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"There is a good deal of non-malevolent wishful thinking on the part of members of the art world"

By Intellectual Property Law, Esq.

Inspired by the news that Italy paid $4.2 million last year to buy a small wooden crucifix that may (or may not be) by Michelangelo, ARCA's Noah Charney offers some thoughts on the value of art: "When it comes down to it, the value of works of art is a combination of authenticity, demand, and rarity?but the key to all components is that value equals perceived authenticity, plus perceived demand, plus perceived rarity. Because of the non-intrinsic value of art, perception is everything."

Full post as published by The Art Law Blog on April 23, 2009 (boomark / email).