"There is a good deal of non-malevolent wishful thinking on the part of members of the art world"

Inspired by the news that Italy paid $4.2 million last year to buy a small wooden crucifix that may (or may not be) by Michelangelo, ARCA's Noah Charney offers some thoughts on the value of art: "When it comes down to it, the value of works of art is a combination of authenticity, demand, and rarity—but the key to all components is that value equals perceived authenticity, plus perceived demand, plus perceived rarity. Because of the non-intrinsic value of art, perception is everything."