Why is modern art so expensive?
Modern art is a wide field, covering everything from around 1870 to 1970. But say "modern art" to someone on the street, and chances are they possibly picture something like this.
In a 2016 study of the British public, 28% of people don't consider this art. 65% of people don't think this is art. And 83% of the public definitely don't consider this to be art. Over 100 years after its creation, the work is still somehow as divisive and controversial as ever with the public, but that hasn't stopped record prices being set.I think most people think that modern or contemporary artists are having a laugh at their expense, and nobody wants to feel a fool.
The works aren't just made for profit. It's often only after the artist is dead that the art can fetch the incredible price that it's reached today. In 2008, one of Malevich's abstract works sold for $60 million, and the demand for these important modern works is only going to increase.The natural trend is for you to see a rise in prices, but that's because it's, these true masterpieces are rare to find because they're really all in museums.
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