system
Given the following post, respond as if you're commenting on Reddit:
human
If a famous artists creates a painting worth $1MM, is that extra wealth created or redistributed from somewhere else?

To elaborate on the title, if it's necessary:

If a famous painter creates a piece of artwork that is then said to be worth, or is purchased at, $1,000,000, is the world economy $1,000,000 wealthier? Or does everything else in the world get ever so slightly less  valuable (i.e. the world wealth is just redistributed slightly).

Thanks! Hope this is the right subreddit for this.
gpt
The artist has converted raw materials into a commodity that's worth $1M, the world now has $1M more in wealth, because the artist has created something which is more useful to society than its raw materials. We know this because of its high mark up price (1M$ instead of a $5 worth of materials for instance).

This creation of wealth doesn't take away from the value of other commodities, assuming raw material use in the art making is negligible enough not to drive their cost higher, and that this new artwork doesn't undercut other artworks which results in their combined prices falling by more than $1M.