Ever since human civilization began, artwork has fascinated everyone, from the common man to the wealthiest. During the Renaissance, sculpture and canvas painting became increasingly popular, and for the past 400 years, the wealthy have purchased expensive art to express their elegance and supremacy. A total of 36.7 million pieces of artwork were sold through public and private auctions in 2021, generating $65.1 billion in revenue. In 2016, Saudi Crown Prince Mohammed bin Salman bought the famous Italian painter Leonardo da Vinci's artwork “Salvator Mundy” for $450 million, and it was the highest-selling artwork in the art world. Meanwhile, in the world of modern contemporary art, many people consider "Interchange," painted by Willem de Kooning, to be very simple, but it sold for $300 million in 2015. Along with art from Renaissance maestros to modern contemporary artists, Pak's NFT titled "The Merge" sold for nearly $92 (91.8) million. Seeing these artworks, many people may wonder why people are spending hundreds of millions of dollars to buy these works of art. In today's video, we will explain - why modern art is so expensive?
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Video Sections:
00:00 - Introduction
01:52 - Overview
07:01 - Why Modern Art is Expensive
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