An expert from St Petersburg University joins Heinrich Terahertz to discuss pricing in the art world
Valeria Kolycheva, Candidate of Economics, Associate Professor at St Petersburg University, was a guest on the sixth episode of the second season of the popular science podcast. Together with the host, she discussed the possibilities offered by art statistics and addressed the philosophical question of whether inspiration can be measured.
The complex and multifaceted field of art economics emerged in the 1960s and today reflects the rapid growth of the art market, which is characterised by a lack of deflation. Painting remains the best-selling genre, where the artist’s idea is what matters most. In the speaker’s opinion, traditional fine art retains its value despite the development of digital art and NFT art.
Online course ‘Art Practice: Painting’
During the talk, the guest stated that creativity cannot be easily reduced to mathematical models. However, the reputation of a work of art is often influenced by economic factors such as supply, demand, fashion, public opinion, and marketing. Contemporary research has shown that the price of a painting or sculpture is determined not only by its aesthetic qualities, but also by its historical and cultural context. Galleries, museums, influential auction houses and discerning art critics play a significant role, shaping the market through their opinions.
Valeria Kolycheva also noted that recognition during an artist’s lifetime is not necessarily an indicator of true genius. History provides many examples of talents who were unappreciated by their contemporaries but received international recognition posthumously. This is because art is often ahead of its time, offering ideas and forms that society does not immediately perceive.
Consider the 19th-century French artist Berthe Morisot, for example, who was part of the Impressionist circle and exhibited her works at the Paris Salons. Her colleagues and her husband, Eugène Manet (brother of the famous painter, Édouard Manet), stood guard near her paintings to prevent any offensive remarks about the female artist.
Valeria Kolycheva, Candidate of Economics, Associate Professor at St Petersburg University
‘Today, Berthe’s creations are in high demand, and the themes of motherhood and family life that she explored are particularly relevant. Morisot was ahead of her time and deserved high appreciation, both pictorial and commercial,’ Valeria Kolysheva noted.
The economist from St Petersburg University also spoke about an article devoted to the influence of the creator’s personality on the perception of their work. Philosopher Roland Barthes argued that the author often overshadows their creations. In collaboration with her colleagues at the University, Valeria Kolycheva investigated whether the products of a person’s work can exist independently.
Extensive analysis of lots from the world’s leading auction houses has revealed that an artist’s personal characteristics—such as education, marital status, or tragic life events—have little influence on the value of their work. Mathematical and statistical methods indicate that the price of an artwork is determined primarily by its intrinsic qualities, including size, technique, material, and age.
‘It appears that a masterpiece exists independently of the artist’s biography, acquiring value through its artistic form. Collectors who prioritise aesthetics and appreciation for the artwork itself ultimately prevail. However, it is important to recognise that true art does not always conform to the logic of the market and often gains significance only over time. Its meaning lies in an idea capable of enduring through the centuries and inspiring future generations,’ explained Valeria Kolycheva.