What is the value of a Work of Art ?

If an artist sneezes into a piece of paper and someone is prepared to pay a Million Dollars for it, then its value is one Million Dollars.

Value, measured in a monetary sense, relating to works of art is somehow a miraculous number pulled out of a hat.
There is no such thing like “real worth”.

Auction Houses set indicative values that are based on research of past selling prices for similar objects.

The price paid is a combination of rarity, execution, number of interested buyers and how much propaganda is made around the piece.

A lot of debate and politics go into determining a price.

Eventually, whatever someone is prepared to pay, is what it’s worth.