This article is slightly dated, but it describes the controversy surrounding a painting called "On the Shore of the Seine" painted on a napkin by Renoir in 1879:
http://www.enupgrade.com/renoir/
How do you feel about owning art? Also, how is the monetary value of a piece of art determined?
You have to agree Thaddeus, that there is an element of hype and 'what an expert says', could and will increase it's perceived value.
Now, allow me to pose a question.
I saw the The Last Supper by Leonardo da Vinci, in Milan many years ago. Back then, I found the location of the painting from a tourist book on Italy. There were no guards, signs pointing the way, or anyone in the room where the painted wall was. Just a roped off line about 10 feet in front of the wall.
The question is; what's the difference between the Leonardo da Vinci painted wall, and the wall I painted white, in my living room?
I like owning a few paintings. I doubt if mine will ever obtain to great value.
The value of a work of Art is whatever the market will bear.
The value of piece of art is quite difficult to define crealy. It depends on a lot of factors. Pierre-Auguste Renoir is the France impressionist. This style of art was founded in France and artists who painted pictures in this style were quite poor, they hadn't even money for dinner. To support those poor people one rich France patron bought their paintings and collected them in his house.(Unfortunately, I don't know exactly how his last name is spelled)
However, time came and he died. He bequeth all those paiting to the Louvre museum, however, experts couldn't realize the value of them and were willing to get only a few of them. A brother of owner got angry and sold them by one in different countries. That's why Louvre and France have only a few paintings of impressionists.
This is what makes art so interesting to me because I feel that most people believe that there is a value to art, but the standards 'common people' have are often at odds with the experts.
Just as with Renoir, the 'Leonardo da Vinci' brand (forgive my word choice) is how the valuation is determined. However, consider the number of times that replicas have been made and how difficult is can be for people to see the difference.
That reminds me of a 'child painter' who had her first art show at the age of 4:
http://www.slate.com/articles/arts/culturebox/2007/10/my_kid_could_paint_that.html
There was even a documentary about her:
http://www.sonyclassics.com/mykidcouldpaintthat/
Given the fact that many artists were not well known in their lifetime, it is stunning that in the modern day artwork by many modern artists is valued highly as soon as it is finished.
