How is artwork priced?
How artwork is priced has always been a bit of a mystery. But there really is a method, and before you give up and head for the nearest discount store because you think real art costs too much, try to understand it. You’ll feel better. First, there’s the artist. Work from an accomplished artist whose work shows up in prominent collections is more highly valued and simply costs more than work from an up-and-comer. Along with pricing based upon their past sales, many artists factor in how much time they’ve spent on a particular work, accounting for various phases including concept, drawings or models all the way to completion. So there’s that. Then there’s the overhead that goes into the work itself, which includes: • Studio rent, utilities and insurance • Materials like paint, brushes and canvas • Property (inventory) insurance • Phone, Internet, website • Healthcare • Marketing • Retirement accounts, etc. • Years of education and training • It all costs money. Although this may vary fr
