Abstract

How is the value of art generated in today’s versatile, contemporary art market? Exploring the connection between art and value is a topic which has been discussed by various schools of thought; from economics, aesthetics as well as philosophy. By taking a multi-disciplinary approach, this essay looks at how the current art market operates with key players consisting of artists, collectors and art gallerists; individuals who determine the value and ultimately the price of art. Using data collected from in-depth interviews, the aim of this essay is to gain a closer understanding as to how we value art, and how this translates onto the international contemporary art market. The phenomenal popularity of Chinese Contemporary Art serves as a case study, where I compare the typical career path of artists from the West with artists from China. Using this as an example, this paper offers new insights as to how artists and collectors are in the position to manipulate the value of art in today’s market.