
Let’s look at art as a business. Seldom done by actual artists themselves. If you are an artist and think you would like to start selling your work, what defines your price tags?
Well lets look at things objectively in terms of what your target market and buying environment is. I’m going to go with what I’m used to, which is the average suburban environment. Looking at things as a whole, your target market is obviously home owners with expendable income. Given the economy, this is a current rarity. So given that information you need to bring prices down to a level where the artistically uneducated can find inherent value in spending money on something with no function. They of course could just as easily go to the mall for pre-framed paintings….
You and I offer something distinct, original. It offers a story to the home owners rather just something in the background. It becomes a conversation piece and not another piece of background noise in the interior decoration. Most know this.
Assuming people have seen your work (which is a stretch, considering the laws of art) what should you answer when an interested party says “how much?”. As you think of prices the first thing you think about is what the maximum amount you can get out of a buyer without them questioning the transaction. Considering lack of attention art gets in suburbia, price should be lower than in a city. Especially considering the horrid economy. Low and behold I could not find a coherent formula to price your artwork, but lucky you, I have spent quite a long time coming up with a formula (mostly when procrastinating lecture preperation).
There will of course be controversy behind this formula, but I feel it is an accurate way for people to price their work (though ultimately it should be your personal choice). It is of course a business model if anything, and trust me, I realize that art and math don’t mix:

A = Area of Painting (inches)
B = Time Spent Creating Work (in working weeks)(<1 = 1)
C = Age Of Work (5 Year Increments) (<1 = 1)
X = X Factor, Market value of artist, opinion based ranging from .10 -10). 10 being the most valuable for marketable potential. Most artists will fall between .10-3.
This may seem abstract, but that’s how I paint anyways. Actually I found it to be a coherent way to price art work. Here is an example of one of my paintings:
A = 24″x48″ = 1152
B = <1 Week = 1
C = <1 Year = 1
X = .75, my guess
Which puts the price tag at about $350. I’ve been told that $350 is low for a large painting, but I feel that from a business standpoint it makes the most sense for now. Once I become more popular, that price will go up with the X Factor. The X Factor can also go beyond 10 for famous and well-known artists. Try it out on some of your work and see what you get. Again, it is only a default way of thinking about what you are putting in, and what you are getting back.
If you don’t care about calculations… good because you shouldn’t. Your art is unique and so is your pricing. I hope this may help as a better understanding of those who are just jumping into the market. Enjoy!
Check out the new work on the hompage!
Tags: Abstract, Art, calculations, expressionism, marketable, marketing, money, new artist, pricing, target market, Ted Mikulski


