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Often the economics of art can seem a dubious concept, an understanding of which exists between buyers and sellers, but remains a mystery to everyone in between. The Worth of Art confirms these suspicions.The art world is a complicated one: an entity that is supposed to represent culture and education has become synonymous with Russian oil tycoons. Regular art connoisseurs can no longer afford works that they appreciate because nouveau riche bankers and families from emerging economies are looking to acquire status and investment products without any general knowledge of art and no generational wealth attached to their names.

Contemporary art has become a phenomenon by economic standards. Recent figures set by the American artist Andy Warhol and his contemporaries have made even the most enthusiastic art buyer nervous about the nature of the market. Auction houses have allowed prices, in some views, to get too high. While it is ego-boosting for investors to drop exorbitant amounts of money on art, the question often raised is the bubble effect this may cause in the art market. Art is not a monitored commodity; art sellers have been able to make ridiculous returns on their pieces.
Another factor that has alarmed artists is the characteristics of the buyer; the homes of Russians oil tycoons are not quite in the style most artists foresee for their work.

Emerging markets are not ignored in this insightful look at art as a trading commodity. China is expected to supercede America economically, if not only for its size buts its sheer consumer volume, as the new playground for art collectors. To such a degree, is this phenomenon worrisome, that some have speculated that contemporary work produced in China is perhaps of a lower quality than it would be, if demand were not so high. India is anticipated to share in the next rush.

Interesting facts are revealed, such as: consumers tend to purchase art from their own country of origin. Moreover, the story of the artist is seen as just as important as the artwork itself; the more elaborate the artist’s background or the circumstances under which the work is created the more worthy the artwork itself. This raises ageless questions around whether the artwork can be separated from the publicity of the artist.

The Worth of Art is a shrewd discussion for the skeptics who have long suspected the frivolity of the art market. New art buyers interested in entering the market are given insight to the industry and all its head honchos. The Worth of Art uses clever anecdotes to illustrate to what extent the human desire for superiority and acceptance governs the price of artwork.

Keywords: Art, Assouline, International