ANN/THE INQUIRER – Various factors, including historical significance, provenance, market trends, rarity, reputation, and sentimental value, play a crucial role in determining the demand for artworks in the art collecting world.
So when a Joya sells for over PHP100 million (around USD1.778 million) at an auction, which of these factors could have contributed to its interest among collectors? Is it Joya’s reputation as an internationally well-exhibited Filipino artist? His status as a national artist? Are these the same factors that drove up the price of a classic Amorsolo rural piece to millions?
Often, it is a combination of the mentioned factors that makes the price of an artwork to skyrocket. A common denominator among these factors is also how they are all socially motivated or, rather and more specifically, socially cultivated by the world of art collectors.
Art sociology scholar Olav Velthuis said, “The art market functions as a big consensus marketing machine.” Velthuis explains that this consensus is created by what important figures such as well-known curators, museums, and collectors are saying about a certain work or artist.
In other words, cultivated social significance is a main driving point for the value of an artwork.
