Wednesday, 6 July 2016

Who sets the price for art?

At what price should I sell my art?

This dilemma is not exclusive to art. Anyone who creates something new is faced with the same question. But, as with sculpture or a ceramic pot, you really need to start by establishing how much it costs you to create the work, a level below which you would loose money. This has to include all the materials, promotion costs, packaging and maybe framing. Plus you need to add your time, which has a value, and don’t forget the ‘fixed costs’ - lighting, heating, travel, location/studio. Once you have this basic cost established, you then need to factor in any possible commissions that Galleries or Agents might expect, plus any other ‘selling’ cost.

Now you’ve got a realistic basis to work from, the rest should be your profit. As always, how much profit depends on how much a buyer is prepared to pay for your work, and this depends on how much appeal you’ve created for your work. For example, most of the ‘Old Masters’ made very little profit from their work because they were bad at ‘creating appeal’ - or marketing as we now call it. Those who did make the money from their work were the people who bought the work and then sold it; plus the auctioneers and agents, and they made a lot of money! Its the same today, if you get the marketing right, you can set the price as high as your buyers are prepared to pay. There is no ‘correct’ price for art. Get it right and you’re onto a winner, but unless you want to known as ‘cheap’, don’t sell your art cheap!

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