The Groove 216 - What Makes an Artwork Valuable?
Welcome to the 216th issue of The Groove.
I am Maria Brito, an art advisor, curator, and author based in New York City.
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WHAT MAKES AN ARTWORK VALUABLE?
Ah, the eternal question that I get asked almost daily: why is that random squiggle worth $5 million? Is it genius, hype, or a really fancy PR campaign?
In the art world, value is a slippery thing. It's equal parts wizardry, economics, and the occasional sprinkle of madness.
Let's break it down: what really makes an artwork valuable?
The Market's Mood Swings
Yayoi Kusama, A Flower, 2014, acrylic on canvas. Sold at Christies, Hong Kong in 2023 for $10M
The art market is like a moody teenager: easily influenced, prone to trends, and always looking for something to show off. Market trends can catapult an artist to fame seemingly overnight. One moment, they're painting in a tiny studio; the next, their work is selling for the price of a Manhattan penthouse. Why? A mix of savvy galleries, influential collectors, and whispers that something is “the next big thing.”
Take Yayoi Kusama, for example. While she has always been a significant figure in art history, her global superstardom in recent years is a testament to how the market's perception can shift into overdrive. Kusama's Infinity Rooms and signature polka-dot motifs have made her a household name, not just because of their intrinsic brilliance but also thanks to her ability to connect with different audiences.
Kusama's rise was amplified by her first collaboration with Louis Vuitton in 2012. This partnership introduced her to an entirely new audience outside the art world: fashion lovers, influencers, and luxury consumers. It showcased her work on bags, shoes, and storefronts, effectively branding her as not just an artist but a cultural icon.
Then there’s her fervent collector base in Asia, where she's revered almost like a rock star. Her loyal Asian collectors have driven demand for her works at auction, consistently pushing prices higher and cementing her as one of the world's most valuable living artists. Her most expensive work at auction was an 18-foot Infinity net-acrylic-on-canvas painting from 2007, sold at Est-Ouest Auctions in Hong Kong in 2023 for $10.7M. This is a number that isn’t lost on the galleries that represent her, and therefore has a direct impact on her primary market prices too.
What makes Kusama’s success even more extraordinary is her prolific output. In a market where scarcity often drives value, she defies convention by creating an enormous body of work without diluting her brand or appeal. Kusama proves that sheer volume and consistency can coexist and thrive. Her ability to balance productivity with creative relevance makes her a true anomaly in the art world.
The Acceleration of Stardom
Flora Yukhnovich, Warm, Wet ‘N’ Wild, 2020, oil on canvas. Sold at Sotheby’s London in 2022 for $3.6M.
Here's what's fascinating about our times: the pace at which younger artists are being launched to stardom has gone into overdrive. Fifteen years ago, an artist in their twenties would have been lucky to score a small group show, let alone representation at a major gallery. But today? Artists barely out of art school are signing with blue-chip galleries, and their works are hitting six or even seven figures before they’ve had time to fully develop their voice.
Consider Flora Yukhnovic (b. 1990) who creates luscious, Rococo-inspired abstract paintings with a contemporary twist. At the peak of the market between 2021 and 2022, her paintings consistently sold at auction in the seven figures, shattering nearly 20 times their high estimates. Collectors have been clamoring for her works, driven by the appeal of her classical references and fresh takes on historical styles. While her current market at auction has suffered a significant correction, she’s not going anywhere, and neither is the demand for her work.
What's driving this acceleration for emerging artists? Social media plays a massive role, giving young artists visibility like never before. But galleries, collectors, and auction houses have also become more willing to take risks on this talent, betting on their potential and the market’s appetite for the new.
Perceived Value vs. Intrinsic Value
Mark Rothko, Orange, Red, Yellow, 1961. Oil-on-canvas. Sold at Christie’s New York in 2012 for $86.8M.
An artwork’s value isn't just about the paint on the canvas. It's about the story. Intrinsic value comes from an artist's skill, the materials used, and the work's emotional impact. But perceived value? That's where things get nuts.
Take Mark Rothko’s color field paintings, for example. At first glance, they might seem deceptively simple: blocks of color stacked on top of one another. But their intrinsic value lies in the profound emotional depth they convey. Rothko was a master of color, layering paint to create a luminosity that feels almost alive. Standing before one of his works, many viewers report a visceral, almost spiritual experience, as though the painting is a portal into something greater. I’ve seen people cry in front of a Rothko.
