Let's Put a Price on Art: Your Guide to Art Costs and Buying
We paint you a picture of what affects an artwork's price — plus a little-known way to take home what you love when it's beyond your budget
Vanessa Brunner
June 8, 2013
Houzz Contributor
A piece of original art can make a room, be treasured for years and be passed down for generations. And it can be surprisingly affordable or very expensive. Why do some types cost more than others? "Artwork has to be one of the hardest things to price," says Kate Singleton, founder of Arthound. "There's no standard framework as there is for a pair of jeans or a bottle of champagne. Major factors come into play."
The artist, gallery, medium, style and rarity of a piece all can impact how much it costs. And if you come upon a one-of-a-kind work you love, it may be worth just about any price to you.
Interested in using the power of art to power your interior design? Here are three experts' tips to think about before you shop.
The artist, gallery, medium, style and rarity of a piece all can impact how much it costs. And if you come upon a one-of-a-kind work you love, it may be worth just about any price to you.
Interested in using the power of art to power your interior design? Here are three experts' tips to think about before you shop.
Guidelines for Purchasing Art
Buy what you love. If you feel strongly about a piece of art or it really speaks to you, buy it, regardless of trends or expertise.
"Art is worth the extra money when you really love it and feel pretty confident you won't find anything else you like as much," says Singleton.
Do your research. Go to galleries and exhibits, and ask a lot of questions. People in the art industry are passionate about their work, and you can learn a lot about what goes into certain mediums and artists' work. Looking at a lot of art will help train your eye, too. You'll develop a style and start to see what costs more and why. Visit design and art websites to see what emerging artists are doing and how art is being used in homes.
Take your time. "Give yourself time to develop your own taste in art and, when the time comes, to contemplate whether you really love a piece and want to live with it," says Singleton.
Think long term. Alex Farkas, gallery director at UGallery, recommends using the same buying principles for other home objects when you're purchasing art. What's practical? What's worth the cost? What will you still love in five years? "A couple of years ago, everything was covered in resin," says Farkas. "But do you really want that in your home? Think about what's popular versus what's classic."
Buy what you love. If you feel strongly about a piece of art or it really speaks to you, buy it, regardless of trends or expertise.
"Art is worth the extra money when you really love it and feel pretty confident you won't find anything else you like as much," says Singleton.
Do your research. Go to galleries and exhibits, and ask a lot of questions. People in the art industry are passionate about their work, and you can learn a lot about what goes into certain mediums and artists' work. Looking at a lot of art will help train your eye, too. You'll develop a style and start to see what costs more and why. Visit design and art websites to see what emerging artists are doing and how art is being used in homes.
Take your time. "Give yourself time to develop your own taste in art and, when the time comes, to contemplate whether you really love a piece and want to live with it," says Singleton.
Think long term. Alex Farkas, gallery director at UGallery, recommends using the same buying principles for other home objects when you're purchasing art. What's practical? What's worth the cost? What will you still love in five years? "A couple of years ago, everything was covered in resin," says Farkas. "But do you really want that in your home? Think about what's popular versus what's classic."
How to Set a Budget
Find out what you're working with. Have a good idea of how much art costs before you set your budget. Visit local galleries, art fairs, student shows and online galleries to see what different types of art cost on average. Once you set your budget, you can decide how much artwork you want to buy: one big piece or several smaller pieces? What can you afford in the medium you want?
Look into payment plans. If you've found "the one" and it's way beyond your set budget, don't stress. Talk to a gallery staffer (whether it's online or in person) to see what custom payment plans are available. "Depending on the price of the piece and the client's budget, we're happy to work out a custom payment plan," says Farkas.
Get creative with framing. Framing can be the most expensive part of the art-buying process for some. Skip the framer and try hanging it as is instead. Stretched canvases and posters in particular can look great without a frame. "We encourage our artists to always finish the edge of their pieces so the work can be hung unframed," says Farkas. I've been hanging art unframed in my house for years and have seen a great trend towards this in decorating."
Find out what you're working with. Have a good idea of how much art costs before you set your budget. Visit local galleries, art fairs, student shows and online galleries to see what different types of art cost on average. Once you set your budget, you can decide how much artwork you want to buy: one big piece or several smaller pieces? What can you afford in the medium you want?
Look into payment plans. If you've found "the one" and it's way beyond your set budget, don't stress. Talk to a gallery staffer (whether it's online or in person) to see what custom payment plans are available. "Depending on the price of the piece and the client's budget, we're happy to work out a custom payment plan," says Farkas.
