What makes art valuable?

When is something classified as a ‘work of art’ and what makes something so valuable when it is? Who decides when something is ‘worth something’ - is the value of art purely subjective?

A very famous piece of artwork by Banksy - the iconic ‘girl with the balloon’ - ‘shredded itself’ at the exact point it was sold in auction for £1 million. Even though it is half in tatters, the artwork is now said to be worth even more money. But why?

Why do you think people pay such high prices for pieces of art? What makes something ‘art’ and something ‘valuable art’ do you think? Is there any logic or rationality to what makes something valuable or is it simply a shared opinion? What do you think?

https://www.independent.co.uk/news/uk/home-news/banksy-shredded-painting-picture-price-self-destruct-cost-buyer-auction-a8579941.html

Rachel MussonComment