Pricing art is a very interesting exercise. Every artist has their own formula even if they don’t quite know it yet. Some price based on size, some on materials, some price based on time to create, some price based solely on concept, and the factors go on and on.
I just finished reading a blog that I follow somewhat regularly and the jewelry-maker was talking about how her grandeur plans of making more complex, more expensive pieces to sell to galleries and high-end storefronts have shifted towards making simpler more affordable pieces, especially in light of the upcoming holidays. This was in large due to practical reasons and workshop limitations of a traveling artisan. But she also talked about how a self-employed artist has to ponder these things as they/we do rely on our art as a source of income.
And it made me think of pricing art for its intrinsic value vs pricing art for its monetary value. I guess with jewelry, the rules are a little different because even though the hand-made pieces are forms of wearable art, the object is utility first and aesthetics coming in at a very close second. I mean if you had a great piece but couldn’t wear it then what good would it be as jewelry? And because wearing and selling are part of jewelry, pricing is a natural part of the equation.
With painting, the game is a little different. The painting is created (for me at least) regardless of whether or not it will sell, regardless of whether or not someone would want to hang it on their wall. It begins with me, and when the painting is finished, the loop is closed. It ends with me.
The sale aspect is supplemental and many steps ahead. It is an afterthought, I guess. But the sale is also separate from the pricing. I price based on my own personal formula, not based on whether someone will think the painting is worth the $$$. I guess that is a little naive and perhaps not very business savvy. But I would rather price the painting as I see fit than sell a painting for less than I think it is worth.
Is this backwards? Is the public supposed to judge what the painting is worth? Do the critics? Is the monetary value of art similar to the value of a home, dependent on the “market”?
