Artworks: From Material Value to Symbolic Value

Rachid Bekkaj

Elaine Alibrandi

Why are works of art so expensive? It's a question many people ask. Is it because the supply is limited and regulated? Is it because global demand is focused on a few specific names, or does the price reflect intangible values ​​such as reputation, history, or museum recognition? Is it due to market mechanisms that inflate prices (auctions, guarantees, signaling effects)? Are there other sociological factors that influence the price of artworks?

These questions are entirely relevant for anyone interested in art and artworks, touching on essential sociological elements, although the emphasis seems to be placed primarily on the economic aspect when a specific work of art is being sold.

This underscores the importance of this theme within the fields of sociology and art history. Our significant contribution lies in the fact that the study seeks to uncover new perspectives or information that enrich our current understanding of the art world and the transactions involving artists' works.

The value of a work of art is determined by various processes. Initially, it is determined by the artist and their gallery based on demand, the artist's curriculum vitae, the format, and costs. First, the price is set publicly based on competition among buyers, leading to auction effects, scarcity, and record-breaking prices. Second, prices are based on "comparable" works.

What causes a price to skyrocket?

Several factors contribute to the high cost of an artwork, such as its strategic rarity and institutional endorsement, as well as its origin, format, durability, and high production/maintenance costs. Finally, there is competition from a growing number of wealthy collectors (from various continents) seeking "trophies." According to the analysis, the aforementioned factors contribute to the high cost of a work of art. However, the last factor remains paramount: Those with the necessary financial resources are the ones who acquire these works.

Why Do Billionaires Buy Expensive Artworks?

In the world of billionaires, owning a significant collection of contemporary art is not simply a matter of preference or enthusiasm. Art can impart prestige and influence. Indeed, acquiring works by established or up-and-coming artists is a way to demonstrate one's wealth, social standing, and cultural status.

This activity transcends mere acquisition. Billionaires also use art as a means to reinforce their power and dominance in various sectors, whether economic, political, or social. They present themselves as leading patrons, supporting artistic creation and contributing to the cultural prestige of certain institutions or artistic events. These initiatives are frequently associated with a soft power strategy aimed at increasing influence and credibility. Thus, art becomes a powerful tool that allows the wealthy to solidify their legitimacy and enhance their reputation.

Our approach considers art as symbolic capital, that is, prestige, intended to signal social status and cultural influence, which can subsequently be converted into material capital.

We will therefore use content analysis to illustrate the link between creation and investment, drawing on concrete examples.

The Final Bid

Maurizio Cattelan's Comedian, a banana duct-taped to a wall, recently sold for $6.2 million to crypto entrepreneur Justin Sun, who remarked that the piece is not only a banana, but a "cultural phenomenon." The buyer, having eaten the banana, called the act "an homage to art history."

Cattelan considers his piece a reflection on what society values. However, the choice of title, Comedian, hints at something mischievously deeper – a statement on the nature of art and a playful jab at the art world.1

Of course, Cattelan was hardly the first to have a laugh at the literal expense of an elitist art establishment. In 1917, when Marcel Duchamp submitted Fountain, a porcelain urinal signed "R. Mutt," to an exhibition held by the Society of Independent Artists in New York, the controversial piece was rejected by the organizers, even though the exhibition was non-juried.2 In 1997, Greek art collector Dimitri Daskalopoulos paid almost $2 million in 1997 for a replica of the piece.3 Today, Fountain is considered a groundbreaking work that challenged traditional ideas about the nature and definition of what qualifies as art. This is indeed an example of a piece comprising a statement and a joke – that ushered in the Dadaist art movement.

Consequently, by the time Méret Oppenheim created Object (Le déjeuner en fourrure) – a teacup, saucer, and spoon wrapped in the brindled fur of a Chinese gazelle – in 1936, the art world was ready to recognize her Surrealist/Dada piece as an important work of art; in fact, in that same year Object was acquired by the Museum of Modern Art in New York, its first piece by a woman artist to be included in its collection. Certainly, Oppenheim was an original and independent artist who followed her own path, yet it seems the world, and the art world in particular, needs to be ready for originality and controversy. Would the art world have applauded her piece in 1917, when Duchamp submitted his Fountain, or would it have incited those same fierce debates?

