For artists who are no longer living, the supply of art is inherently finite. If a deceased artist was also especially influential, their influence and the limited supply make each work more valuable. A posthumous examination of an artist’s work can aid in identifying career signatures or periods of particular creative strength. This can make certain works by the same artist worth significantly more than others.

The materials and scale of an artwork also can’t be ignored when determining its price. Monumental metal sculptures by the likes of Jeff Koons take a considerable sum to fabricate and significant means to transport. Likewise, the choice of material impacts art value even in more reasonably-sized works like oil paintings on canvas, which usually go for more than works on paper.

But the question remains: who decides art’s value? Ultimately, no one person makes that call. Instead, an artwork's price is based on the collective decisions of many art professionals, such as appraisers, gallerists, art dealers, auctioneers and collectors.

Art's value is never static. Just like the value of anything else, prices rise and fall according to demand, scarcity, the fluctuations of taste and an artist’s visibility as their art is seen and experienced around the world. Sometimes, prices are more arbitrary when an artist or group of artists becomes part of a speculative bubble. In the end, while price is always an important consideration, the most important thing is to buy something you love.

Primer:

PRICING ART: WHO DECIDES?