1- Discuss write a long paragraph (or more) response that discusses your thoug

1- Discuss
write a long paragraph (or more) response that discusses your thoughts and opinions on how consumption and money play a part in the fine art world.
2- Rebly 0n A +B
A)consumption and money play significant roles in the fine art world, influencing various aspects of the art, such as its market and production. Art is often used to show off your luxuries. Wealthy collectors and investors purchase art not only for its aesthetic and cultural value but also as an investment. This demand drives up prices and contributes to the perception of art as an asset class. Money also determines the value of an artwork, such as the artist’s reputation or its historical reputation. High prices can also create a perception of prestige and exclusivity, making certain artworks more desirable. Artists also depend on their art for their economic stability; this can also influence their prices as desperate times call for drastic measures. If an artist sells at a gallery or with deals, this also affects their price range, as dealers often take a commission on the sale, but the upside is that deals promote the artwork, which often creates recognition. In summary, consumption and money are intertwined in the fine art world, affecting everything from the value of artworks to the artists.
B) The perceived value of a good is determined by how much demand there is for it, and the demand for a good is determined by the price someone is willing to pay. And though there can be other factors too — like rarity, history, authenticity, cultural significance — ultimately the market decides; in this case wealthy elites. I found the podcast episode and both chapter excerpts to be an interesting look into the fine art world and what drives it. In a lot of ways it reminded me of a game, and I imagine collectors view it the same. They line up before the art fair begins, rush to the galleries when it opens, network with friends, size up competition, sniff out speculators, all while keeping their intensions hidden and negotiating purchases. There can be a multitude of reasons why collectors buy — e.g., investment to flip, status signaling, addiction, to support artists, to donate, social climb, manipulate market, launder money, and more. It’s apparent that these key themes of consumption and money, play a huge role in the fine art world. Learning about this has not only led me to question the grand scheme of these events, but to also consider and question what the true value of art is.
On a side note, there’s a great Banksy video in which his original canvases are sold on the streets of New York City. A street vendor sells some of the pieces for $60 each to people passing by. Unbeknownst to them, they’re worth far more than what they paid. People bought them because they enjoyed the art, not because of the monetary value associated with it.