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Abstract


THE MARKET VALUE OF ARTWORK: EXAMPLE OF “THE SPLASH” BY DAVID HOCKNEY

The economies of most countries have been dealing with the major financial crisis nowadays. Although the whole art market seems to be affected by this recession, the works of famous artists are still sold at high prices. One of the recent examples of this situation is “The Splash”, the artwork of British artist David Hockney. The painting was auctioned for £ 23.1 million in February of 2020 though it had sold for $ 9 million in 2006. This article aimed to investigate the evaluation criteria as well as the reasons behind the increase in the prices of the artworks, especially “The Splash” by David Hockney. In conjunction with this purpose, the price change in the artworks of Hockney from past to present and its comparison with the price of the other contemporary artists’ works were examined within the scope of this study. Additionally, the issues of how the art market formed, what it was influenced by, which stages it went through, and which dynamics formed the market of artwork were discussed in the scope of this research. In this research, the qualitative methods of the literature review and work analysis were utilized together to evaluate the artworks of the artists in detail.



Keywords
David Hockney, The Splash, Art Market.



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