Nowadays auction sales are the most exhaustive indicators of how the art market is going, but contrary to what is commonly thought the economic value doesn’t depend on the artwork’s aesthetic quality
Generally speaking, from an economic point of view the artwork can be distinguished from all the other types of goods because it isn’t reproducible, in fact it’s the result of an idea and a particular creative process. The “quality/price” relationship usually isn’t proportionate, other and numerous facts that contribute to giving commercial value to the artwork, whose value is the result of a legitimization process, of commercial strategies, of promotion and valorization in art system circuits. The price depends on how much it’s desired, on the purchasing power and it’s often crucial who the owner was. Another significant factor is surely the time it was made; artworks created in an artist’s most creative period surely have a higher market value than others. Generally higher value is given to artworks that have been shown in important exhibitions, that are in art history books or that have been spoken about in articles in important magazines.