Or this?

這個呢？

Or this?

又或是這個？

It's a billion-dollar question.

這個問題很難回答。

Well, more than that actually.

嗯，其實遠遠不只十億。

It's estimated around $50 billion in art was sold worldwide last year.

根據估計，去年全球藝術品的銷售額約 500 億美元。

Compared to stocks or commodities it's hard to measure how much art is worth.

與股票和商品相比，藝術品的價值很難去衡量。

Why?

為何？

For many the value of art lies in the eye of the beholder.

對許多人來說，藝術品的價值取決於觀賞者的看法。

Meaning one piece of art could be worth a lot to one person and nothing to someone else.

代表一件藝術品對某人來說很有價值，但對其他人卻毫無意義。

You can get a sense of the ranging valuations of art in just one gallery.

你可以在畫廊中看見藝術品的各式衡量價值。

From one piece costing in the thousands of dollars.

從一件要價數千元的藝術品。

All the way to a Picasso in the millions.

到要價數百萬的畢卡索。

What makes a Picasso worth millions?

什麼原因讓畢卡索價值數百萬？

One reason is simple economics: supply and demand.

經濟學中有個簡單的因素：供給和需求。

Wealthy art buyers, whether they're Picasso enthusiasts or investors looking for a place to store their money,

有錢的藝術品買家，無論是畢加索的愛好者，還是在找地方存錢的投資客

all want to get their hands on a Picasso. But there are only so many Picassos left in the world.

都想擁有畢卡索的作品。但世上畢卡索的作品其實沒那麼多。

The supply shortage drives up prices as buyers outbid each other.

由於買家間互開高價，供給短缺使價格往上攀升。

So sales in the high-end art market come from a select group of in-demand artists

因此，高端藝術品市場的銷售，是來自一群受歡迎的藝術家，

whose work, like Picasso's, is considered scarce.

像是畢卡索的作品，普遍認為是稀有的。

The most expensive pieces of art sold across sectors last year were from artists who are no longer alive.

去年，在各行業銷售最昂貴的藝術品，都由已故的藝術家所作。

Even in contemporary art, 25 artists accounted for nearly half

即使是當代藝術， 在 2017 的前半年，

of public art auction sales in the first six months of 2017.

公共藝術品近一半的拍賣銷售額，就佔了 25 位已故藝術家

Put another way, the art market is like the professional golf market.

換句話說，藝術市場就像職業高爾夫球市場。

A handful of professional golfers make a lot of money, millions of dollars, when they win.

高爾夫球選手贏球時，少數人會賺很多錢，數百萬美元。

But there are many more golfers in the field who earn just a fraction of those winnings.

但在高爾夫球界中，有許多選手只能賺到獎金的一小部分。

The price for a piece of art isn't just about the artist's reputation.

藝術品的價格不僅與藝術家的名聲有關。

There are other factors at play, like the art's size and genre, its condition,

還有其他因素會影響，像是藝術品的大小、類型、狀況

the prices of similar pieces and where the work has been exhibited.

相似作品的價格及其作品的展示位置。

Art Fairs, like Frieze here in London, are an important venue for new buyers and they're likely to stay that way.

倫敦的弗里兹藝博會，是新買家的重要場所，而他們很可能會保持這種狀態。

Sales at art fairs hit an estimated $13 billion in 2016, an increase of 57% since 2010.

2016 年藝博會的銷售額估計達 130 億美元，比 2010 年增長 57％。

But half of art dealers in one survey

有一半的藝術品經銷商在一項調查中表示，

said the costs associated with exhibiting at art fairs are a top business concern.

藝博會展示的相關成本是最主要的商業考量。

This piece sold for around $20,000 and that's considered a good value.

這件作品售價約 20,000 美元，是還不錯的價格。

Even new buyers willing to spend thousands of dollars can be put off by the idea that

即使新買家願意花數千美元購買，但也會被一種想法所勸退

they need to spend millions to be part of an exclusive club of art collectors.

就是他們得花數百萬元，來成為藝術品收藏家專屬俱樂部的一員。

It's the million dollar buyers generating headline after headline of record sales in the art industry.

藝術界的百萬買家屢屢在頭版創下銷售額的新高。

The top end of the art market is dominated by a select group of players

藝術市場的高端是由一群

who are pretty private about their business.

相當注重自身商業隱私的買家所主導。

Which can make it tricky to value how much they're actually spending on art.

這樣很難估計他們實際花在藝術上的金額。

More and more art sales are conducted in private which attracts high net worth investors.

越來越多藝術品的銷售是私下進行，吸引了高淨值的投資者。

These wealthy buyers are also lured by tax breaks for art donations

這些有錢的買家也被捐贈藝術品的減稅，

or the prospect of making big returns on a piece of art.

或藝術品豐厚回報的前途所吸引。

Galleries, dealers and auction houses can be tempted to cater to high-end clients

畫廊、經銷商、拍賣行可能會受到誘惑，因為要迎合

who pay millions of dollars for art, and who keep coming back, instead of to the average Joe.

花上數百萬美元並不斷回流的高端客戶，並不會迎合一般民眾。

You can see this trend in a chart showing the value of art sales, the total dollar amount,

從圖表中可以看到這種趨勢，圖表顯示在去年全球藝術品拍賣中，

versus the volume of sales, the number of transactions, in global fine art auctions last year.

藝術品的的銷售價值、總金額，與銷售量、交易量的比較。

Art that sold for more than $1 million accounted for nearly half of the market's value in less than 1% of transactions.

售價超過 100 萬美元的藝術品，佔了近一半的市場價值，而交易量不到 1％。

China has been driving a lot of the growth in high-end art sales since the financial crisis

自金融危機後，中國不斷在推動高端藝術品銷售的成長，

as it mints new millionaires and billionaires looking for places to invest their money.

因為能吸引新的百萬富翁和億萬富翁，尋找他們的投資點。

China ranks third in global art sales after the U.K. and the U.S.,

中國在全球藝術品銷售中排名第三，僅次於英國和美國，

and those three countries combined make up 81% of global sales by value.

而這三個國家合計佔全球銷售額的 81％。

Just because some art costs millions doesn't mean you have to pay that much.

有些藝術品得花費數百萬，但不代表你得付那麼多錢。

A worthwhile investment can be art that you like for just a couple of bucks.

投資自己喜歡的藝術很值得，而且只需幾美元。

Hey guys, it's Elizabeth. Thanks so much for watching.

嗨大家好，我是伊莉莎白。感謝你的觀看。

Check out more of our videos over here.

從這裡看看我們更多影片。

We're also taking your suggestions for future CNBC Explains

我們也會聽你的建議，用在未來的 CNBC Explains。

so leave your ideas in the comments section.

所以在留言區留下你的想法。

And while you're at it, subscribe to our channel.

觀看的同時，記得訂閱我們的頻道。

See you!

下次見！