Get creative with framing. Framing can be the most expensive part of the art-buying process for some. Skip the framer and try hanging it as is instead. Stretched canvases and posters in particular can look great without a frame. "We encourage our artists to always finish the edge of their pieces so the work can be hung unframed," says Farkas. I've been hanging art unframed in my house for years and have seen a great trend towards this in decorating."
What Determines the Price
The artist. An artist's career, popularity and scope of work have a big impact on a piece's price. Look at the artist's education, past exhibitions and sales history. Many artists base their prices on what previous pieces have sold for. "Some artists purposefully price their work on the lower end because they want it to sell," says Singleton. "Others will keep their prices higher and wait for the right buyer to come along."
Prices are often lower when an artist is fresh out of school, "emerging as an artist and yet [looking] to have many exhibitions," says Rebecca Wilson, head of artist relations at Saatchi Online and director of Saatchi's London gallery. "As an artist sells more works and has more exhibitions, then their prices will incrementally increase." Where the artwork is sold — directly through the artist, in a small gallery or in a high-end gallery — affects price as well, as the total price at a gallery will include a commission.
The artist. An artist's career, popularity and scope of work have a big impact on a piece's price. Look at the artist's education, past exhibitions and sales history. Many artists base their prices on what previous pieces have sold for. "Some artists purposefully price their work on the lower end because they want it to sell," says Singleton. "Others will keep their prices higher and wait for the right buyer to come along."
Prices are often lower when an artist is fresh out of school, "emerging as an artist and yet [looking] to have many exhibitions," says Rebecca Wilson, head of artist relations at Saatchi Online and director of Saatchi's London gallery. "As an artist sells more works and has more exhibitions, then their prices will incrementally increase." Where the artwork is sold — directly through the artist, in a small gallery or in a high-end gallery — affects price as well, as the total price at a gallery will include a commission.
The medium. The medium of the work plays a big part in pricing, too. Farkas notes that paper works tend to be the least expensive, and drawings tend to cost less than paintings. Consider how much time it took to complete, how large the piece is, how much the materials and framing cost, how much it will cost to ship and what the demand is for this particular style — all will affect the price.
Wilson says photography is usually less expensive as a genre, since photos come in editions and it's rare to purchase a one-of-a-kind work. That said, photographer Andreas Gursky once sold a photograph for $4.3 million. "Once you gain fame and an international reputation, the prices of the photographs can increase dramatically," Wilson says.
Wilson says photography is usually less expensive as a genre, since photos come in editions and it's rare to purchase a one-of-a-kind work. That said, photographer Andreas Gursky once sold a photograph for $4.3 million. "Once you gain fame and an international reputation, the prices of the photographs can increase dramatically," Wilson says.
Originality and style. Sometimes style has an impact on price, particularly when the style is in high demand. Farkas notes that this tends to be particularly true of expressionist works.
Original artwork is almost always more expensive than prints. Make sure you know what you're buying: Original artwork is the only one of its kind; a limited-edition work is one of a number of copies, each signed and numbered; an open-edition print is one of any number of copies.
Original artwork is almost always more expensive than prints. Make sure you know what you're buying: Original artwork is the only one of its kind; a limited-edition work is one of a number of copies, each signed and numbered; an open-edition print is one of any number of copies.
A Caution About Art as Investment
All three experts agree that first-time art buyers should avoid purchasing for investment reasons. There's a lot to think about, and it brings an entirely new level to the selection process. While something you purchase from an emerging artist may increase in value, there are no guarantees. "It's a mistake to buy art as a financial investment, unless you are extremely knowledgeable about the art market," says Singleton. "Even so, it's a gamble. Most art never makes it to the secondary market."
All three experts agree that first-time art buyers should avoid purchasing for investment reasons. There's a lot to think about, and it brings an entirely new level to the selection process. While something you purchase from an emerging artist may increase in value, there are no guarantees. "It's a mistake to buy art as a financial investment, unless you are extremely knowledgeable about the art market," says Singleton. "Even so, it's a gamble. Most art never makes it to the secondary market."
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This is very true - but if a canvas is painted on all sides, it has a wonderful finished yet minimalist feel to it when it is on a wall.
Regarding "Art as an Investment": That is very true as it applies to emerging and contemporary artists. But when you start from the secondary market you are generally buying established artists. Unlike most of the luxury decor and furniture, secondary market fine art has an established market. So in a few years if you want to sell your David Hockney lithograph or Damien Hirst butterfly you can - and you will probably make money on it!