Reference no: EM132631531

On May 11, 2016, The New York Times reported that Sotheby's auction house announced bidding earnings for a single day of $242.2 million. At Christie's the previous night a Japanese billionaire paid $57.3 million for a painting by the late artist Jean-Michel Basquiat. This begs the question, how can some oil paint on canvas stretched over a wood frame cost such an astronomical amount?

Objective:

Discuss why global culture values works of art so highly.

Instructions:

Step 1. By Wednesday, write a detailed post explaining why you think some works of art are so expensive. Reflect on an experience you've had in a museum, art gallery, or other places art is sold. Then, answer the following questions:

Does the rarity of an art object explain its cost?

Is it costly because art represents the idealistic best of humanity?

Is it just the going rate, like the price of diamonds or luxury cars, where the market generates the prices and amount buyers will pay?

Are the prices determined by status and the lure and competition of the glamorous lifestyles of millionaires and billionaires?