Who Decides the Price of Artwork in Singapore?

Cheong Soo Pieng’s Fishing Village The value of artwork can be impossible to predict. Works that are exquisite in the eyes of some people may possess a lower value on the art market, while other works that are difficult to understand may value shockingly high! The truth is, what makes an artwork valuable is the culture, history, and aesthetics contained within the artwork itself. However, there are other aspects that determine the price of an artwork. The value of an artwork is determined by two factors. The first is the artist’s self-appraisal of their artwork, which is dependent on the amount of time spent on completing the artwork, concept, and medium used. The second factor is current art market rates as compared to the past, age of artwork, the artist’s teacher and the price of artwork by their peers. Fan Chang Tien’s Five Cranes amidst Pine Grove There are some artists who cannot bear to sell their own artwork, and their works have gained little traction on the art market. These artists, after consulting with their peers and determining the value of their own artwork, decide to sell their art at a very high price, only to find themselves unable to sell their artwork. At the lack of buyers for their art, they might lament: If my peers, and even my students, are able to find buyers for their highly-priced artwork, why is there no market for my art? Some of them might even grow frustrated and upset, and might find themselves complaining about how another artist’s artwork, who they deem as poor, is in demand when their artwork isn’t. This is because these artists might have neglected the value of promoting their artwork. Read the full article here!