What gives value to art?

Art is a creation that have beauty, that is admired and valued by people, and
creating this artwork requires skill and excellent imagination to give a simple creation an
aesthetic value. So, what gives an art its value? Why would someone pay huge
amounts of money just to get it?

As a normal human or you can say student, I can tell you that anyone that buys
art for huge amount of money is just buying it for its monetary value and for the prestige
they will gain on having that artwork and it is an objective way of looking at art.

But sometimes people see art subjectively, having or getting a bit of a thrill or
something that reminds us of someone or memory just by looking at an artwork. Art
seen this way can have different values because every individual doesn’t have the
same interpretation of something, they see for the first time. We all have different
opinion about something.

I think what truly gives art its value is a combination of both the objective and
subjective factors. The subjective part of it is the emotional value that the artwork has or
effect in you combine that with the objective factors such as the paint, the canvas where
it was painted, the style or technique the paint is applied. The history of the artist, the
quality and its rarity.

Art is given different values mostly because of the objective factors that
surrounds it. An example of this is the painting of Richard Gomez called The Yellow
Painting, someone said that the price of his artwork valued at 196,000 Pesos was
because of the status of Richard Gomez as a public figure, meaning his popularity.

Even if he explained the meaning of his work which he said that it shows lust,
self-pleasure and power, the value of it increased because of who he is as a person and
his social status. Knowing these things, I realize that regardless of the emotions or
feelings that a work makes you feel. It is mostly the objective part of it that gives art its
value. It starts out subjective, then it becomes objective.