​What Determines the Value of Artwork?

Speaking in most basic economic terms, high demand and shortage of supply creates high prices for artworks. Did you know a lock of David Bowie's hair sold for $18,750 at auction? Seriously?  Glasswork is valued on shortage of supply as well.  Usually, pieces are one of a kind, unique and labor intensive. You will not go to Walmart and pick fine art off of a shelf.  If you like it, it has value.