Who sets the price for art work?

[dieselfit]

Art can go from the lowest prices to the highest. Depending on the piece or the artist, the price is always adjusted accordingly. How is the price set? Does it depend on how it looks?

 

[Woobeewoo]

The artist often sets the price, otherwise it depends on the artist's reputation. An interesting documentary about this is "Exit through the gift shop", it makes you think about the real price of the works of art.

 

[blueeyes]

I am a budding photographer and I set my own prices for my art. Because I am not popular yet, I don't set my prices too high...I do look at other artwork to get an idea what is too high or way too low....

 

[dieselfit]

Thanks guys. That makes sense, it's almost like selling home made items, the price depends on the quality and maker. Thank you again

 

[JoanMcWench]

I disagree. I do not feel the price depends on anything other than the way the art community perceives something. Quality, more than most, seems irrelevant. The maker I can get on board with. The artist and their name make a piece worth what the art community agrees to. If Picasso threw his paint on his palm, spit on it, and slapped it to a canvas it would be worth more to many than a work that took years and talent to conceive. Sadly.

 

[zemmer]

Well, the artist sets the initial price, certainly. And the seller sets the asking price after something is on "the market".

But ultimately the buyers set the real price. Like anything that is for sale, pieces of art are only worth (financially, at least) what someone will pay for them.

 

[dieselfit]

I see. I can see how some art can be expensive but not for it's quality rather where it came from. It's like if a famous person sold his tooth brush it would be more expensive than any other toothbrush....sadly ! lol

 

[jartist]

My experience is that price is partly determined by what is "popular," partly by actual quality, and partly by the area of the country you are in. I am a member of a gallery in a small city that is a really hard selling market for art. I know artists who live here but do not show or sell here because the prices they get are so low in comparison to at galleries about an hour away. Large urban settings and places where there is going to be a lot of tourist traffic generally get higher prices for art.

You must also keep in mind that many galleries take a 40-50% commission. Artists must then price accordingly in order to make sure that they make their materials cost and at least some degree of wage for their work. I do agree that marketing and the popularity of an artist do make a difference in the ability to ask a high price and get it.

 

[Muthoni]

I think that there are several reasons why art is priced the way it is. An artist can choose to name a price for their work. An agent for the artist may also set the price so that they can get their commission after a sale. The buying price of an art can be determined in an auction where people bid to buy it. Work done by well know artists usually fetch more due to the name.

 

[missbishi]

It depends on how in demand the artist is. Banksy, for example, could just write his name on a wall and it would sell for tens of thousands. Conversely, there are examples of original art selling on eBay which are so complex and intricate - yet they sell for peanuts because the artist is unknown.

 

[magnus2022]

The price of artwork is been set by art investors. Art investors use a lot of hyping and marketing to elevate the value of an art work. Art investors are the gangsters that exploit the artist and the general public that doesn't know what art work entails.