Edward Hopper, Picasso, Andy Warhol, Damien Hirst, etc.
Includes many representative works by modern and contemporary artists

When did the price of paintings start to become expensive?
Is an expensive painting a good painting?
What determines the value of a painting?
It looks like an ordinary still life, but why are Cezanne's apples so expensive?
How Damien Hirst Became a Star in the Contemporary Art World

Art historical answers to the question, “Why is that painting so expensive?”

Uncovering the flow of Western art history through the secrets of painting value.
A popular lecturer in the humanities and arts who has given over 1,000 lectures since 2017 on broadcasts, in corporations, and in libraries, and the author of "The Usefulness of Love," a book recommended by President Moon Jae-in's "Pyeongsan Bookstore."
Artist Lee Dong-seop, who has shared humanistic insights into the field of art through books such as 『Van Gogh's Life Lessons』, 『Da Vinci's Life Lessons』, and 『Paris Art Museums, Walking Through History』, presents a new work after three years.
This is an interesting piece that delves into the flow of Western art history through the secrets of painting prices that drive the art market.


What secrets lie behind expensive paintings?
How are the prices of expensive paintings that drive the art market formed?
Among the numerous pieces of information about 'art', one thing that is particularly not abundant is the story about 'the value of a painting'.
While it's understandable that precious works that occupy a page in Western art history command astronomical prices, it's also curious why so much money is being poured into complex modern art.
The art market, where the price of a painting is determined, is a place where comprehensive factors such as art history, economics, history, and psychology are reflected.

If this piece were to come up for auction again, it would undoubtedly fetch a pretty impressive best offer.
He has been among the VIPs of the fashion industry and the art auction world, so he is a star even among Matisse still lifes.

--- From "Henri Matisse, the Painter Loved by VIPs Around the World"

Among the collections alone, it would be difficult to find a more prestigious work of Rothko's.
This is because it is a collection of the Rockefeller family, an American oil tycoon who made a decisive contribution to the establishment of the Museum of Modern Art (MoMA) in New York.
…from their eye for art collection and dedication to giving back to society, the Rockefeller family is a prime example of the art-loving upper class of America.
Because it was owned by such an honorable family, “White Center” holds a special meaning that goes beyond just being a painting.

--- From "The Most Honorable Family Collection, Mark Rothko"

British contemporary artist Damien Hirst (1965~) created “For the Love of God” using a 300-year-old human skull and a total of 8,601 diamonds.
According to the production cost of the work disclosed by Hirst, the production cost including the cost of materials and labor of technicians was 20 million pounds (about 35 billion won).
So, how much did Hirst put on this work? How much would it be worth today? To understand the answer, we need to understand the various factors that determine the price of a work of art.

--- From "It's Expensive Because It's Precious, Leonardo da Vinci and Michelangelo Buonarroti"

Until the late Middle Ages or early Renaissance, the price of a painting was equal to its production cost.
In the case of the most frequently painted religious paintings at the time, the cost of materials, including the highest quality pigments such as gold and ultramarine, wooden boards for painting, and luxurious frames, accounted for about 70 to 80 percent of the total budget.
Naturally, the painters' share was around 20 to 30 percent of the painting's price, and was usually paid on a daily basis.
Painters were considered simple technicians, like dyers or shoemakers.
Therefore, the duration of the work was more important than who drew it.
In other words, ‘price of work = material cost + labor cost’.

--- From "The Gap in Creativity is the Difference in the Price of Works, Andrea Mantegna and Damien Hirst"

As the prices of Impressionist works rise, the prices of Manet's paintings will inevitably rise as well.
The crucial reason for this phenomenon is that collectors of Impressionist works are willing to invest a large sum of money to own a Manet work in order to complete their collection.
Steve Wynn (1942~), the Las Vegas hotel tycoon and art collector known as the 'Casino Emperor' who purchased this work, already owned works by Renoir and Van Gogh.
--- From "Edouard Manet, the father of modern art who overthrew Da Vinci"

Starting with Cezanne, art that reproduced the world ended, and painters began to construct the world through paintings.
The two representative styles of the early 20th century, Fauvism and Cubism, both originated from Cézanne's spirit and attitude.
Therefore, as the prices of paintings by Matisse, a Fauvist, and Picasso, a Cubist, rise, the price of Cezanne's works is bound to rise due to his influence on art history.
A collector who owns a Matisse and a Picasso would naturally want a Cezanne.
So, Cézanne's next painting once held the title of the most expensive painting in the world.

