Economist David Galenson has taken a statistical approach to determining which are the greatest works of art in history. He counted the number of times works of art appeared in textbooks between 1990 and 2005 and Picasso’s Les Demoiselles d’Avignon came out on top.

Applying economic theories to the process of valuing art makes a lot of sense to me. Art can be quantified to some degree and I think collectors can make more informed decisions when buying art if they educate themselves on these kinds of measures. But at some point, the value of art goes far beyond dispassionate economic principles and is really about actualizing a good idea.

The frequency of an illustration doesn’t seem to me to really explain what makes an idea good. Somewhere along the line you’ve got to find answers to why it’s so interesting.