Dixya Poudel

The world's present most costly painting The Salvator Mundi has come into limelight in a billion dollar art feud. The Salvator Mundi which means, saviour of the world, is credited in whole or in part to the renowned Renaissance artist Leonardo da Vinci. In 2015, the Russian fertiliser tycoon and oligarch Dmitry Rybolovlev accused Yves Bouvier of swindling him off $1 billion on 38 highly prized artworks including The Salvator Mundi.
Yves Bouvier is a Swiss art dealer who also happens to be a freeport storage magnate. It has been six years since Rybolovlev filed a lawsuit against Bouvier and it has now taken a new turn. Bouvier is gearing to file a billion dollar damage countersuit against Dmitry Rybolovlev claiming that Rybolovlev has damaged his reputation and business. This new turn has been the topic of discussion in the art world and even garnered a catchy title, "The Bouvier Affair."
Masterpieces created by renowned artists are highly sought after commodities in the art world. Certain paintings garner waves in the art world due to the amount of money they fetch in auctions. Auction sales are where an artwork is sold to eager collectors. These sales range towards millions of dollars. Since the works from the art geniuses are exorbitantly expensive, such great pieces attract the wrong and illegitimate side of businesses as well.
Throughout history there have been many art heists. Time and again, clever criminals have swindled the rich out of their money by selling fake and counterfeit artworks. Further, art can be easy to move around and thus is often subject to black marketing, fraud and illegitimate practices. They are even used to move finances with little accountability.
When considering the value of art, scholars mainly consider these four factors: Is the art great? Is it in demand? Does it impact culture? And who were the previous owners of the art? Quality, competition, culture and history are thus among the several determining factors in assessing the value of art. And at the core of any business is the worth or value of a commodity. The law suit against Yves Bouvier has highlighted the shady side of the art world where buyers can be scammed of billions of dollars.
Art is valuable because it speaks of human ingenuity. And it is certainly a triumph of human world. From Leonardo da Vinci's Mona Lisa to Vincent van Gogh's The Starry night, art speaks to people especially if it is a masterpiece. However, it doesn’t have to be spectacular to win hearts. Parents treasure their children's work of art. Children often pass their time drawing or painting and their amateurish works are lovable.
As professionals, artists often seek to replicate their imagination into their works. They thus channel their inner child to create works that speaks to the viewers. Successful artists today can make a comfortable living. However, unlike the developed nations, the underdeveloped societies don't seem to place much value on art even though they have their unique arts and architecture.
Today, transparency should be a priority in the art world. The Bouvier Affair has brought to light the influence of art in wealthier circles and the fraud it often incites. It has also proven how valuable works of art create sensational buzz in the media.