Money paid for works of art is unacceptable

The fact that huge amounts of money are paid for works of art is unacceptable at a time when many people around the world live in poverty. Discuss this statement and give your opinion.

Model Solution

The buying and selling of artwork for large sums of money have been a part of the global economy for centuries. However, there is a growing concern that this practice is unacceptable when a significant portion of the world’s population lives in poverty.

On the one hand, supporters of the art market argue that it provides jobs for artists and contributes to the cultural heritage of humanity. They also believe that wealthy art collectors have the right to spend their money however they choose. However, critics argue that the high prices of artworks are a result of a rigged system and that the money could be better used to address social issues such as poverty and inequality. They point out that the gap between the rich and poor is widening, and it is unacceptable for a few individuals to spend millions of dollars on a painting when millions of people struggle to make ends meet.

Conclusion: In my opinion, while the art market has its benefits, it is not a priority when so many people around the world live in poverty. Instead, the money should be directed toward improving the standard of living of the poor. However, the market for artwork will continue to exist, and there is a need to ensure that it is regulated and transparent, so that it benefits society as a whole.