The value of art in the context of economic theories
DOI:
https://doi.org/10.15503/onis2022.47.57Keywords:
cultural economics, art economics, value of art, art pricesAbstract
Aim. The aim of the article is to present the approach of various economic schools to the problem of the creation of prices for works of art, and to demonstrate that their market value is determined on the basis of both objective and subjective evaluation criteria.
Concept. The article is based on previous literary research on the value of works of art in economic terms, and shows how the approach to the issue of the value of a work of art has changed over the centuries. This is a complex issue, due to the fact that works of art, due to their special character, are a unique exchange commodity. The article shows how representatives of various economic schools, from classical, post-classical, Keynsian, to modern economics, solved the problem of the valuation of works of art. The adopted research method was an analysis of historical data, auction reports, statistical data and literature on the subject, both Polish and English.
Results and conclusions. The main assumption of the article is a synthesis of the research to date. So far, despite many studies, no single method of valuing works of art in economic terms has emerged, and this issue is still a subject of discussion by researchers.
Cognitive value. The article presents a comprehensive list of views and approaches of various economic schools towards the valuation of works of art. This article may be an area for further research and reflection on this topic.
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