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Just in case you wanted to know. 

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Art Value and Valuation
Zafiris Gourgouliatos, 2001

How the paintings are being priced (or why paintings are so expensive - not mine - in general):

If the painter is alive,  not famous, and  produces art: 
        The painter needs a certain income to maintain a decent lifestyle and be able to produce art. He estimates how much of his time he devotes to painting versus doing odd jobs to maintain himself and calculates the percentage of his income that has to come from art. He counts the number of works he produces in that period of time. The total of the sale price minus commissions etc. will have to be equal to his desired income from the art. Otherwise he will be a starving artist and will need to get a job that takes time and effort away from art.  If  the patrons of the artist have to decide whether they believe that he is worthy to continue making art versus getting a real job and get a life. If they want him to continue making art they the have to figure out their level of contribution, in the form of buying the paintings, to support his eccentric or frugal lifestyle.

If the painter is famous or dead:
        If he is famous, since the amount of work that he can produce is less than the demand, the prices are based on supply and demand or what the market can bear. If he is dead, he is not producing anymore and art just changes hands. The price then is judged by supply and demand.

A word of advice from experience:
        All art prices are negotiable unless you are at an auction.

 

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Last Site Update: 05/25/16
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