The Game of Pricing Artwork!


There are some facts that artists need to keep in mind when pricing their artwork. Most artists price their artwork too low, why? Read the following reasons:

1- They have been always asked to be reasonable in setting their prices!
2- Dealing with competitive market.
3- The great need of making living
4- Lack of knowledge as to what effect artwork prices.
5- Waiting for someone else to evaluate their artwork rather than knowing and learning how to evaluate one’s artwork.

Let me elaborate on the above. If you went to a Flea market and found a Jaguar ( Just because Jaguar is one of my favorite elegant design) is selling for $10,000, 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 will kick in. But let us suppose you can afford, which car will you buy? And which car you will have the minimum wanderings, many questions or so much doubts about?

Seeing the car in the Flee market, where there is no information provided, you will automatically ask; “what is wrong with it”!?. Whereas, in the car dealer, you will only ask for the written warranty, agreement and there is no need to have a safety check certificate!

Ok, if art buyer / lover went 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 information about it, knowing how to present the artist and the artwork, but the painting is selling for $50.000, which one would he buy!

Will that art buyer/ lover / investor buy the one saw in the small gallery or in the prestigious one?

Another scenario; an art buyer goes to a big art sale where he finds paintings for $99.00, $50.00 less or more. Among those paintings he might find one selling for $60.000, which one will he buy? Definitely, the buyer will immediately, think that there is up normal with that painting selling for $60.000!

You might have got my point! Having the right trusted gallery /place / environment for the right painting will influence the price and the buyers. Many artworks do not sell because they are too low in prices. And many artworks did not sale because they were not in the right place or at the right time. I have met an artist who told me this story which confirmed my believes. 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 have customers for this price. Let us try $163.000” Guess what, yes the painting was sold!!

Another gallery had a painting hanging for a long time and did not sell. He changed the frame and spent few 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 knowing this fact. While artists are struggling to even have a decent frame. Many times I have 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 very different, if you know what I mean.

Ask for reasonable prices!!. This expression has caused many artists to underestimate their artwork. As well the competitive market and trying to make living did.

Setting a reasonable price requires good knowledge of the market. The history of an artist has also, affect 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” but took only few brush strokes. Whereas a small painting can take some months to finish. Yes, quality and amount of work have influence on the price as well.

Briefly what do we get out of that:

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, ask your questions.
4- Make sure that the gallery is not only after the fee you pay or the percentage to collect.
5- Make sure that you will have the information about the buyers / collectors of your work.
6- Have a written agreement with the gallery or if all the agreement is taking place through via e-mails, keep all the messages in a safe place.
7- Some galleries do not accept artwork that is low in price.
8- 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..
9- 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 / creator of your artwork, so enjoy this hard labor and the talents of yours and wish you all the best.

Sincere wishes to you all

Mona Youssef - Realist fine artist