Why Is It That Contemporary Art Has Such Great Value?

When people think about collectible art, the image that comes to mind is often of famous works of art by long-dead painters, mostly male, of course - a reflection of their times.

However, this idea is a long way from the truth; It is not that old paintings are not popular, but tastes, and the market, are so much more diverse. Quite simply, if you place a high value on contemporary art, not least the works of female painters, you will be in very good company.

If any proof of this were needed, one only has to look at what goes on at sales by the leading auction houses, such as Sotheby's.

True, sometimes they will sell old paintings by famous artists for huge sums, but so often what is sought after is modern and reflects contemporary styles, values and culture, making it popular with collectors living 21st century lives in modern homes.

This can be seen from auctions like the Modern & Contemporary evening sale in London on March 4th. While some of this may include popular 20th-century styles like impressionism and Pop art, it also includes many works from our own century.

Of course, what gets defined as modern and contemporary is very broad. Indeed, it may be that it is a wider array than with older art, as in the latter case it is only the styles that gained traction and took off that will get much attention, whereas today’s art may include much that is experimental but might not stand the test of time.

Whether that becomes true of shock-value items like Damien Hirst’s works involving animals in formaldehyde, or novelties like non-fungible tokens, remains to be seen.

However, if you like the contemporary art that is popular now, the chances are that you will be onto a good thing, meaning that what looks great on your wall today will still be popular way into the future. Just as the Art Deco of the 1920s still has its fans today, could 2020s art have a following in the 2120s?