It is hard to imagine the astronomical values that works of art achieve at auction. Throughout human history, art has been valued differently in different cultures and for many reasons.
Material Value
Art may be valuable because of the materials that it is made of. The Egyptians used gold to represent the Gods and the sun above. Bronze statues could be easily melted down to make weapons. Art through history has been stolen and repurposed for its material value, regardless of cultural significance.
Intrinsic Value
From a business standpoint, intrinsic value may refer to brand names, trademarks, market values, etc. If an artist is famous or known as an artistic genius, perhaps someone deemed by the art community to be "Worth collecting", intrinsic value is imparted to the artist's work. Some artists. like Leonardo da Vinci were recognized for their genius in their own time, adding intrinsic value to their work immediately. Some artists' work, like Van Gogh's for example, became more valuable after their death.
Religious Value
Many works of art over time have been valued for their religious significance. For centuries, churches and religious organizations have commissioned works of art to beautify buildings and convey religious themes and instruction. Many years ago, these images and depictions were all that followers had in terms of a physical representation of Gods and characters from teachings.
Nationalistic Value
"Works of art have nationalistic value inasmuch as they express the pride and accomplishment of a particular culture" (Adams). From arches that depict battle victories in Rome, to the Tomb of the Unknown Soldier in Ottawa, art gains value in capturing the sentiment of a nation.
Psychological Value
Art gains symbolic value in its ability to stir emotions in the viewer. A great example is Munch's The Scream. The viewer feels what the artist is hoping to convey, and as such build a connection to the piece.
Excerpts from "Art Across Time" by Laurie Schneider Adams.
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