The Game of pricing Artwork!
Pricing artwork is a subject on every Artist’s mind! This subject puzzles us, mostly, Artists; when hearing that a paintings was sold for millions of dollars whereas others were sold few dollars! There are some facts Artists need to keep in mind when pricing their artwork. Most artists underprice their artwork, why? Please read the following reasons:
1- They have been always asked to be reasonable in setting their prices!
2- Being put down or told to go and find a real job. 3- Dealing with competitive market.
4- The urgent need to make living.
5- Lack of knowledge about the actual art market in the real art world.
6- Waiting for someone else to evaluate their artwork rather than learning how to evaluate one’s artwork.
Let me elaborate on the above. If you went to a Flea market and found a Jaguar is selling for $5,000 will you buy it immediately? Or you would think that something must be wrong with it!? As when you find this same Jaguar in a car dealer is selling for $60,000 will you buy it? Of course, budget issue is the decider. But suppose you can afford it, which car will you buy? And which car you will have the minimum wanderings, many questions or much doubt about?
Seeing the car in the Flee market, where there is no information provided, decent warranty with a stampede certificate, you will automatically ask yourself; “what is wrong with it”! Whereas, in the car dealer, you will only ask for the written bill of sale, warranty and will not ask for a safety check certificate!
In comparison, an art buyer / lover goes to unknown gallery and saw a painting he liked very much for $200, whereas he sees another painting in a reputable gallery, he likes too, and the gallery will give him all the history of it and expert of to present the artist and the artwork, but the painting is selling for $50.000, which one would he buy if can afford both!
Another situation; an art buyer goes to a very primitive art sale where he finds paintings for $99.00 or for $50.00. Among those paintings, he might find a painting selling for $60.000, which one will he buy? Surely, the buyer will immediately, think that it is outrageous to see a painting selling for $60.000!
You might have got my point! Exhibiting in a professional and trusted gallery /art exhibition will influence the price and the buyers. Many artworks do not sell because whether they are too low/too high in prices, are not exhibited in the right place or were not exhibited at the right time. I have met an artist who told me this story which confirmed my beliefs. He had asked for $50.000 on one of his paintings. The prominent gallery said to him;” $50.000! We can’t sale paintings with this price here; we do not even have customers for this price. Let us try $163.000” Guess what, the painting was sold!!
Another gallery had a painting hanging for a long time and did not sell. He changed the frame and spent couple of thousands on it. The painting was sold in the same week. Yes, framing has another weight and that is why many framing companies are making millions of dollars realizing this fact. While artists are struggling to even have a decent frame. Many times, I’ve seen artwork in exhibitions without frames!! Yes, they might get their artwork sold but how far can they go with the price! Good framing is part of the good environment. I always say that a painting is like a beautiful woman, without hair, she will look poorly different, if you know what I mean.
“Ask for reasonable prices”, artists often heard this comment and caused them to underestimate their artwork. Setting a reasonable price requires good knowledge of the art market. The history of an artist has also effect on the price, as well the quality of the artwork. I do not believe that artwork should be priced according to the dimension. A painting can be 10 meters or 150 inches but took only few brush strokes, whereas, a small painting can take some months to be done. Yes, quality, subject and amount of work have influence on the price as well.
Briefly what Artists should do:
1- Most of the time prices are set by artists after doing the homework.
2- Your gallery must believe in your artwork and can sale it for what is worth.
3- Make sure you are dealing with a gallery that has clients for your work.
4-Find out what kind of promotion a gallery will offer you.
5- Make sure that the gallery is not only after the fee you pay or the percentage to collect.
6- Make sure that you will have the information about the buyers / collectors of your work when is sold.
7- Have a written agreement with the gallery and store all the agreements took place even through via e-mails, keep all the messages in a safe place.
8- Some galleries do not accept artwork that is low in price, so learn where to exhibit your artwork.
9- Prices must be consistent which means, you can’t ask for a certain price in one gallery, because it small gallery and big price in a big gallery for the same artwork.
10- If you can hold on your artwork until you get what is worth, just do it.
“The worker deserves the wages”. You are the owner and creator of your artwork, so enjoy the happy outcome of this hard labor and the talents of yours and I wish you all the best.
