This certainly impacts the value of the piece. In basic terms, this means that the artist's background or his or her training and art teachers, degrees completed, and other credentials are important. Most of us understand the concept that, in simple terms, a work of art by an established artist is worth more than a piece by a lesser known artist. For instance, a Van Gogh usually commands higher prices at auction than a work by someone less well known, like Joe Smith. This is a simple concept.
Art is like anything else that can be marketed.
This is why we have to conduct some research before we buy. We are also aware that in most cases, the price and value of a work of art by a dead artist is higher than that of a living artist. This is another simple point that makes sense to most of us since it's hard to get a new Joe Smith painting once he has passed on. Let's dispell some myths. The smart collector doesn't get hung up on this point about dead versus living artists.