Is It Time To Visit An Art Gallery?

The Myth of Art and Wealth

The belief that art is only for the wealthy likely stems from the astronomical sums that famous artworks fetch at auctions. For instance, Leonardo da Vinci’s “Salvator Mundi” sold for a staggering $450.3 million in

2017 (source: Christie’s). Such figures are indeed beyond the reach of most people, but they represent only a small fraction of the art world.

Auction Prices: A Skewed Perspective

High-profile auctions often make headlines, creating the impression that all art is prohibitively expensive. However, these sales are not indicative of
the entire art market. According to the 2021 Art Basel and UBS Global Art Market Report, the global art market was valued at $50.1 billion, with a significant portion of sales occurring at much lower price points (source: Art Basel).
The Subjectivity of Art

Art is inherently subjective. What one person finds captivating, another might find unremarkable. This subjectivity extends to the value placed on artworks. While a Monet painting might sell for millions, it doesn’t mean that everyone appreciates it equally. Art collectors often view their acquisitions as investments, focusing on financial value rather than artistic merit.
Art as an Investment

Some collectors purchase art purely for its investment potential. According to a 2020 Deloitte Art & Finance Report, 85% of wealth managers believe art should be part of a wealth management service (source: Deloitte). This investment-driven approach can inflate prices, further perpetuating the myth that art is only for the wealthy.
Accessibility of Art

Despite the high prices of some artworks, many pieces remain accessible to the public. Art galleries and museums play a crucial role in this accessibility. Public galleries often house outstanding collections, allowing people to enjoy great works of art without the need to purchase them.