What dictates its value?

All art value is determined not by the artist themselves but by the admirers of the art itself. It is the public eye that gauges how truly amazing a work of art is. It is also the public that determines its overall worth. If an art collecter comes to chihuly ands wants to purchase one of his pieces it is basically up to them how much they are willing to bid. If the art collector is willing to pay 200,000 dollars for just one piece then from then on it is known that chihuly art cost hundreds of thousands to purchase. For a up and coming artist, if noone is willing to purchase their art then it is known that their art is worth almost nothing.