Hmm this has been wrecking my brains for the longest time, and I have come to the conclusion that firstly, Art is judged not by the common people (the layman, you, me) but instead, the art critics of today. Especially high flying art critics the likes of Lawrence Alloway and Roger Fry. What these people say of an artwork can make or break its value, no matter the cost behind the work.
Popular pieces of art are usually auctioned by various auction houses, and the auction house that an artist is attached to can make a great difference as well. One good example is Christie's, a leading art buisness and fine arts auction house. Being connected to such a company gives your piece of work excellent branding, and buyers generally see art auctioned at such reputable auction houses to be of a certain grade and value.
Finally, the cost of the work. The minimum value of the art should at least cover the cost of materials taken to create the work, generating normal profits for the artist^^ (econs is indeed useful).
In conclusion, everybody would like the pay the lowest amount possible for any piece of art, but with branding and criticism, certain pieces of art are deemed to be of higher value than others, make the artist famous, and monetary value of the works continue to snowball even after the artist's death.
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