Throughout centuries, art has been the subject of admiration by people all over the world. Many wealthy families hired artists to “immortalise” themselves on canvas. Over time, depending on the mastery of the artist, the demand for their artworks increased, subsequently causing an increase in the price of their work. So, the main factor which affects the price the most when valuing art is the name of the artist.
If we take the Scream by Edvard Munch which was last sold for approximately $120 million and compare it to a painting by Leonid Afremov; the Scream by Edvard Munch is literally speaking 5 thousand times more expensive that a painting by Leonid Afremov, but certain people may nevertheless find Leonid Afremov’s work more appealing. This brings me to the next point. This will come as no surprise to anyone but art is a subjective concept. Before, answering the question: “What is the value of AI Art?”, we first need to define “value” in the broader context of art. A good way to objectively conceptualise the value of art is to consider the views of several groups of people on what actually constitutes value.
Group #1: Art Enthusiasts.
These are people who are interested in art, are well cultured, occasionally visit art galleries and museums but do not really want or feel the need to invest in mega expensive works of art with famous artist names written all over them. Instead, they treat art as a means to bring new styles to their home, as something that would look great in their living room, bedroom or study. These people buy art because they like it without trying to read too much into the painting in hopes of finding some hidden meaning. So, often art lovers in these category end up buying amazing high quality art created by art companies like ours or emerging artists that have not become famous yet. This approach works quite well for price conscious customers that want to have a stunning painting on their wall that would fit their interior design and breathe new life into the room.
Group #2. Art Connoisseurs.
People that belong to this group are obsessed (in a good way) with art dedicating a lot of time to visiting museums and art galleries, learning about new art movements, biographies of different artists, history of countless artworks as well as critiquing works of art presented by emerging artists. These art experts will usually have an art-related university degree, a masters or doctorate specialising in a certain niche art movement or artistic style. For these people, art is their life. This means that at first sight a visually strange painting of a famous artist with a high price tag may reveal much more to these people than a what may seem as a more visually appealing artwork by a less famous artist to an art enthusiast. The point is, true art connoisseurs buy paintings sometimes not because of their visual appeal but because they see a story behind each stroke, each layer, each colour combination on canvas; an idea, a hidden meaning that the artist wanted to convey to the world.
Group #3. Art Investors.
Some investors in art do not care too much about the name of the artist or art as a concept altogether. Instead, they prefer to invest their money in art investment funds that host experts (potentially art connoisseurs) who then invest on the behalf of their investors in works of art that they think will appreciate in value and present good return opportunities.
Group #4. Corporations Buying Art.
This group of people are usually businesses who are looking to mass purchase art for various reasons. These could be art galleries purchasing famous art for display in art exhibitions; or corporations looking to purchase art both as an investment and a status-boosting office decoration; or finally smaller businesses simply looking to buy art to decorate the interior of their work spaces.
Therefore, depending on the budget, type of organisation and industry, businesses can invest in a lot of different art categories: from relatively inexpensive good-looking artworks from graphic design companies and emerging artists to famous works of art of international calibre.
In the second part of this blog post, coming soon, we explain where AI art fits into all of this. Stay tuned and be sure to share and comment if you liked the post. In the meantime, we invite you to check our Featured AI Art Collection.
