Quote by Mukti Khaire

“In the case of cultural goods, a particularly complicated equation determines value. The socially constructed nature of the valuation process in markets is most clearly visible in the creative and cultural industries because creative works such as art, books, music, and fashion have greater symbolic than material value. For example, readers value books not because of the physical materials (such as paper and ink) that go into the writing and publishing of a book but because of the ideas that the book symbolizes. Special knowledge is required to interpret, understand, and convey this symbolic value and to evaluate cultural goods; individuals need to understand something about art, the history of aesthetic movements in the art world, and the evaluation criteria for art (for example, originality, rarity, technique) to know not only why works by Raoul Dufy are valued but also why they are less valued (and therefore, also less expensive) than those by his contemporary, the abstract artist Pablo Picasso. Thus, the symbolism inherent to cultural goods—which distinguishes them from strictly utilitarian goods, such as, for example, paintbrushes—creates a barrier to their understanding and valuation.”

Quote by Mukti Khaire