Beyond aesthetics: The hype, hollowness of art auctions - Vanguard News

I have never ceased to be alarmed by what I call “the absurdity” that anyone could offer $450 million for just different colors of paint splashed on a piece of cloth called canvas; or an image of some human, animal or other objects carved out of a piece of wood or stone. Four hundred and fifty million dollars! That’s Leonardo da Vinci’s “Salvator Mundi” – bought for $450 million in November 2017, shattering the record for the most expensive artwork ever sold.

Artworks are not alone in my interrogation of intrinsic values in objects. Gold, diamonds, and other so-called precious stones highly valued by humans also come under my query.

Excitedly he took as many pieces of the “rock” as he could carry and hurried home. He went straight to one of the goldsmiths and showed him the pieces of “rocks”. “These are gold. From where did you get these large nuggets?” the goldsmith whispered to the hunter in astonishment. “How much do you want to sell them? I will buy all,” the goldsmith started, warming up for the bargain.

From this story, we can see that what drove the value of gold in the community was its scarcity, rather than any intrinsic value. Highly priced artworks are also insured against loss resulting from theft, fire, or other types of damage. These tight securities and ability to grow in value make artworks safe investment options for the rich. An artwork auctioned today for a price will surely appreciate, double or even triple in price in the next few years. For instance, “Salvator Mundi”, which was once part of Charles I’s Royal collection, was sold for just £45 in the 1950s, though it was mistaken for a copy.

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