Why art is so expensive

I remember when I was a little teenager I came across such paintings I found them appealing but I didn't really understand why they are so important however what I came to know how much they really cost? I was absolutely shocked. let me ask you how much do you think this one costs, a few thousand dollars maybe a hundred thousand dollars, how about a couple of millions believe it or not in 2017 it was sold for a staggering 450 million dollars and became the most expensive painting to ever be sold at an auction. But how did they come to that number?

Reasons behind an expensive painting

money

There isn't any specific mechanism to figure out how much exactly a painting should cost however there are certain factors that could possibly affect the price that's why they are sold at auctions. whoever is willing to pay the most will take the painting home. The first and most important factor that raises the price of the art is the year it was painted the older it is the more expensive it gets Salvatore Mundy was painted by da Vinci in 1504. Lu twelve throughout five centuries it had exchanged the hands of the elites around Europe and somehow survived to our day which makes it even more valuable. The artist's name is equally important da Vinci is famous for his masterpieces he was a scientist, inventor, mathematician, historian, engineer, architecture, painter, writer, and so on but most importantly he is the author of the most famous painting in the world Mona Lisa. This automatically raises the value of all of his other paintings including Salvator Mundi since these paintings are so old they haven't been always protected properly I mean they weren't always as valuable as today. Many of them have been damaged multiple times and a lot of money and time has been spent to restore them since it was an auction. In 1763 Salvator Mundi disappeared from the record for over a century until it was bought by a British collector in 1900. The painting was damaged from previous restoration attempts and has been attributed to a follower of Leonardo but then Deno Lewin 8 and for the next hundred years, it was believed to be a copy that's why it was sold at an auction in 1958 for just $59 legit. 

In 2005 the painting was resold for $10,000 to a consortium who believed that it looked like a copy because it has been heavily over-painted so they have spent the next few years restoring the painting and the work eventually was authenticated to da Vinci which skyrocketed its price and that's how a simple painting suddenly became so expensive. But that's just part of the story because the real reason why a piece of art that looks like it was painted by a little kid is suddenly sold for millions of dollars. let's say you're a multimillionaire you buy a piece of art from the primary market for $1,000,000 and hang it on the wall of your office after five years you make twenty-two million dollars. You won't have to pay a lot of taxes on that however here's how you can avoid that, remember the lines of the article purchased for $1,000,000 surprisingly now it worth seven million dollars its value has increased over the last five years. Since you're such a generous guy you donate that piece of art to your favorite museum and you did those seven million dollars as a charitable deduction from your twenty two million dollar income. Now you pay taxes on only fifteen million dollars congratulations you have saved millions of dollars in taxes the media spreads the news about what a generous person you are. Since you have donated a piece of odd that costs seven million dollars and the museum puts your name right beside the painting so everyone knows that it's you who donated it and that's my humble opinion is why art is so expensive. Art is great however the real reason why they are so expensive has nothing to do with the art itself the elites of the society use art to avoid taxes and boost their image.