Why People Spend Huge Amounts of Money on Art Objects
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Why People Spend Huge Amounts of Money on Art Objects
Francis Bacon’s art “Three Studies of Lucian Freud” was sold at an amount totaling $142 Million at Christie’s auction in 2015, making it one of the most expensive art sales in history (Wagstaff, 2015). This staggering amount of money was paid at the event for a painting on a canvas, which makes it outrageous for a piece of art. However, this may be peanuts among the wealthy, yet to an average working-class individual, this is a fortune. This paper will look at why people spend huge amounts of money on art and why I don’t consider it okay.
One of the reasons people spend so much money on art is to earn boasting rights and prestige. Unlike other investments, art does not have a standard value for gauging its true value, thus making it hard for people to establish its real value in the market. Therefore many wealthy individuals and billionaires worldwide, who purchase art, do so to achieve status and earn bragging rights among their peers. The fact that art pieces are rare and cannot be mass-produced makes them more appealing to the rich hence the prestige that comes with them.
Additionally, people spend a huge amount of money on art due to its emotional appeal. When artists paint, they express emotions ranging from love, rage, anger, pain, and solitude. These emotions usually make art enthusiasts feel attached to art, making people spend their money on acquiring different types of art as long as they can afford it.
People also spend so much money on art because of the historical value that art portrays. Pieces of art from artists like Da Vinci and Picasso fetch a fortune because of the magnificence and superiority attached to their work. These artists were great painters during their time; thus, their work is rare, making them expensive and coveted. In 2017, the Da Vinci painting “Salvator Mundi” was sold at an auction for $450 million (Art Reveal, 2020). This shows how much value people put on art.
The discussion above has indicated why people spend huge amounts of money on art. The findings show that people spend a lot of money on art to earn bragging rights and a sense of belonging and the emotional appeal derived from these pieces of art. Moreover, the historical value of art makes people spend huge amounts of money on them. Since people spend huge amounts of money on art, in my opinion, this is not right. I value the beauty of art and everything it portrays to society; however, spending millions on a piece of art does not bode with societal needs since we have more responsibility to society than our mere self-gratifications. This money could be used in other projects that generate income while creating employment. Alternatively, this huge amount of money spent on art could help the needy.
Art Reveal. (2020, August 21). 5 reasons people buy expensive art – the psychology behind the purchase. https://www.artrevealmagazine.com/5-reasons-people-buy-expensive-art-the-psychology-behind-the-purchase/
Wagstaff, K. (2015, January 12). Why someone would pay $142 million for one painting. The Week. https://theweek.com/articles/456540/why-someone-pay-142-million-painting
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