This is where the Veblen effect kicks in. The demand for some luxury goods increases as the price goes up. This is because these goods are not desired for their quality or aesthetics, but simply because they are expensive, and as you said in your point 2, allow to show off. A banana taped to the wall doesn't express anything, doesn't mean anything. In fact, it's a piece of garbage. But when you pay 6 million dollars for it, this stupid banana becomes a symbol of your status. And there's really nothing more in it.
I find it really silly, especially when you think of all the young talented artists that sell for under 10k. Their work is nicer imo and would probably positively impact them to buy their work. Instead you waste your money just to flex.
In math and the sciences, an important published result is often unintelligible to the general public, for obvious reasons. I wonder if something similar applies in the art world. Perhaps something that might appear mundane or silly to the general public (a banana taped to a wall) actually makes a lot of sense to people plugged into the art world? People who understand the concept of the piece and its importance in the art community? Just a guess on my part. (As for the high prices, I have no idea what goes into the process of assigning a value to a piece). What are your thoughts?
The concept of the piece is important but I do believe in allot of cases it is just a flex. I met a gallery owner this week and when I told him I'm going to art Basel Miami, he said the artwork at that show, allot of it is over valued "stuff". So I do believe that allot of the work is not actually that interesting other then the price tag attached.
Wonderful video. I don't like a lot of the modern art . It really has no feelings or emotion in it. But in the end those pieces are about money not emotion. In the end the banana will rot and be a expensive smelly thing dripping down the wall.
This is where the Veblen effect kicks in. The demand for some luxury goods increases as the price goes up. This is because these goods are not desired for their quality or aesthetics, but simply because they are expensive, and as you said in your point 2, allow to show off. A banana taped to the wall doesn't express anything, doesn't mean anything. In fact, it's a piece of garbage. But when you pay 6 million dollars for it, this stupid banana becomes a symbol of your status. And there's really nothing more in it.
I find it really silly, especially when you think of all the young talented artists that sell for under 10k. Their work is nicer imo and would probably positively impact them to buy their work. Instead you waste your money just to flex.
As for Birkin's bags, I absolutely agree here. From prices on them becomes simply funny. Banana and Scotch - it's something else!
It's really crazy
Definitely agree for the Birkins
@@jamieburak1126 yess 😎
In math and the sciences, an important published result is often unintelligible to the general public, for obvious reasons. I wonder if something similar applies in the art world. Perhaps something that might appear mundane or silly to the general public (a banana taped to a wall) actually makes a lot of sense to people plugged into the art world? People who understand the concept of the piece and its importance in the art community? Just a guess on my part. (As for the high prices, I have no idea what goes into the process of assigning a value to a piece). What are your thoughts?
The concept of the piece is important but I do believe in allot of cases it is just a flex. I met a gallery owner this week and when I told him I'm going to art Basel Miami, he said the artwork at that show, allot of it is over valued "stuff". So I do believe that allot of the work is not actually that interesting other then the price tag attached.
Dominique the documentarian!
Yes 😎
Art nowdays is mostly crap something thrown together and just because of the name on it its supposedly worth thousands. And im an artist!
Yes it's really interesting what goes into it to evaluate the piece
Wonderful video. I don't like a lot of the modern art . It really has no feelings or emotion in it. But in the end those pieces are about money not emotion. In the end the banana will rot and be a expensive smelly thing dripping down the wall.
@dennisbarker5986 no the crazy part is the guy bought it and ate it 😒
@DominiqueFlux wow that blows my mind . Maybe edible art is the next nft.
@dennisbarker5986 lol maybe
Rich people can afford to waste their money, or is ot money laundering
I'm not sure, I don't know enough about money laundering