Aesthetic Value of Artworks
Art markets are distinguished from other markets because original artworks are unique. The assumption could be made that the price of an artwork would be positively correlated with its aesthetic value. However, people do not equate aesthetic value with the economic value of the artwork (De Silva et al., 2012). An explanation for this could be found in the statement by philosopher Edward Moore (1959, p. 82) that “beautiful artworks have objective, indeed, intrinsic value, but such value can never be captured by a definition or criteria based on natural properties.” Therefore, on this basis, in a discussion about the aesthetic value of an artwork, the investment yield would be irrelevant. Aesthetic value is intrinsic (Beardsley, 2013), including value of artworks. As observed by Mandeville in 1714, the price of artworks was then determined almost entirely by market demand, often by fashion, and by the search for distinction (Goodwin, 2006). Aesthetic value is based on the presentation of the artwork—that is, the form of composition, choice of colors, and so on—and the emotion the work can arouse, whereas the value of artwork involves not only its aesthetic value but also the environment—as in where the artwork is, be it museum, library, or in a street—and its background—as in the viewer’s personal background of novice or expert, educated or not educated, as well as the background story of the artwork itself—and even the cognitive processes of those viewing the work at that time (Hughes, 1993).