worth a million for the right person — evoking more memories, inspiring more ideas, and offering something that the material world simply cannot.

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Helio Pareja Amador

* Sources consulted
Christie's and Sotheby's auction catalogues and results.
Artnet market reports and analyses.
Specialized bibliography on the art market and the history of collecting.