There are countless factors that go into determining the value of a piece of art. The artist, condition, size, historical relevance, proof of authenticity, and current art market can all have a huge effect.
There's also something to be said about whether the work is quality or not. Although, there have been a lot of questionable art pieces that have sold for millions.
For instance, Onement Vi By Barnett Newman went for $43 million. To me it looks like a blue ping-pong table. But art critics say it represents feelings of "loneliness" and "sadness."
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