What determines the value of art?

To an outsider, how the price of any artwork is determined is a mystery, but here is how you can begin to understand it.

When a layperson walks into a gallery and sees a hefty price tag attached to an artwork, one is almost always taken aback. What sets the price of an artwork is always unclear to most visitors. And some questions that are likely to swirl their minds are: how valuable is the work? Is the artist famous? Is all art expensive or is the price just a way to get people’s attention?