Summarize the factors that contribute to an artwork's value. Discuss reasons for the relatively recent explosion in prices paid for artworks.
What will be an ideal response?
Generally speaking, the prices paid by art collectors are determined by the basic economic principle of supply and demand. When supply of a desired artist's work is low and demand is high, prices rise. The recent demand for art has greatly increased, in part because of the growth of the economies of Russia, China, India, and the Gulf states. With many wealthy people competing to buy the same art, prices rise. Although many wealthy buyers of art enjoy the pieces they purchase, they may also hope that the works will appreciate in value.
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