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In my view of the world, value can be equated to overall impact, and art has impact. Beauty is in the eye of the beholder and creative works can be seen as expressions of beauty. Not all art is inherently valuable to all people, but to those who hold it in high regard, art commands a hefty price.
I realize this runs contrary to what most economists will tell you. To economists, value is derived from factors like supply and demand, usefulness, or the price people are willing to pay, but these factors are flawed. For instance, it’s not always true that the price drives value.
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