The text is divided into two parts: the theoretical and practical or project part. The theoretical part presents the elements that make up the phenomenon of art: the spectator, the artwork and the artist. It proposes various simulations in ord V določenem času so tako mogoče bolj popularni realistično naslikani motivi aktov, pejsažev ipd., v naslednjem obdobju pa več interesa preide na abstraktno umetnost. Poudariti je treba, da trg sicer obstaja v obeh sferah, tako splošni in strokovni, vendar ko bomo govorili o trgu, bomo imeli v mislih splošni (ljubitelji umetnosti, nestrokovno poučeni zbiratelji ipd.) in ne strokovnega dela trga (npr. institucije, ki kupujejo um. dela). er to investigate the functions of the phenomenon of art and to distinguish the differences between phenomenon and concept. It scrutinises the problems of various approaches that are aspiring to define both the concept and phenomenon of art. It presents the incoherencies of understanding of the concept of art in both the expert community and general public and presents the problems of the art market in the form of an assessment of the evaluations of art works (the questions of quality and value on the market) and the lack of a clear methodology of evaluation in both economic and art theories alike. The second part explores the various functions of art and proposes a way of evaluating the status of artistic objects via the spectator — rather than via the artwork or artist — and scrutinises its validity. Also it presents the artistic project pertaining to the work and makes an in-depth analysis of the project.