HOW TO PRICE YOUR ARTWORKS

Here are highlights of the fourth chapter of the book “How to Survive and Prosper as an Artist”.

(Take note that the author’s base is New York. We welcome inputs on the local situation.)

1. Recognize the value of your time and your talent. The goal is clear: to derive a decent income from doing what you like doing best. Fear-based thinking is responsible for the difficulties artists have in establishing prices for their work. It has everything to do with self confidence and a willingness to defend your prices and take some risks.

2. Many artists tend to undervalue their work, with the belief that their careers haven’t measured up to the criteria necessary to justify charging higher prices or a fear that by setting prices that compensate them fairly, their work will not sell. But when artists set low prices on their artwork, it is a public declaration of their insecurities and lack of confidence.

3. Some dealers believe the myth that the work of unknown artists has little value.

4. You need to consider and integrate three factors: pragmatic pricing, market value and confidence in the price you set. Pragmatic pricing includes the time you spend creating work, conceptualizing and developing to completion. It also includes cost of overhead and materials. Include studio rental, utilities, professional fees, transportations, documentation and materials. Assign an hourly or weekly value to your time. Include too sales commission.

5. Large out-of-pocket costs should be deducted before a dealer’s commission is calculated.

6. Find work that is allied to your own and also compare their career levels to your own.

7. Set a value well above the price you actually want. This way there is bargaining leverage for any discount.

8. A price list should state the name of the artwork, medium, size and retail price. A dealer’s commission is generally based on a percentage of the retail price. Large overhead expenses are separated out on the price list so that an art dealer is not paid a commission on your overhead.

9. Agree to a joint discount with dealer or gallery only if either the client has previously purchased your work and/or the client is simultaneously buying more than one piece of your work.

10. Set the same high standards for pricing works as you do for creating the work. Do not be afraid to negotiate.

HOW TO PRESENT YOUR ARTWORKS

1. Art statement. An art statement can focus on one or more topics, such as symbols and metaphors, materials and techniques, or themes or issues underlying or influencing your work. Although artists vehemently criticize the over-intellectualized style of writing used in art magazines, many believe that their work will not be taken seriously unless they imitate what they despise. Avoid weak phrases that reflect insecurities, or doubt instead should be coherent, direct and energetic.

2. Cover letter. It can provide a context to help people view your work. Parts of cover letter: Introductory paragraph, a brag paragraph, short art statement, concluding paragraph.

3. Visual presentations. Photographs (whether printed, cd or usb) should do your photos justice. If viewers are unimpressed with the work as it appears in photographs, it is unlikely that they will get to your studio or to gallery. All photos should be labeled with the works dimensions, the medium, the title, your name, a copyright notice and the year created.

4. Brochures or postcards. Postcards can have a response rate of 10 percent

5. Website. Make it easy for viewers to visit, make sure images are top notch. The artworks should be labeled with the title, dimensions and medium. Avoid designing a site that has the look of a mail order catalog with many images grouped together and prices underneath.

ART FAIRS ARE ABOUT MONEY, NOT ART

Here is a summary of a debate on abovementioned subject:

Art fairs, scoff the critics, have become shopping malls for the super-rich. They are giant marketplaces for the wealthy to buy, invest and speculate on the commodity of art. Galleries pressure artists to churn out 'safe', sellable works, which are not so much looked at as bought in bulk. But are art fairs in fact the perfect format for visitors to see art from all over the world which they wouldn't otherwise see? And by allowing artists to show their work to potential buyers en masse are these shows a crucial lifeline for artists today?

The panel debates the motion: Art fairs are about money not art. Chaired by Simon de Pury

Arguing for the motion are Louisa Buck, Jasper Joffe, and Matthew Collings.

Louisa Buck begins the defence with the claim that art fairs are commercial, rather than curatorial in nature. She believes that art fairs provide an opportunity to see how the art world operates and to see what it deems to be good art.

Jasper Joffe argues that collectors, rather than artists, hold the power at art fairs. This ultimately corrupts art and hinders both creativity and the emergence of a meritocracy in the art world.

Matthew Collings argues that art fairs are by definition consumerist. Art fairs are one of the worst ways to encounter art because art exists, and should exist, as an antidote to consumerism.

Arguing against the motion are Richard Wentworth, Matthew Slotover and Sir Norman Rosenthal.

Richard Wentworth argues that it is up to the individual to choose whether to visit an art fair and to make their own judgements about the art exhibited there. Art fairs exist as one component of the process of developing self-knowledge.

Matthew Slotover argues that the primary aim of art fairs is to buy and sell art, but also to provide visitors with an opportunity to encounter a wide and thought-provoking range of art.

Norman Rosenthal explains that art fairs are merely one way of encountering art. It would be hypocritical to suppose that art should not be about money when all those participating in the industry need it to support themselves.

Final Vote: A show of hands of the audience revealed that the numbers of those in favour of the motion and those against the motion were about the same, with a small minority undecided.