Thoughts on art pricing

[Olin]

I'm really curious to see the community's thoughts on the pricing of artwork. What is the process you use to determine fair price for your work or another's? Do you find it difficult to place monetary value on your work? Should art be dirt cheap and used as a promotional tool by the artist to gain exposure/higher prices in the future? Or should it be priced in more of a traditional profit/cost fashion?

I just went to a hip-hop show at Backspace Gallery for the first time and was really inspired by their approach. They have an incredible amount of talented artists displaying work, but about 80% of the pieces are priced at almost cost of materials. I'm guessing the turnover for displayed art is very quick...with the gallery benefiting from having constantly fresh content and the artists getting great exposure without a high commission.

It would be illuminating if someone with experience in the gallery scene could explain how the traditional artist/gallery relationship works. Is it feasible in these unique economic times?

Just some thoughts, what do you think?

[Sara Star]

I currently sell my art directly to consumers, I get commissions and I show in group shows with low commissions. I have started raising my prices because my work was selling very quickly and I figured the market could bear a higher price.

However, the materials themselves are not alone a good way to price a work. The artists level of skill, the audience and niche market of their style, and the creativity of the work should also play a part.

If the artist makes art for young struggling professionals and middle class families, then they might charge much less than if they generally make art for wealthy collectors and institutions.

What is the point of exposure for the artist? Is it attention, just knowing their work is in someones home? or is it sales to support their lifestyle? That answer also might dictate pricing.

[Sharonimous]

So far, I have not tried to sell any work. Main reason being, that I feel I have so little that if I sold it, I wouldn't have anything left. :/
I think it's okay to sell art for meager amounts at first and to increase it later. Cost of materials and labor should definitely be considered. I also agree with alot of Sara's comments, especially regarding the purpose of sale. Is it for financial support or for other reasons?
One important thing to consider though, is that your cost determines your value.
I have a few $20 screen prints that I've bought - still not framed - 3 years later. I have a $350 foot tall glass sculpture of a body (well, it's not framed either).... but I'm a shit-ton more careful when handling it than I am about the $20 prints.

[Sharonimous]

Please don't misunderstand me. I'm not making insinuations about you. I'm simply saying that if I use my entire paycheck to pay for something that is non-reproduceable (unlike a print), I'm more careful with it. That doesn't mean I don't treat my things very well. It just means I'm more careful with things that cost me an arm and a leg.

[Nathan Tompkins]

I think the prices should reflect the cost of production, and the . For instance, the tools used, and the type of frames encasing the work...as well as the quality of the art....I know I would want to do so if I could paint or draw anything but a stick figure on acid.

Not art, but an example related, if I were to finally get around to what I've been threatening to do for years, and self publish a chapbook, I would want to recoup the money and time spent on copy editing, printing and binding, but also charge enough extra to make a small profit. Though it would be a bit harder for me to do, because there are no poetry galleries where people can come in and read the work, and talk and enjoy beer and wine....and at open mics every one else would have as big an ego or larger than mine and so not all that interested in purchasing them, but then who knows maybe I would get lucky if I get my name out there enough.

[Sara Star]

People buy a lot of chapbooks at the Cover to Cover Book's open mics. Its a poetry loving community, I guess. I have even bought a few, and I am not that big into poetry, but if I love the stuff, I gotta give the poet props, and dollars speak man.

[Olin]

I have a solo show this friday, my first actually. I'm displaying 30x40 abstract oil/acrylic/spray paint on canvas. As well as limited digital prints of abstract photoshop work from 22x28-28x28 framed, matted, etc.

I've decided to sell all my pieces for $200 each. The paintings cost me around $60-$80 dollars for materials, the digitals cost me around $120. Ends up being about %100 profit avg.

To me, that seems fair, considering I'm a very unestablished and unknown artist...my time is not worth much at the moment. Hopefully by keeping them under $200 people will respect that and purchase them. By selling works I gain far more exposure and eventually....I'll raise my prices once the demand outpaces my production.

Just some thoughts, be sure to come out for my show at Mon Ami, "Best Offer"

[kelly keigwin]

Well Olin, I think what you are doing will work in your favor. As for the overall discussion, my experience with gallery pricing is that it all hinges on the value of your name. I, for example may have a perfectly lovely photograph that people like, but if a gallery shows it the price should be set according to my resume, established work history and demand. If I've done a lot of shows and people are starting to recognize my name, they are willing to pay more. This is not only because they like the work, but because it is an investment. You also have to consider the gallery's standard percentage is 50% of the sale price. That right there will keep an artist from being able to sell for just above material costs. I'm guessing Backspace must not take much when a piece sells.

Personally I can see both sides. I like to sell work and not charge a lot. It's more for the love of the work. I also can understand Pearl District galleries are probably paying $8,000-10,000 a month for their spaces and need to make money. Because of their reputation they attract artists who can pull in higher dollar sales. By the time an artist is established enough to be selling for more, generally speaking, a lot of time and money may have gone into building them up, i.e education (MFA), etc. It's a crazy world. It's like someone working in any field where their salary and worth goes up as they gain experience and build their resume. Unfortunately, the art field is fickle and only certain players get to climb that corporate ladder. Just like in business, a lot hinges on who you know and who wants to know you.

I generally advise people to price their work when they are starting out just above cost. If it cost you $40 to make, ask $60-75. Even if you put many hours into it you will scare away most buyers if you immediately think it should sell for $500. Start small and build on it. It feels good to turn over work and make people happy. Once you've done that for a spell, start raising prices little by little. You will keep your buyers happy and soon you can ask more because word will spread about you in a positive light.

Okay, enough advice from my silly self. I had issues doing pricing for my upcoming show because I didn't want to ask too much. I think that has more to do with my own self-worth issues though, haha.

[beckie huckaby]

My art usually goes to a family member. During my first life as an artist I had never comissioned anything, everything was in the closet or on my famlies walls. I got braver( is that a word) LOL, when several people asked me to do pixs for them, I popped off a price of 20.00 for a matted, framed pix! What did I know???? I learned very quickly, your time is worth money plus the cost of materials. They got hella good bargains and I bet they did't even know it!! In my secound life as an artist I've only been back for about 6 months but I'm a little smarter now. When I do get the confidence to start showing I hope to be more reasonably priced but never out of reach for the random art lover. I'd rather see my art on the wall of someone who loves the picture than just a weathy trophy hunter. Does that make since? Beckie

[Angela Roark]

I always think about the particular peiece, and consider what might happen to it. what if the people buy it for cheap, and then stomp on it on the parking lot and set it on fire? how much money would it take to make you feel ok with that? - this is why so many of things i make i keep for myself or give away as gifts.