Rothko’s work is also deeply philosophical, rooted in his belief that art could convey the full range of human emotion: tragedy, ecstasy, and everything in between. The intrinsic value of his paintings lies in their ability to transcend visual beauty and become emotional experiences, which is why they’re not just highly prized but revered.
When Pennsylvania businessman and art collector David Pincus died in 2011, he had been the owner of Rothko’s 1961 “Orange, Red, Yellow” for four decades, a painting he bought from Marlborough Gallery in London in 1967. When the work was auctioned at Christie’s in 2012, it generated an operatic bidding war that lasted for almost seven minutes and culminated with a hammer price of $77.5 million ($86.8 million with buyer’s fees).
It’s this emotional resonance, combined with the technical mastery of his color interactions, that has cemented Rothko’s work as intrinsically valuable - not just as an object, but as a profound encounter with the human condition. Owning a Rothko isn’t just about owning a painting; it’s about owning an experience.
The Power of Branding
Artists, like luxury handbags, need branding. Picasso? Branding genius. He turned his own name into a synonym for creativity, lifestyle, power and a seemingly endless art production that encompassed everything from ceramics to lithographs to giant canvases.
Another perfect example of this is Takashi Murakami, who has built one of the most recognizable brands in contemporary art, seamlessly merging both high art and pop culture. His brightly colored anime-inspired characters, iconic smiling flowers, and “Superflat” aesthetic are instantly identifiable. But what sets Murakami apart is his ability to extend his brand far beyond the traditional art world. Case in point: Louis Vuitton just launched a second collaboration with him featuring Gen Z queen Zendaya in the campaign. Then there’s Murakami’s persona: from his quirky, colorful outfits that often include his own flower motifs to his plushy hats, the man is his own marketing billboard.
And let's not forget galleries. They're the tastemakers, the curators of cool. If Gagosian or Hauser & Wirth backs an artist, you can bet their prices will soar. The gallery world is part theater and part high-stakes poker game, where connections and reputation often matter more than the art itself.
Scarcity and Exclusivity
Here's a simple formula: fewer works = higher value. The fewer pieces an artist produces, the more collectors want them. People want what they can't easily have, and scarcity breeds desire.
Take Jenny Saville. Known for her monumental figurative paintings, Saville produces only a very limited number of works each year. Her process is meticulous, and the scale of her paintings demands time and precision. This deliberate pace means that her body of work remains relatively small, especially compared to other artists of her stature.
This scarcity has driven demand to extraordinary levels. In 2018, Saville set a record for the most expensive work by a living female artist when her painting “Propped” sold at auction for $12.5 million. Collectors value her technical brilliance, her groundbreaking contributions to figurative art, and crucially, the rarity of her paintings.
Saville’s works are further elevated by their cultural significance; she redefines the female form in ways that challenge traditional notions of beauty and power. This combination of rarity, technical mastery, and cultural relevance creates an irresistible trifecta for collectors, making each painting a coveted prize in the market.
The Hype Machine
Leonardo da Vinci, Salvator Mundi, ca. 1500, oil on walnut panel.
Hype = the magical ingredient that turns ordinary into extraordinary. Social media has only amplified this effect. An Instagram post from a major collector or a viral auction moment can turn an artwork into a must-have. Auctions, with their feverish bidding wars, create drama that feeds the hype machine.
Look at Leonardo da Vinci's Salvator Mundi. When it sold for a record-breaking $450.3 million in 2017, the world was stunned. But the sale was about more than the painting, it was a marketing masterclass.
Christie’s placed the work in their contemporary art evening sale instead of Old Masters, ensuring it would stand out among higher-profile buyers. They surrounded it with unprecedented security, including guards and moody lighting making it a spectacle as much as an auction lot. People lined up to see the painting up close. The narrative they created was of a “lost da Vinci,” the last one in private hands, which both Christie’s and the media dubbed “the male Mona Lisa” fueling an auction frenzy. Nobody even questioned its authenticity because the hype was so big it eclipsed the question of whether da Vinci had painted it or not. Was it undeniably a masterpiece? We don’t know. Was the frenzy real? Absolutely.
So, What's the Takeaway?
The value of an artwork is a complex cocktail of talent, timing, storytelling, scarcity, and hype.
The next time you see a million-dollar squiggle, don't ask, “Why is this worth so much?” Ask, “Who convinced everyone it is?” That's where the magic and the hustle happen.
But here's the real secret: value isn't just about the market. It's about connection. The art that truly resonates with you has value beyond dollars and cents. It tells a story, sparks a feeling, and reminds us why we love art in the first place.