We all know a picture is worth a thousand words, but how much is that in actual cash? Ultimately, a painting is worth whatever someone is willing to pay for it. Still, if the piece has historical, cultural or critical importance, the value of a painting will skyrocket.
Auctioneers and art valuers use several criteria to determine exactly how desirable a piece ought to be. They look at the condition of the piece and its sales history. They compare it to the value of other works sold by the same artist and to other similar works done by different artists in the genre. They then look at the subject matter and compare that with the value of paintings with similar subjects. They determine the rarity of works by the artist, as a less prolific but nonetheless well-regarded artist will fetch higher prices. Finally, they estimate overall demand. These attributes will help valuers determine a likely price for a painting, given the work its cash value.
With that in mind,Printerinks have looked at some of the most expensive pieces of art, detailing how much they’re worth and why the buyers thought so highly of the works.