S2 Episode 6: What Makes Art Valuable? Eric's 8 Made Up Rules of Value, Pt. 1
11/14/22 • 19 min
In the first of a three-part series, Eric explores the concept of value and, specifically, what makes some art valuable and other art... well, not. Today Eric explores the different types of value, and then offers his eight rules that make a thing valuable.
Eric's 8 Made Up Rules of Value
- Rarity — the more rare something is, the more valuable it is
- Liability — the greater the risk, the greater the reward
- Expertise — the better you are at something, the more valuable you become
- Reputation — the better your reputation, the higher value you hold
- Investment — of time, of money. The bigger the investment, the greater the potential for reward
- Demand — the higher the demand, the higher the value. Tied to rarity, but not exactly the same. Not all rare things are valuable, and not all valuable things are rare.
- "Tag team" value — things of less importance become more valuable when they are “tag teamed” with something of value
- Usefulness — the more useful something is, the more utility it has, the more valuable it becomes
Do you agree with these? Disagree? Start a discussion in the Discord channel!
Eric M. Strong
IG: @art4business
In the first of a three-part series, Eric explores the concept of value and, specifically, what makes some art valuable and other art... well, not. Today Eric explores the different types of value, and then offers his eight rules that make a thing valuable.
Eric's 8 Made Up Rules of Value
- Rarity — the more rare something is, the more valuable it is
- Liability — the greater the risk, the greater the reward
- Expertise — the better you are at something, the more valuable you become
- Reputation — the better your reputation, the higher value you hold
- Investment — of time, of money. The bigger the investment, the greater the potential for reward
- Demand — the higher the demand, the higher the value. Tied to rarity, but not exactly the same. Not all rare things are valuable, and not all valuable things are rare.
- "Tag team" value — things of less importance become more valuable when they are “tag teamed” with something of value
- Usefulness — the more useful something is, the more utility it has, the more valuable it becomes
Do you agree with these? Disagree? Start a discussion in the Discord channel!
Eric M. Strong
IG: @art4business
Previous Episode
S2 Episode 5: The Basics of Intellectual Property, Copyright, and Protecting Your Work with Attorney Hillary Johns
Eric invites attorney Hillary Johns, who specializes in entertainment law and represents a wide variety of artists and creatives, onto the podcast to discuss some of the big issues artists face when releasing their intellectual property out into the world. Artists are so involved in the creation of their art that they often forget, or are simply ignorant, to copyright their work and take steps to protect themselves from others taking credit -- and potentially future royalties -- for their work.
Hillary explains the basics of copyright, licensing, fair use, and explains why you should think carefully about setting up contracts and agreements before collaborating with others on work. Too often artists collaborate without clearly spelling out who owns which ideas, and who contributed which parts of the finished work, only to get into legal battles over royalties when one of their works becomes commercially popular. Hillary explains some basic steps you can take to protect your work and keep others from profiting off your ideas.
You can contact Hillary Johns at:
https://www.hillaryjohnstriallawyermh.com/attorney/hillary-johns/
Phone: (310) 492-4009
Email: [email protected]
Eric M. Strong
Next Episode
S2 Episode 7: What Makes Art Valuable? Practical Ways to Add Value to Your Art, Pt. 2
Eric continues his exploration of how to create more value with your art in part two of a three-part series. Today's episode takes a deeper look at Eric's "8 Made Up Rules of Value," outlined in part one, and lays out some practical examples of how you apply each of the rules to your own work and business practices.
Do you agree with these? Disagree? Start a discussion in the Discord channel!
Eric M. Strong
IG: @art4business
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