What determines the value of art? This is the most commonly asked question of any artist trying to sell their art. If you’re a new artist, you are most likely unknown, other than family and friends. And let’s face it, family and friends probably aren’t paying for your creations. Say you’ve been painting beautiful pictures for five years or less, such as myself. Yes, I’m a new artist. Being a new artist is a struggle, not only for myself but thousands of other new artists, too.
What Makes an Artist’s Work Valuable?
How did Picasso, Rembrandt, and Warhol become so well known? And, why are their paintings selling for thousands or even millions of dollars? That’s a good question! Honestly, I don’t always see it, or understand the value when I look at famous paintings. After studying a bit on those artists, I’ve learned that it’s not really about the subject matter.
A lot of it has to do with their brush strokes… their ability to put one stroke on the canvas and that one stroke holds the value, the correct hue, the warmth or coolness of their selected color. It’s their ability to put one stroke of the brush in the correct spot… to simulate light or shadow. It’s this ability that makes them masterful. It’s what makes them speak to people, and it’s what makes them valuable.
What Determines the Value of Art?
I’ve spent a lot of time researching what determines the value of art. I’ve watched seminars, talked to other artists, and surfed the web comparing my art to the work of other artists and noting their prices. One of the hardest things for an artist to learn is how to price their work. Is it because they lack confidence, or they don’t feel their art is valuable? Sure, that’s a big part of it. It takes time and selling a few paintings to build up that confidence. But, another part of it is wanting to be fair with your prices, so that more people can afford your work and hang it on their wall. So, most importantly, pricing needs to be reasonable and affordable. The value of art is really determined by how much people are able and willing to pay for it.
How I Set My Prices
Here is what I’ve learned, and this is how I price my work. First, I will say that I’ve grown as an artist, and as more people show interest in my art, my confidence has soared. I look at my own paintings, and I see value in my art. I see worth, and I see something that I’ve produced that I never believed I could. My paintings tell a story, and I’m proud of that!
Out of fairness to my customers, I decided that my prices need to be consistent from one piece to the next. I’ve decided to use a simple formula that artists have been using since the turn of the century, so I set my prices by charging a set amount per square inch. But, how much per square inch? Well, a world-famous artist might charge anywhere from $6 – $25 per square inch. At $6 per square inch, that would be $600 for a tiny 10-inch by 10-inch painting!
Well, I’m proud of my work, but I am not a world-famous artist! (Maybe someday!) So, where do I fall on the scale? My research told me that a new artist should charge $2 per square inch, so that would be $200 for a 10-inch by 10-inch painting. Very rarely do I do paintings that small. A lot of my work is done on canvases that are at least 20-inches by 30-inches. If I were to charge $2 per square inch for a painting that size, I would have to price my paintings at $1,440! That seems ridiculous to me! So, I’ve decided to charge a consistent rate of 50 cents per square inch on every painting.
I am a new artist, and my work speaks for itself. I can hold my head high when giving prices to buyers because I know I’m being fair when I set my prices. I feel more confident because my prices are consistent. Perhaps in another five years, my paintings will be priced at $1.50 per square inch? But for now, my goal is to share my work at an affordable and fair price, so more people can enjoy it.
I just wanted to share this journey that I’m living and loving.
George
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