--- From "The World's Most Expensive Apple, Paul Cézanne"

Fontana tore the canvas with a knife and punched holes in it.
That was it.
But this simple act was a rebellion and a challenge to the entire history of art.
Because it was an act that broke the tacit agreement that all painters had kept.
The painters' ambition was to express the truth of the world on canvas.
But when Fontana tore the canvas, a space was created behind the surface of the canvas, revealing its flatness.
'All the paintings you've seen in art galleries so far are fakes painted on canvas.'
--- From "Tear the canvas, a new art will open, Lucio Fontana"

"Portrait of Adele Bloch-Bauer II" was sold to famous American broadcaster Oprah Winfrey for $87,936,000 (approximately 114 billion won).
And she sold it again in 2016 for nearly double that amount, $150 million, to an unnamed Chinese collector.
In this way, the two portraits that had been hanging side by side in the Ferdinand Bloch-Bauer Mansion and the Austrian National Gallery were separated.
If a painting is a living thing, the lives of the two portraits overlap with the turbulent lives of Jews who survived World War II.

--- From "Six Reasons Millionaires Buy Paintings, Gustav Klimt"

When listing the 100 most expensive paintings in the world, the artist with the most works is usually Picasso.
Andy Warhol (1928-1987) hovers between second and fifth place.
There are four main reasons why the works of Warhol, known as the 'Pope of Pop Art,' are expensive.
Pop art is welcomed by both art museums and individual collectors because it possesses the historical value of art, a unique style of work that is easily recognizable at a glance, and a popular appeal that people like, whether because of its beauty or familiarity.
Here's one more thing you need to become a great artist.
The next piece is a crucial hint.

--- From "Marilyn Monroe Dodging a Bullet, "Turquoise Marilyn" by Andy Warhol

Even after these facts became known, Pollock's popularity only grew.
The enthusiasm of American collectors, who considered him the most American painter, was particularly fervent.
As the highest value that Americans cherish is individual freedom, Pollock best expressed it in his paintings, and Abstract Expressionism was considered the most American style of painting.
Moreover, the fact that Abstract Expressionism was a decisive factor in moving the center of art to America, eliminating the perception that Europe was the center of art, was a factor that strengthened the attachment of American collectors to Pollock.
So, it seems that American collectors consider 'Pollock purchase = measure of patriotism.'
Naturally, the prices of Pollock's works break records every time they come onto the market.

--- From "Jackson Pollock, the most American painter, must be expensive"

In this way, “Manjong” was brought to America, and the Americans were greatly impressed.
In the image of the couple in Millet's painting "The Angelus," Americans saw "good believers" who "worked hard and prayed gratefully according to the talents God had given them."
In France, the Angelus, a rural landscape painting, was widely loved in the United States, where it was treated as a religious painting fit for the new era.

--- From "Why France's "The Angelus" Was More Loved in America, Jean-François Millet"

Stars are objects of envy.
The most beloved painter in Western art history is Vincent van Gogh (1853-1890).
Exhibitions about Van Gogh are always a hit around the world, and his paintings rank number one in sales of reproductions.
Naturally, he is a top star in the art market.
As the saying goes, when the light is strong, the shadows are also dark, and Van Gogh's paintings also suffered at times.
This is especially true of the Portrait of Dr. Gachet, whose whereabouts are still unknown.

