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You see, you can't price your art in a vacuum you have to consider its "neighborhood," its context, the "art criteria" that connect it to the rest of the art world. Same mansion different neighborhood different criteria different prices. It'll be worth maybe $500,000, maybe $1,000,000 or maybe a little more. Now, let's plop it onto the plains of North Dakota. It'll be worth maybe five, maybe ten, maybe forty million bucks. The selling price of a house that's just coming onto the market is based on what are called "comparables" or "comps" or prices that similar houses in the same neighborhood sell for- real estate criteria.įor example, let's take a nice big mansion and plop it down in the good part of Beverly Hills. So how do you start? If you don't have a consistent history of selling your art in a particular price range or in a particular market or your sales are erratic or you're making a change or you're just plain not sure how much to charge for whatever reason, a good first step is to use techniques similar to those that real estate agents use to price houses. If you can't do this, you'll have a hard time selling any art at all. In order to sell, you have to demonstrate and convince them that your prices are fair and reasonable. People who know something about art and who are interested in either buying, selling or representing your work are going to figure out one way or another, not necessarily by asking you, whether your art is worth what you're asking for it. When you price your art, you must be able to show that your prices make sense, that they're fair and justified with respect to certain art criteria such as the depth of your resume, your previous sales history and the particulars of the market where you sell.
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Learning what these art criteria are and understanding how they apply to you is essential to pricing your art successfully.Īrt prices are not pulled out of thin air. In the same way, in order to sell art, you have to price it according to art criteria. In order to sell a used Toyota Corolla with lots of miles on it, you have to price it according to certain criteria, used car criteria. The owner is probably not going to sell that car. Suppose you see a 2001 used Toyota Corolla with 180,000 miles on it advertised for sale and priced at $45,000. Let's take a non-art example of how market forces dictate prices. You have an idea of what your art is worth, the market has an idea of what your art is worth, and somehow the two of you have to get together on a price structure that makes sense.
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They're about how people in the art world- people like dealers, galleries, agents, publishers, auction houses, appraisers, buyers and collectors- put dollar values on art. Just like any other product, art is priced according to certain criteria- art criteria- and these criteria have more to do with what's going on in the marketplace than they do with you as an artist. The better you understand how the art market works and where your art fits into the big picture of all the art by all the artists that's for sale at all the places where art is being sold, the better prepared you are to price and sell your art. Making art is about the individual personal creative process, experiences that come from within pricing art for sale is about what's happening on the outside, in the real world where things are bought and sold for money, and where market forces dictate in large part how much those things are worth. Pricing your art is different from making art it's something you do with your art after it's made, when it's ready to leave your studio and get sold either by you personally or through a gallery, at an art fair, online, at open studios, through an agent or representative, wherever.