The Economic Concept of Art

In addition to the cultural and artistic value of an artwork, there is its economic value. Although artists do not create their works for sale, every artwork will be subject to supply and demand, because every artwork needs an economic value in order to find its place in the market. Although art in the modern era has acquired an economic dimension, the “price” of a work of art cannot fully determine its total value, because artworks are distinguished from economic goods by their qualitative uniqueness. The economic interpretation of art and culture in the modern era assumes that culture and artistic creativity are treated as a resource to be used, an asset to be protected, and a store of value. Although interacting with art can be a very personal experience, artworks themselves cannot exist outside of the economy.