The $120K Banana: Defining Value in the Art World
The world of contemporary art is mysterious and at times economically inexplicable. As a result, public perception towards the art world is often plagued with assumptions of contemporary art being over-priced and even over-valued in itself. This begs the question, is this really so far from the truth? One such piece of contemporary art that characterizes this perception is “The Comedian” by the Italian artist, Maurizio Cattelan. “The Comedian” is a painfully obvious piece of art; it is simply a banana duct-taped to a white wall at the Art Basel Miami, one of the most exclusive international art fairs in the world. The absurd simplicity of the artwork caused an uproar amongst art-goers and online observers alike. A great point of contention was the inconceivable price-point; three editions of “The Comedian” were sold at prices ranging from $120,000 to $150,000. While the selling price divided critics and art-lovers, it highlighted a key point of discussion: the inherent value of art and its translation into a justifiable economic value or selling price.
As “The Comedian” was receiving a great deal of attention, David Datuna, a performance artist, ripped the art from the wall and ate it. When Datuna was asked what the banana tasted like, he responded with “$120,000”. Although it is likely that Datuna made this comment in jest, it still brings up an important question: what exactly is the value of this artwork and how can we determine it? When attempting to quantify the value of art, it is important to consider the qualitative factors that make art inherently valuable to those who buy and sell it. In the art world, the value of art is characterized by its intention rather than its functional value. In the case of “The Comedian”, the value of this artwork is based on the meaning behind its conception rather than the value that comes from taping a banana to a wall. Upon initial viewing, this artwork likely comes off as comical or absurd, which is exactly Cattelan’s intention. “The Comedian” is a comical piece of art that buys into the preconceptions of contemporary art being over-hyped and pretentious, while challenging both art critics and the general public. The value of “The Comedian” ultimately lies in the criticisms and commentaries it intends to incite. This is why the Art Basel simply replaced Cattelan’s banana after Datuna ate it, since the value of the artwork is not derived from the inanimate objects themselves. Additionally, those who purchase “The Comedian”, are also expected to replace the materials after a period of time. However, they receive a certificate of authenticity to prove that their artwork is a true “Cattelan” and not a replica, which would take little to no effort to recreate.
There are other significant considerations that affect the value of an artwork aside from its intention. Art collectors will not spend hundreds of thousands of dollars for a piece of work solely based on its conceptual value, they will also consider the artist. Cattelan is a cult figure in the contemporary art world and his art will likely hold a place in the art history canon; therefore, his prestige and reputation will ultimately increase the value of his work. If a relatively unknown artist replicated this idea, their artwork would not sell for nearly as much as Cattelan. Another factor that increases the value of an artwork is public interest, press coverage, and notoriety. “The Comedian” was so popular that the installation had to be removed to prevent any potential damage to itself or the surrounding art. It also attracted attention from major publications like Vogue, The New York Times, and The Guardian. As public interest spiraled out of control, both the demand for Cattelan’s artwork and its value increased. Thus, when considering the inherent value of an artwork, one must consider its intention, the artist, and cultural significance and influence of the work.
But why exactly did Cattelan’s piece sell for $120,000 instead of $50,000 or $400,000? The absurdly high prices that dominate the art market are a product of strictly controlled forces of supply and demand. The demand in the art market consists of a handful of wealthy art collectors; this clientele is carefully vetted and must be approved to purchase art, since the ownership of notable artwork needs to be tracked throughout its lifetime. This is coupled with an even more limited supply of unique art and sought after artists, all of whom are represented by a handful of highly selective art galleries throughout the world. The exclusivity that dominates the demand and supply (to a greater extent) in the art world forms a “winners-take-all” market, where a small subset of artwork is being sold for unusually high prices by an exclusive group of well-connected collectors.
The majority of artists will never be able to sell their artwork for hundreds of thousands of dollars in their career like Cattelan. But why is it that Cattelan found success when there are working artists with just as much talent? An artist’s ticket to financial success cannot happen without gallery representation and a catalogue of strong work. Galleries are the key to developing an artist’s potential and greatly influence the economic value of their work. In fact, galleries set the price and ultimately determine the market value of the artwork since they mediate between the collector and the artist. When galleries determine a price, they consider the aforementioned factors (intention, artist, and cultural significance) but ultimately base their pricing decisions on their subjective view towards the value of a specific art piece in relation to similar artists and artworks in the market. This price setting may appear to be inefficient and baseless, but determining efficient pricing towards a commodity with no objective measure of value is simply impossible. Without an objective measure, a select few established galleries must set prices to signal the value of an artwork to their clients, thereby using high prices to suggest value rather than to justify value. The Marian Goodman Gallery, the gallery that represents Cattelan, likely valued “The Comedian” at $120,000 to signal the value attributed to his artistic vision and reputation, while also considering the prices set for other related contemporary artists of his caliber.
Unfortunately, the nature of the art market makes traditional discussions around economic value difficult. This is why it is difficult to justify the $120,000 price tag for “The Comedian” on the basis of efficiency since artwork is not a traditional commodity and its inherent and economic value are both heavily based on subjective measures. However, the art market still operates successfully because the artists, art collectors, and art galleries all collectively agree that art is valuable and unique, and thus rely on galleries to signal this value through their price setting methods. Ultimately, the true value of “The Comedian” is just as abstract of a concept as the art itself, but this makes its analysis an even more thought-provoking and worthwhile undertaking.