The art market is best explained in an explicable way as it continues to capture headlines on the fascinating lavish wealth on arbitrary artworks. The provided artwork provides key aspects of the art market based on the understanding of artistic object valuation in the context of global marketplace (Kearney, Jonathan, and Mahram). About the market value of the provided artworks the art market gives different valuations to objects of the same class, and it is mostly based on a cultural value. The objects which are associated with superior cultural values are given a high estimation as compared to other works of art. For instance, the “love of God” sculpture has been proven to have a higher market value as compared to the other art objects provided. In overall, the art market provides a different valuation on items of the same category.
The market demand is a comparable factor which is used to determine the evaluation of similar items in the current upmarket. The higher the demand, the higher the valuation in the market setting. For the love of God human skull is coated with diamonds including a large pink diamond worth approximately 4 million pounds in the art market the valuation trends in art market adapt an economic trend for their origin countries while the head of Oni goes for approximately 8 million dollars. For instance: for the love of God artwork has benefited from increased wealth in its origin country as the valuation of this art is based on rich collectors and customers. Subsequently, the pricing method in art market considers aesthetic marketing trends in terms of size, scale, quality of material and as well as the intensity of the work.
Kearney, Jonathan, and Bahram Yu. “Elements of postmodernism, its criticisms and ironies in contemporary artworks of Jeff Koons and Damien Hirst, in Balloon Dog (1994) and For the Love of God (2007).”