--- From "Bury Me with This Painting, Vincent Van Gogh"

Who benefits most from the sale of paintings in the art market? He or she is the driving force behind the market, and is also the most important figure.
It's an art dealer, a video dealer.
A painting is painted by a painter, but the art market is not driven by painters alone.
At least four people are required.
Artists (producers), collectors (consumers), auctioneers (sales distributors), and the dealers who mediate between them.
As a sales agent for artworks, artists must build close relationships with people in each field participating in the market, and furthermore, they must build strong networks with people who can influence them.
If it helps sell your art, you can also connect people who can use it.
--- From "There are operational forces in the art market, too, Pablo Picasso"

One reason this phenomenon occurs is because there is no objective standard for judging the price of a work of art.
The price of a painting does not increase because the paint or materials are expensive, and painters do not have separate qualifications.
Historical significance, the artist's creativity, and potential for growth will inevitably vary depending on the viewer.
So, there is no standard for judging a work of art as certain as the price determined at an auction.
An expensive work is a good work, and a good work should be more expensive.
This is also a factor in why works by contemporary artists occupy a large portion of the list of most expensive paintings.

--- From "Contemporary art reflecting the spirit of the times is expensive, Willem Duconing"

Because the auction house is structured so that only the first place is meaningful, the winning bid often exceeds the expected price by several times.
It is not only the auctioneer's influence that subtly encourages competition among bidders, but also the collectors' competitive spirit to win first place is triggered.
This was also the case at the auction of Italian sculptor Alberto Giacometti's (1901-1966) "Homme qui marche I" held in 2010.

--- From "The Will to Buy Determines the Win or Lose, Alberto Giacometti"

In this way, Andy Warhol was the first in art history to portray himself as a successful businessman (merchant) rather than a pure-hearted artist, and he went beyond being a star in the art world to become a celebrity in American society.
This reputation was absolutely advantageous for him in his business, that is, in his creative activities.
After becoming a star through his work, his fame as an artist went beyond his work.
Naturally, Warhol's work style, which was created by the color changes unique to silkscreen printing, was perceived more like the logos of global product brands such as Nike and Coca-Cola than as a unique artistic language.
Couldn't we call this 'Warholisation'?
--- From "Good business is the greatest art, Andy Warhol"

In this way, with the successive appearance of Matisse, Picasso, Kandinsky, and Malevich in the early 20th century, neoclassicism was pushed aside as an outdated and old style, and anti-classical style became the mainstream of art history, and academic painters such as Alma-Tadema were completely forgotten.
So, even though it occupied a space in a corner of the National Art Museum, visitors passed it by without a second thought, and it ended up in a position that no one wanted in the art market.
Even in the 1950s, there was a very scandalous rumor going around that The Finding of Moses was sold because of its frame, and that the frame was kept and the work was thrown away.

--- From "Values ​​Revived Thanks to Popular Culture, Lawrence Alma-Tadema"

As soon as da Vinci's name was attached, the price of the painting increased by a whopping 7,500 times, doubled in three years, and nearly doubled again in one year.
Compared to just before restoration, $10,000 became $450.3 million, a whopping increase of 450.3 million times.
In addition to the historical figure of da Vinci and his art historical value, the fact that this is a portrait of Jesus by da Vinci, who rarely painted portraits of men except for “John the Baptist,” also contributed to the rise in price.

--- From "The world's most expensive painting, Leonardo da Vinci, saved by restoration"

On the other hand, there is a painter who was completely unknown while he was alive, but suddenly became a star 200 years after his death.
Johannes Vermeer (1632-1675), a Dutch painter widely known to us as 'Vermeer'.
"Girl with a Pearl Earring" (Meisje met de parel), which captures the moment when a woman turns around to say something, is a masterpiece called the "Mona Lisa of the North."
In the artist's home country, it is treated as a national treasure, and whenever an exhibition is held abroad, it is a superstar-like work that attracts crowds.

--- From "Johannes Vermeer, the Painter Who Became a Star After His Death"

Hopper's paintings, which occasionally appear in the auction market, are highly competitive.
It is only natural that he is recognized as the most American of painters, has a reputation for his iconic work, “Nighthawks,” and has a history of having his paintings hung in the White House and been collected by some of the biggest names in the art world.

--- From "The Most American Painter Chosen by the White House, Edward Hopper"