A few recent quotes on how we determine the value of art:
And some thoughts on the matter by the ever-quotable Chuck Close:
"Perhaps the importance that we must attach to the achievement of an artist or a group of artists may properly be measured by the answer to the following question: Have they so wrought that it will be possible henceforth, for those who follow, ever again to act as if they had not existed?" (Walter Sickert, 1910)
"There is a widespread belief, not only among the general public but even among many art scholars, that artistic success can be produced by persuasive critics, dealers, or curators. In the short run, there is little question that prominent critics and dealers can gain considerable attention for an artist's work. It is equally clear, however, that unless this attention is eventually transformed into influence on other artists, it cannot gain that artist an important place in art history in the long run." (David Galenson, Old Masters and Young Geniuses, 2006, p. 3)
And some thoughts on the matter by the ever-quotable Chuck Close: