Painting By Numbers: How Do We Put a Price on Art?

Who decides the value of a piece of art? And how do they come to their conclusions? In May, Andy Warhol’s 'Shot Sage Blue Marilyn' sold at Christie’s for a record £158 million, making it the most expensive painting of the 20th century – but it is merely the biggest wave in an international tsunami of art sales. Jelena Sofronijevic speaks to Mary-Alice Stack, Chief Executive at Creative United, and Erling Kagge, polar explorer, former politician, and author of A Poor Collector's Guide to Buying Great Art, to discuss placing a value on creativity.

• “The price is reflective of the market, not the value of the artwork.” – Mary-Alice Stack
• “Now, we don't talk about art, we talk about the art market,” – Erling Kagge
• “Art fairs are the least best place to buy an artwork.” – Mary-Alice Stack
• “There was a time when galleries felt like the preserve of the moneyed classes.” – Mary-Alice Stack
• “There's a sense that if you need to ask the price, you can't afford it.” - Mary-Alice Stack
• “Fantastic art is being made every day.” – Erling Kagge
• “The auction houses are competing against themselves.” – Mary-Alice Stack
• “What matters to artists is the creation of the work in the first place.” – Mary-Alice Stack

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Written and presented by Jelena Sofronijevic. Group Editor: Andrew Harrison. Lead Producer: Jacob Jarvis Producers: Jacob Archbold and Jelena Sofronijevic. Audio production by Jade Bailey. THE BUNKER is a Podmasters Production

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