Abstract

Contrary to the received view according to which the value of works of art consists exclusively or primarily in their aesthetic value I argue that the importance of aesthetic value has been grossly overrated. In earlier publications I have shown that the assumption stipulating that the value of artworks consists exclusively in their aesthetic value is demonstrably wrong. I have suggested a conceptual distinction between the aesthetic and the artistic value arguing that when it comes to evaluation the artistic value, which reflects the significance of innovations exemplified by the work, is no less important than the aesthetic value. Here I take the argument a step further by suggesting that the aesthetic value is considerably less important than the artistic value. To show this I draw attention to a neglected aspect of art evaluation, namely to the monetary value of artworks. Although there is no necessary connection between monetary value of works of art and their aesthetic value or their artistic value, it can nevertheless tell us something important not only about the overall value of works of art but also about the relative importance of the two component values. I show that the enormous differences between monetary values of different artworks cannot be accounted for by the corresponding differences in their aesthetic value but can be explained by the differences in their artistic value.