The Price of Creativity: Why is Abstract Art so Expensive?

Abstract art, renowned for its intricate brushwork and enigmatic forms, has held a special place in the art world for many years. Nevertheless, the ever-increasing prices of abstract pieces have left numerous art enthusiasts and collectors questioning the accessibility of this beloved art form in our contemporary society.(https://www.artsy.net/article/artsy-editorial-art-industry-trends-2023)

First and foremost, high priced abstract artwork is a reflection of the immense skill and dedication of the artists who craft these masterpieces. Their work is a labor of love, a manifestation of boundless creativity, and a representation of years of honed expertise.

Now that we have given credit where its due, let‘s examine major key players, and therefore the major consequences, of increasingly unattainable prices for abstract artwork.

Major Players

A recent survey conducted by online art gallery Artsy portrayed an increase of art prices (abstract art ranking highest trending for 2023) among the majority of sellers; the key determinants being rising inflation costs and global economic and political uncertainty. Similarly to the prices, the demand for abstract art has surged in recent years as well, driven in part by investors and collectors who recognize the potential for substantial returns on their investments. Not to mention the ever-widening income gap, leading to an increase of people living in poverty, while simultaneously producing more billionaires and millionaires.

So how does all of this make the average abstract painting cost between 7k-15k? Kinda confusing I know. Let me break it down:

Art prices are INCREASING because of inflation, making them inaccessible to the majority of consumers THEREFORE only making them accessible to multi-million and billionaires ; and when your target audience has the disposable income of $80 million (this is not an overreach; billionaires on average can afford to spend upwards of $80mil annually when the average American only makes $60,000 annually) you can’t be surprised when prices begin to soar.

High- Priced Consequences

Increasing prices combined with a heightened demand intensifies the vast accessibility disparity between them. Art is a profitable investment and high prices attract high bidders; the art market is unfortunately not immune to late stage capitalist disasters creating yet another gap between art enthusiasts and the art they adore.

With a significant portion of the population finding art collection financially out of reach, many aspiring art lovers feel disconnected from the art world. They are left to admire from afar, unable to own art that resonates with them on a personal level. It deprives individuals of the enriching experience of surrounding themselves with creativity in their homes and spaces. Art is not merely an accessory; it's a source of inspiration, a conversation starter, and a reflection of one's unique personality. The inaccessibility of art limits the opportunities for individuals to embrace these benefits.

Is there a solution?

If you've been eyeing high-end abstract art but feeling a bit overwhelmed by the price tags, don't fret too much. The art market is a complex realm, and the rate of inflation, coupled with collectors' insatiable appetite for pricier pieces, won't change overnight. However, there's a glimmer of hope. You can start by seeking out artists and art brands that recognize the inequality in art accessibility. Many of them offer unique, affordable creations that can still satisfy your artistic cravings. So, while the Louvre-worthy masterpieces may remain a dream for now, there are plenty of talented artists out there waiting to adorn your walls with beautiful, affordable, high quality abstract art. This was the thought process when I developed my own art business, Excellent Aesthetics Art.

At Excellent Aesthetics Art, we understand the importance of making art accessible to everyone, regardless of their budget. We offer affordable abstract art in its purest form, as original canvases that capture the essence of creativity without the premium price, starting at only $80!. Additionally, for those seeking even more budget-friendly options, we provide canvas prints and poster paper prints that bring the beauty of abstract art to your space at a fraction of the cost.

In conclusion, while abstract art unquestionably deserves its high price tags, it's essential to address the growing divide between art enthusiasts and the art they love. By recognizing the importance of accessibility and offering affordable options, we can bridge this gap, ensuring that creativity continues to flow freely into the homes and lives of all who seek its inspiration.

Explore our collection of affordable abstract artwork and invite creativity into your space without breaking the bank.