Contemporary Art Sale

How are prices determined for “modern art”?

I know that art is a matter of taste. How are the prices set for paintings by contemporary artists that is little more than a colorful mess on a canvas (to my untrained eye, anyway).

I just don’t get it – prices can be in the tens of thousands for something that just doesn’t seem to justify the sale price.

(I don’t know much about art, admittedly…so please enlighten me)

The value of the art was in the composition, and the expression; the painterly value; the visual beauty of the colors and how they compliment one another, the geometry, etc. Basically: set aside the idea that a painting needs to illustrate something and ask yourself “is it pleasing to look at?” and maybe “what is the artist trying to illustrate in abstract terms?” Yes, I think a lot of “artists” will just slap some paint on a medium, call it art, and sell it as the same because they can, and classical training or some profound claim as to what is being portrayed is really what is being sold. Like that guy who covers a hotel room with cheese — it’s not profound, it’s not art. It’s just stupid. But as long as someone is willing to pay for it, then it’s an art of some kind — and maybe the artist is a con artist.

Phillips de Pury Contemporary Art Auction

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