In my book on art forgery, I proposed an equation for the value of art: value = perceived (rarity + authenticity + demand). Most art is unique, so rarity refers to how many works by an artist exist at all (Giorgione died young and made far fewer paintings than his contemporary Titian, so a Giorgione is far more valuable than a Titian). Authenticity is an issue for antiques and Old Masters, not usually a factor for the contemporary artists of the Affordable Art Fair. Demand, or the perception of it, is key to driving up the price. You need at least two people who really want to buy something, and the competition, particularly at auction, can make prices rise dramatically. The price for works by established artists is usually based on past sales — a Picasso with a similar provenance, importance, quality and size that sold a few decades ago will be compared to a Picasso newly on the market and, after inflation, an estimated price is chosen. But the category of museum-quality art and antiques is its own rarefied world, with a minuscule number of potential buyers functioning in a sociological bubble distinct from what might be called “normal folks.” [...]
But fame is really the main driver. As Hancock says, “It holds a particular sway over art markets in our ‘recommendation culture.’” Name-recognition, either through the media or word-of-mouth within cadres of art collectors, surmounts all. There is a lot of art out there that does not display virtuosity that sells well, because some sort of buzz surrounds the artist. The million-dollar question, literally, is how to get that buzz, for with it comes fame, “talkability” (by which Hancock means a work of sufficient interest or shock value that it gets people talking), and the sense of exclusivity that prompts desire to own one of only a finite number of unique works by that artist. [...]
Art collecting must be divided into two halves for separate consideration. High price does encourage interest in the thin air of museum-quality sales and auctions. Back here on Earth, price gives the impression of an artist’s growing fame, but it does not encourage purchases, largely for the reason of the limited wallet-power of the potential buyer. In both worlds, price is equated with the (presumed) fame of the artist (a living artist can set very high prices and hope to impress), but in only one world does it encourage desire to own. For most, it’s about the initial aesthetic and emotional impact, with the price tag as an afterthought. As Harry Hancock says, “The Affordable Art Fair is great because it provides a venue for art that shows virtuosity and originality, but no fame.” It’s fame, in the end, that pays.
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