1. The Subjective Theory of Value
Classical economics often attempted to link value to the cost of labor or materials (the labor theory of value). However, modern economics relies on the subjective theory of value, which posits that the worth of any object or service is determined entirely by how much a buyer desires it and what they are willing to exchange for it. If a willing buyer agrees to pay €15,000 for a certificate that commands a $5 \times 5$ foot space, that space objectively possesses a market value of €15,000 at the moment of transaction.
2. Institutional Theory of Art
Formulated by philosophers like Arthur Danto and George Dickie, the Institutional Theory of Art argues that an object (or non-object) becomes "art" when it is introduced into the formal institutions of the art world—galleries, auction houses, curators, and collectors—and recognized as such. Io Sono achieved art status because:
-
It was created by an established artist with a career background in painting and installation.
-
It was cataloged, appraised, and put up for bid by a reputable auction house (Art-Rite).
-
It found a collector willing to enter into a legal contract to acquire it.
Without this institutional framework, an empty space in a living room is simply an empty space. Within the framework, it becomes a recognized work of contemporary art.
3. The Power of Imagination and Absence
Ultimately, Garau's work challenges the hyper-materialism of 21st-century society. In an era dominated by an constant influx of digital screens, physical products, and visual noise, Garau's sculpture offers a total absence of visual information. It demands that the viewer stop searching for an external product and instead use their own imagination to construct the work.
As Garau succinctly summarized: "When I decide to 'place' an immaterial sculpture in a given space, that space will concentrate a certain amount and density of thoughts at a precise point, creating a sculpture that from my title will only take on the most varied forms... After all, don't we shape a God we've never seen?"
The Legacy of $18,300 Worth of Nothing
Salvatore Garau’s sale of Io Sono remains one of the most provocative art moments of the early 2020s. It stands as a sharp commentary on the mechanics of art speculation, the nature of ownership, and the boundaries of human belief.
By convincing someone to pay thousands of dollars for literally nothing, Garau did not merely sell an empty space; he executed a masterclass in conceptual art. He demonstrated that the most valuable material an artist works with is not marble, paint, or bronze, but human perception, trust, and imagination. In removing the physical object entirely, Garau left behind a haunting question that continues to echo through gallery halls worldwide: when you strip away the material, what is left of art—and what is left of us?