Value of Art, price of a painting

"A cynic is one who knows the price of everything, but not the value of anything" said Oscar Wilde. Truly, many of us tend to attach a price-tag for everything and evaluate whether it is worth our while to spend so much time and energy on a given object or pursuit. While paintings may be priced, the value of art is priceless.

Just two days back, I was at a pre-launch party of an art exhibition curated by a dear friend Akumal Ramachander, whose claim to fame is his discovery of a polish painter - Harold Shapinsky in the USA. In the process both became incredibly famous ( and rich ???). Akumal is a quintessential art promoter. He is one of the most passionate people i have come across, a prince in his own words.

The discussion veered towards how art is priced. There were some interesting insights that he offered during this conversation. Artists are priced comparatively. For example, if there is a talented artist who is fresh and has tremendous potential. He would be priced perhaps 1/5 of the price of a well established artist. As the artist's reputation and market value grows; the price of his paintings also goes up. Ultimately, it is a matter of reputation, pointed out Akumal.


So, what really determines the price of a painting ? How does one evaluate something so subjective and attach a price-tag to it ?

For starters, it would be easier to look at what the market is willing to pay for an artist. A fresh talent,as mentioned earlier; may not be able to get much for his/her work. At this stage, comparative or prevailing market prices will apply. As a person's reputation grows, the price of his/her paintings may grow sky-high if the works are of very good quality and have sufficient depth. While a MF Hussain large oil on canvas may sell for four or five crores, ( Rs.500,00,0000); lesser known artsts may bring in a few lakhs for a similar sized painting.

Cartels and groups of rich, corrupt socialites are also known to artificially hike the price of a certain artist; just to build his credibility for a short time. While this practice of artificially hiking the price of an artist's work is known; it often goes undetected for years together. An artist's works may reach sky-high prices and drop as dramatically when people see through this charade and call the bluff.

While commercialisation of art is an ongoing phenomenon in India, commodification is also setting in. I know of an artist ( rather well-known) in Bangalore who calls his studio a "painting factory", as he churns out painting after painting as if it is a line-assembly. This is to be expected in a society which is nouve-riche and obsessed with acquiring more by the day.