What determines the price of a work of art
Calculate prices of works of art
How do I determine the right factor for my artwork?
With the formula “height plus width multiplied by the artist factor”, the calculation of the price is not rocket science. The difficulty now lies in finding the right factor for your own works of art.
At the beginning of your career, artists should have a low factor that can increase over time. If the artist is successful, there are basically no upper limits to the factor. The market value of an artist increases with his popularity. Press articles, being a student of a well-known artist, or being awarded prizes increases awareness and popularity and thus also the factor. Being lucky enough to be in the right place at the right time is a factor in the arts and crafts that shouldn't be underestimated. Finding sponsors or sponsors still plays a very special role for artists.
We recommend artists who have not yet sold any of their works to start with a factor between 3 and 5. One should always keep in mind that in art it does not make sense to lower prices again. The art is not a commodity and would like to stand out here through the pricing. Buyers want to be sure that the artwork they buy has enduring value. With price cuts you make yourself untrustworthy and risk a loss of trust among your collectors. So you should choose a price level right at the beginning that you can be sure of selling. Because a price at which you sell regularly is a good price.
When determining prices, an artist should always find the balance between "selling a lot for a small factor" and "selling little for a high factor". If you set the price of your works of art too high in advance, you run the risk of not making any sales. It is also important that, according to the formula, the same prices should always be used for the same size.
In the end, it is always decisive whether it is possible to find interested collectors and art lovers who are willing to buy the art at this price.
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