In the early 1970s, artists began using menstrual blood in visual art as a symbol of resistance against the taboos and revulsion of women's natural bodily cycles. Judy Chicago’s Red Flag and Carolee Schneemann's Blood Work Diary, both from 1971, are examples, but there are many others.4 At first, these pieces were shocking because they had never been seen in – or as – art before. The Rape of the Sabines by Giambologna in 1582, and Francisco Goya's Disasters of War in the early 1800s dealt with shocking subjects, but as time passes, those issues being depicted in art become less and less shocking through habituation, in which the impact of the response to a specific stimulus decreases with repeated exposure to that stimulus.5

Judy Chicago’s Red Flag

From the end of World War II until the 1990s, many art movements have pushed the boundaries of what is considered art – for example, Abstract Expressionism, Conceptualism, Minimalism, Pop Art, Op Art. Since the beginning of the 21st century, however, -isms have for the most part have made way for trends.6 This is not to say that no one is creating anything new; technology is changing so quickly and offering artists new media and methods at lightning speed. Nevertheless, artists who were creating before the current time period had broken barriers and ushered in a world where art is not categorized by movements or convention.

Another reason for the lack of art movements is that, because of the Internet and social media, we are discovering artists from everywhere in the world; therefore, especially in the West, people are being exposed to the work of artists and artistic influences from around the world. Another result of exposure to social media is that no one is truly "shocked" at anything because social influencers are always trying to outdo each other to acquire followers, so the more outrageous the videos, the better, especially in the earlier years of the medium.7

In 2018, Banksy, an anti-establishment British artist who has never revealed his identity to the public, had his Girl With Balloon auctioned at Sotheby's. The painting sold for $1.4 million, but the moment the auction hammer fell, the piece began to lower itself through a hidden shredder that had been built into the bottom of the frame.8 The bottom half of the painting was cut into strips. Only Banksy, not even Sotheby's, knew about the shredder. The auction house has referred to the affair as "instant art world history." The piece was supposed to have been completely shredded, but a malfunction left the top half intact. The title was changed to Love Is in the Bin, and in October 2021 it sold at auction for $25.3 million.9

All of this begs the question: Do people invest in art, prestige, or a cultural experience? In the words Justin Sun: "… the piece is not only a banana, but a cultural phenomenon." Maybe buyers who spend exorbitant amounts of money on a work of art want to share in a particular artistic moment. Or, in Banksy's words from his series titled Morons (based on the $39.9 million selling price (including the 10% commission) of Van Gogh's Sunflowers in 1987): "I can't believe you morons actually buy this shit."

Banksy's Morons

Conclusion: The Reliability of Art Sales

Our perspective is clearly scientific. It concerns identifying what distinguishes the acquisition of a work of art from the acquisition of other products. In this context, it seemed appropriate to highlight the approach of art buyers, specifically the desire for a clear and genuine understanding of their motivations. Our contribution represents a way to acquire knowledge in a field that still requires understanding and scientific research. We adopted an approach that demonstrates how the acquisition of art embodies a reality of social distinction, and how the art collector equips themselves with the appropriate means to achieve this. It is a lifestyle that combines rational thought with social experience.

Our investigation has undeniably revealed that material capital plays a central role in research on symbolic capital. Its remarkable capacity to influence the art market and to highlight significant sociological facts through the impressive acquisition of diverse works of art is undeniable. In our presentation, we emphasized that the art market in itself is not socially neutral, as it is ultimately defined by billionaires.

Bibligraphy

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- Behavioral Scientist, The $2 Million Urinal: Why Hard Work Doesn't Cut It, Albert-László Barabási, December 4, 2018

- Dazed, Body horror: A history of menstrual blood in art, Isabella Greenwood October 21, 2024.

- Global Leaders Institute, The Arts in the Age of Social Media, December 13, 2024.

- Julien Delagrange, Art Issue, Maurizio Cattelan and the $6 Million Banana: The Comedian Conundrum, , November 22, 2024. Updated on April 15, 2025.

- Neurobiology of Learning and Memory, Habituation to repeated stress: get used to it. 2008 Aug 19;92(2):215–224.

- Art in America, The Defining Artistic Movements of the 21st Century, Art in America Staff, August 25, 2025.

- National Public Radio, A Banksy Piece Was Shredded At Auction In 2018. Now, It May Sell For Millions More, Sharon Pruitt-Young, September 7, 2021.

- My Art Broker, Banksy Series: Morons, May 15, 2021.