Art explained: Why is art so expensive? | CNN

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Why is art so expensive?

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Why is art so expensive?

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FILE - In this Sept. 9, 1954 file photo, Marilyn Monroe poses over the updraft of a New York subway grate while filming "The Seven Year Itch" New York. President Donald Trump has signed resolutions renaming two post offices in the Los Angeles area in honor of Monroe and rock 'n' roll legend Ritchie Valens. (AP Photo/Matty Zimmerman, File)

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Ukrainian artist Pavlo Makov poses by his piece 'Fountain of Exhaustion' at Ukraine's pavilion during a press day at the 59th Venice Art Biennale in Venice on April 19, 2022. - Eighty countries, including Ukraine, will have a pavilion at the 59th Biennale, which is set to begin on April 23 and runs through November. - RESTRICTED TO EDITORIAL USE - MANDATORY MENTION OF THE ARTIST UPON PUBLICATION - TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION (Photo by Vincenzo PINTO / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY MENTION OF THE ARTIST UPON PUBLICATION - TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION / RESTRICTED TO EDITORIAL USE - MANDATORY MENTION OF THE ARTIST UPON PUBLICATION - TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION (Photo by VINCENZO PINTO/AFP via Getty Images)

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Editor’s Note: Steven Murphy is the founder of Murphy & Partners, a specialist arts advisory firm. Prior to founding his firm, Murphy was chief executive of Christie’s International. This story is part of a series of videos answering some of the most popular questions about the art world.

CNN —

Ever wondered how art prices are set? Or, what makes one piece of art more expensive than another? In the short video above, the former CEO of Christie’s International and expert art adviser Steven Murphy explains how art is valued and how sale prices are agreed.