What is Art worth? Some create it, some buy it, some invest in it, and some … just enjoy it. It is so multi-dimensional and almost unexplainable by linear and limited language, so rather than try to actually define it, let’s explore the roles it plays in our lives because without Art, life could amount to nothing more than a monotonous, dull, existence of repetitious survival.
Let’s start with the creator, the Artist(e). Why would anyone choose to be one? It is not encouraged as a viable career or an option for survival; there are usually no excessive financial rewards for the time and effort spent, and it has been proven to be a challenging lifestyle, albeit quite a rewarding experience at times. Nevertheless, some still choose this path, with all the odds against them. Perhaps it is a masochistic, egotistical condition to choose to draw, dance, sing, play, write or paint without a priority for financial remuneration. Yet, there is no doubt that the world appreciates the endeavours of people who choose this journey. Our civilisation could not survive if everyone decided to be an Artist(e). That might explain why not everyone can survive as one.
And then, there is the consumer of Art. Some may feel they lack any artistic ability or the time to indulge in such activities. Hence, they pursue other paths that are more lucrative and appear uncreative, like starting a business or becoming a lawyer, doctor, engineer, chemist or politician.
It seems to be the safer alternative as one is almost guaranteed to be remunerated if one excels.
But they are willing to pay for Art and enjoy what Artist(e)s create.
They listen to music, adorn their homes and workplaces with paintings, sculptures and even their gardens with landscaping, or anything that enlivens their home.
They appreciate Art and are willing to pay varying amounts for a variety of reasons. This is what makes it so tantalising, as not everyone likes the same Art, and not everyone is willing to pay the same amount for it either.
Art has long been a valued expression of human culture, serving as a medium for emotions, stories and traditions. However, Art isn’t just about beauty and creativity – it’s also something people invest in as a status symbol. People value certain pieces for their aesthetic and artistic qualities but also as an investment or a representation of a higher social standing. Art can be a viable investment for those with the money and a knowledge of Art. Investing in Art can be risky, as it is challenging to know how much it will appreciate and which will appreciate over time.
Art could be considered a financial portfolio component or a diversification of investment. Many paintings in circulation or museums are worth obscene amounts. The Mona Lisa is said to be worth USD790 million and the most expensive painting ever sold to date is Salvator Mundi, which sold for USD450 million. These are extreme examples, though, as many less famous pieces are worth anything between $3,000 to $1 million.
Last but not least, there is the value of Intellectual Property. There are four basic types – Copyrights, Trademarks, Patents and Trade Secrets.
Intellectual property “derives its value from a wide range of parameters such as usefulness, market share, barriers to entry, legal protection, profitability, industrial and economic factors, growth projections, remaining economic life, and new technologies, all of which will inhere in the valuation.” (Wikipedia)
Some examples of brands with a very high intellectual property value are Coca-Cola, Ferrari, Rolex and McDonalds. In the music arena, large amounts have been paid for the rights to artists’ catalogues. Queen’s was recently sold for USD1.27 billion; catalogues by Bob Dylan, Sting and Bruce Springsteen are all worth around USD500 million.
Art plays a pivotal role in many areas of our lives. From the struggling, broke creator to the billion-dollar investor, Art is part of us. As long as we walk this earth and evolve, Art will always make the difference.
Words by Amir Yussof
Find out more about Amir here.
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