I know that the price of an artwork seems to follow no rule at all. An empty canvas could sometimes cost millions of dollars, while creators making complicated and meaningful paintings can struggle to sell their art for 200 bucks. One sure thing is that the art market is wild. And you can never predict how much your art will end up costing, especially when you are no longer around. In this article, I will share with you the factors that determine the price of an artwork and what you should consider while pricing your work as an artist.
What are the factors that determine the price of an artwork?
Let’s explore some of the key factors that contribute to the pricing process for an artwork.
Who is the artist?
This is the number one factor that influences the price of an artwork. If it is a painting by Van Gogh, Caravaggio, or any master, you know that the price is going to be high. However, some pieces from modern and contemporary art are also being sold for large sums of money, but the sure thing is, it’s never a beginner and always an established artist. Collectors and art dealers are only willing to pay for art by artists who are widely recognized as important and influential in the art world. Sometimes they would also buy artwork by controversial artists because they knew that money followed attention. Or they would buy art from a celebrity or a famous person even when they are just beginning in art for the same reason.
How rare an artwork is
The second most important factor in determining the price of art is the rarity of the artwork. Collectors are willing to pay more for artworks that are part of a limited edition or even artworks that a late artist created because they are seen as more valuable and exclusive. In other words, if everyone could own a copy of the same artwork, or if an artist is commissioned to create an artwork twice or a replica of the same piece, it wouldn’t be as valuable to own or trade.
The quality of the artwork itself
Of course, the quality of the artwork itself is also a significant factor in the price. Art buyers are looking for pieces that are not only aesthetically pleasing but also have a strong conceptual or intellectual component. In other words, they want works of art that are not just pretty but also have something to say. And I know what you’re thinking—some contemporary pieces don’t seem to hold any meaning. And yes you’re right! With all the ambiguity, the art market is a great place to do some money laundering.
The Historical Significance of the Artwork
In some cases, the historical significance of a work of art can also contribute to its high price. Art collectors and buyers are often interested in pieces that represent a significant moment in art history or were created by artists who were part of a particular movement or group. And we see this with Renaissance, rococo, impressionism, etc.
Now, how do you price your work as an emerging artist and what are the factors that determine the price of an artwork in your case?
As an artist, a beginner, or a young creator, your main focus is to create the most and price your artwork in a way that allows you to sell and stay motivated, but also to not regret the prices you choose when you’re older. I know many artists who ended up mourning some works of art that they created and ended up selling them for cheaper prices. So, here’s your roadmap.
Develop a Strong Body of Work
Artists should focus on developing a cohesive body of work that reflects their artistic vision. I am not saying original artwork; I am not saying unique or creative. Just a body of work meaningful to you and to your vision. It’s important to have a signature style that sets your work apart from others and to explore ideas and themes that are meaningful to you.
Build a Network
Building connections is crucial for artists. You must foster relationships with fellow artists, curators, gallerists, and collectors. You can build your network by participating in art events and exhibitions, becoming part of artist groups and organizations, and leveraging social media platforms to showcase yourself and your work and forge connections within the industry.
Build a resume and portfolio
Why do you need a portfolio as an artist?
Participating in art competitions and exhibitions can be a great way to get more exposure and build your resume. If you win an award or get selected for a juried exhibition, it will help you establish your credibility as an artist; if not, you have an additional entry for your portfolio.
Work with Galleries
Collaborating with galleries presents an excellent opportunity to showcase your work to collectors. Look for galleries that align with your artistic style and submit your portfolio for review. Upon finding a suitable gallery, maintain clear and professional communication with the staff and promptly address their requirements to foster a successful partnership.
Price Your Work Appropriately
Pricing your work can be tricky, but it’s important to find a balance between undervaluing your work and pricing it too high. Research the prices of similar works by artists at a similar stage in their career and consider factors like materials, size, and time spent creating the work.
Build an Online Presence
Building a Creative Career: The importance of a bold online presence for artists
Having a strong online presence is mandatory for any creator. Create a website to showcase your work and make it easy for potential buyers to contact you. Use social media platforms like Instagram and TikTok to promote your work, connect with other artists and industry professionals, and build a following.
Conclusion
These were the factors that determined the price of an artwork, as well as some tips for emerging artists to learn how to sell their artworks and even make it easy to find potential clients.
