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Financial Value of Fine ArtComparing a Movie and a Painting That Both Cost $135 millionGustav Klimt's portrait of Adele Bloch-Bauer was purchased for $135 million, the same amount of cash that it cost to create the Hollywood film "Pearl Harbor". (2001)
Is fine art too expensive? A frequent complaint heard against the world of contemporary fine art is the sometimes-exorbitant prices paid for artworks at auction. How is it that a painting made by the Dutch artist Vincent Van Gogh entitled Portrait of Dr. Gachet (1890) could fetch $82.5 million (US)? How is it that a mere creation of oil and pigment on canvas can be worth more than most people will make in their lifetimes? To many people, these prices seem outrageous and out of kilter with the product that is purchased. Cost of a movie versus a paintingOne might compare the film Pearl Harbor (2001) that cost about $135 million to Gustav Klimt's painting, the Portrait of Adele Bloch-Bauer that was purchased at auction in 2006 for $135 million (US). Both the film Pearl Harbor and the painting Portrait of Adele Bloch-Bauer are available to the public, in terms of buying a DVD of Pearl Harbor or purchasing a print or poster of the Klimt portrait. So if we as a society agree that it is acceptable to invest large amounts of capital for Hollywood entertainment vehicles that have artistic trappings, why not spend millions of dollars on one painting that transcends to the higher realm of the fine art world? The cost of the Klimt painting that is on permanent display was to purchase an anchor painting for a gem of a museum, the Neue Galerie in New York City. The cost of this painting makes it an instant celebrity, but make no mistake this is a masterful masterpiece by Gustav Klimt that is worth $135 million in terms of its beauty and context. Art is an artificial commodityThe value of fine art paintings, drawings and sculptures is very inflated and an artificial commodity of sorts. Perhaps we can understand a work of art being worth hundreds or even thousands of dollars, but for a painting to be worth many millions of dollars? History students may be reminded of the Dutch tulip mania, which is now used universally to describe a boom period of one particular commodity. Is fine art enjoying a temporary period of intense inflation of cost, or has fine art always been high priced? Art is worth buyingWhat we choose to spend our money on as a society says a lot about us and about the particular time in history that we occupy. Also, one needn't be a millionaire to be able to collect fine art. Prints and photographs especially can be a good and inexpensive way to build a lasting and meaningful art collection. Films and art both contribute to our entertainment and tell important stories that enrich our lives. Tha value? Priceless.
The copyright of the article Financial Value of Fine Art in Art & Society is owned by Mary Rayme. Permission to republish Financial Value of Fine Art in print or online must be granted by the author in writing.
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