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How Do We Determine the Value of Art?

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A Francis Bacon triptych, "Three Studies of Lucian Freud" sells for $142.4 million.

Jeff Koons work sells for $58.4 million, making it the most expensive art by a living artist to sell at auction.

Is any art really worth this much or do a few wealthy investors artificially drive up the market to divert the rest of us from the reality of overall declining sales. If art is not worth as much as certain vested interests want us to believe, how do we determine the real worth of art?

Is it based on the notion of connoisseurship, the discriminating and fine taste honed by a well-trained eye, determined by objective analysis, or graded by the masses on a scale of 1-5 on Yelp?

Complicating this delicate determination of value is the high rate of theft. How does theft inflate the value of artwork and how do inflated prices promote additional theft?

Today, we talk to an appraiser, a critic, and a former FBI agent who recovers stolen art.

Red Cat Purple Dog
Credit Chion Wolf
"Red Cat Purple Dog" by Chion Wolf

Leave your comments below, email us at colin@wnpr.org, or tweet us @wnprcolin. 

Today's show was produced by intern Greg Dyson.

Guests:

Colin McEnroe is a radio host, newspaper columnist, magazine writer, author, playwright, lecturer, moderator, college instructor and occasional singer. Colin can be reached at colin@ctpublic.org.
Chion Wolf is the host of Audacious with Chion Wolf on Connecticut Public.
Betsy started as an intern at WNPR in 2011 after earning a Master's Degree in American and Museum Studies from Trinity College. She served as the Senior Producer for 'The Colin McEnroe Show' for several years before stepping down in 2021 and returning to her previous career as a registered nurse. She still produces shows with Colin and the team when her schedule allows.

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