“Cottage at Dunrobbin, Derwent Valley, Tasmania”, blacklead pencil on 300gsm watercolour paper.
Today’s post is my 200th since I began this blog last October.
Artists would love to demand and receive a fortune for every piece of work they create, but that’s just a dream! If your work is highly sought after, you belong to a unique minority. Good artwork will gain in value once you have passed away, unfortunately, you won’t reap the benefits!
The reality is that art prices are influenced by a multitude of factors. People will usually pay what they think the work is worth. Galleries set their prices that are strongly influenced by the commission they charge. Art auctions depend on (bidding) demand. Charity art auctions usually realise the cheapest of prices and can “confuse” the art market in regards to the true value of each artwork sold. Artists can set their own prices if they sell direct to their “customers”. The current economic climate has certainly impacted on art prices. Where’s the “consistency” in all this?
How do you decide on a price for your art? When I first began showing my work in 1976, I looked around at the work on display in the gallery where it all began for me. I hung my first painting at 9am and it was sold at 10.30am! I decided on a “humble” price as I was showing with a number of established artists. For my first major exhibition in 1982, I took the advice of the gallery owner and sold 10 out of 20, which was very encouraging as I was sharing the exhibition with a well-known and established artist. Today I take the advice of my framer of 20 years. He is an art dealer and valuer and really knows his stuff. I respect his judgement.
What your work is worth may not be the same as the price you actually get. One cannot value one’s art according to how long it took to create. Size is a fair guide, but you must add the cost of framing as that alone can count for one-third of the retail price. Then there’s the cost of commission to consider. You can also take into account the “cleverness”, uniqueness or success of the artwork in determining a price.
Though your work is individual you cannot expect a high price in the “early years”. As you gain experience you can expect your standard to improve. It is then time to (slowly) increase your prices, say by 10% per year.
Patrons know when artists’ prices fluctuate. I have seen that occur especially when artists make the final of major art awards. Some think that this is the time to exaggerate their price in line with the status of the award. This is not good and indeed is dishonest and can damage the artist’s following and reputation. Granted, if the work is “special”, ask more, but be careful. Don’t be greedy; know what your work is worth. Remember, your “buyers” are to be valued at all times, without them you won’t sell! People who often buy artwork know all about prices. Imagine how you would feel if you bought a painting only to see a similar work by the artist in another exhibition at half the price!
Richard
Tomorrow: My Greatest Challenge: Update