Why is a work of art worth a huge amount of money?

There are
many ways in which to answer this question. Let me make a few points.

First,
not all works of art are worth a lot of money. Some will never be worth a great amount, even if
it is a good piece of work. There are other factors that have a bearing on price.

Second, when it comes to price, there are several factors: skill of artist, public
willingness to purchase, and level of rareness.

The skill of the artist does
play a role. Some artists are singular in terms of their skills and creativity. People will pay
a premium for artists like Vincent van Gogh. He was groundbreaking.

The
public willingness to pay for art also hugely impacts price. In a strong economy, people will
pay much more and in a down economy, art work will be discounted.

Finally,
the most significant factor in the price of art is how rare a piece of work is. Originals will
fetch the greatest price, because there is only one. Signed lithographs also are very costly,
because there is a limited amount. The less of something, the more the
price.