The great works of art purchase is not as is with normal public goods. Why then can’t art be able do fed and shelter us just like technology? What value have people therefore assigned art? According to Guest, (1), we concider art as feelings: the objective expwrience the the piece of art work instills in us. as such the quality of the artwork could be judged by how much feelings it evokes in us. As I investigate the value of art and why art needs to be assigned value just like technology so that it can feed and shelter us, this paper will establish the monetary, cultural and historical valuation of art. Additionally, it will discuss the reception of art work and art movements, as well art exhibitions that challenged tradition and subsequently broadened the definition of art present in contemporary visual artworks. Finally, the paper will outline the objectives and roles of public agencies involved in supporting the creation and installation of art before giving a brief summary conclusion on the findings.
Assessing the value of an artwork involve a critical analysis of the term value. In economics, value refers to a commodity’s worth as measured against others. In ethics, it implies to those desirable and worthwhile qualities of a commodity. It may also include rating something in relation to its perceived worth, usefulness or importance. Sometimes value can also be understood in paintings and photography as the darkness or lightness of the given image.
Monetary value refers to that property of having material worth. This is often indicated by how much money the property would bring if sold out. Monetary value of art has been an issue especially when it comes to how much is a given of art work decided. Smith (1) identifies that it is hard to seee art through the clutter of dollars. He asserts that the monetary value of art has been asigned by the new culture that differentiates