Showing posts with label Christies. Show all posts
Showing posts with label Christies. Show all posts

Friday, August 22, 2008

How to Price Artwork

Marshlands, Paludes
a watercolor by Sharon A. Hart


Vincent Van Gogh once told his brother, "No painting ever sells for as much as it cost the artist to make it." I've yet to meet any artist who could prove him wrong!

It is always difficult to determine how to price a painting. Some artists arbitrarily price solely by the dimensions of the artwork, some artists calculate the time it took to create the piece, while others "quantify" the value of the artwork's perceived "quality." One of the most creative methods I've ever heard used to establish pricing was developed by the Baroque Era Italian painter Giovani Grancesco Barbieri, better known as Guercino, who was renowned for his innovative compositions and profound psychological insight. He based his prices upon the number of figures in the composition---even pro-rating for three-quarter or half-length figures. Obviously, there is no set formulae that works across the board for all artists, as our costs, working methods, experience and skills are decidedly different.

St. Luke
by
Guercino


In truth, sometimes a visually simple painting is harder to do than a complex one. An oil painting is always more expensive to create, but a watercolor is more difficult to control.

Consequently, my prices are not "fixed" but are an alchemical blend of all of the factors mentioned above to help determine a fair market price for each piece of fine art one would wish to add to their collection.

My price guidelines are just that --- guidelines that will give my patrons and aspiring collectors an approximation of what the piece may cost, depending upon medium, subject, and rendering. Each artist finds their own method of pricing and (for the most part) we do try to be fair. Furthermore, any piece of art is only worth what someone is willing to pay for it;the true arbiter of its value therefore is always the buyer.


While you read about record prices being set at auction houses like Christies and Sotheby's most of us aren't Prima Donnas commanding millions of dollars or pounds per each piece we create. Instead, the majority of artists fail to enjoy a living wage solely from their art, yet they continue to pursue their creative endeavors with the understanding that the process of creativity provides greater rewards than money---although that's appreciated, too. Let's face it -- most artists are passionate about creating art. If they were more interested in the business of money-making, they'd be bankers or venture-capitalists!

I agree entirely with the sage words of Kurt Vonnegut, "The practice of art isn't to make a living, it's to make your soul grow." What more can anyone ask for?