Pandoro-Gate and the Art Market: Arbitrary Value Attribution

Luca Rossi draws parallels between the Chiara Ferragni Pandoro-Gate scandal and the contemporary art market, arguing that both rely on arbitrary value attribution. Ferragni's branded pandoro was sold at €12, far above the price of a standard industrial pandoro, with a promised donation to a hospital that was not proportionally fulfilled, leading to accusations of fraud. Rossi contends that in modern and contemporary art, value can be assessed by examining the work's title, project, context, and art historical references, combined with the artist's historical significance, to arrive at a price. However, he criticizes the art system for often assigning arbitrary prices to artists who emerged in the last twenty years or relying on outdated modern values. He suggests that a rating system for artworks, similar to the Michelin Guide for restaurants, could stimulate critical comparison and support emerging artists. Rossi calls for a more critical art system to counteract superficiality, placing responsibility on professionals educated in anachronistic art schools. The article was published on Artribune in January 2024.