A common question that many artists struggle with: How much should I charge for my work?
Art supplies are expensive (as I tried to illustrate in Part One of this series), but artists also have to consider the price of further education courses, transportation costs and participation fees for art shows throughout the year, studio space rental fees, and your most precious resource: your time! If you are a full-time artist, you have to factor in the cost of benefits, health care coverage, and vacation pay, too. Few people that enter the fine arts field are able to survive (let alone thrive) as full time artists. Like me, many artists work at a completely separate job and have a very different identity to make ends meet. Geologist by day, painter (and crazy cat lady) by night!
Again: how much should you charge for your work?
Obviously, artists want to make sales (so they can create more art!) and they don’t want to discourage people with ‘hefty’ price tags…it’s a delicate balance to strike. Many artists haven’t done a particularly good job at justifying their price tags, and I think many consumers are unaware that the manufacturing costs for original artwork can be so extreme.
If you are in love with a piece of art but can’t afford it, I highly encourage you to talk to the artist about it! They will be flattered by your compliments and who knows…perhaps you two could work out a deal! Belinda Fireman offers art rentals for her paintings (a great concept which I might adopt in the future! Check it out: belindafireman.wordpress.com). Many artists can afford to be flexible with their payments and/or prices (so long as you’re not a dick about it)
Chances are, many artists feel a tinge of guilt requesting the prices they do---BUT THEY SHOULDN’T! A lot of time, effort, and love went into creating that piece of art. Don’t make them feel crappy about earning a living wage.
If you are an artist struggling with charging an appropriate value for your work, just remember these two weird facts to avoid any guilty feelings:
This tiger shark (preserved in formaldehyde and displayed in a tank, titled The Physical Impossibility of Death in the Mind of Someone Living) was purchased by Steven Cohen, an American hedge fund manager and 106th richest person in the world, for $12 million in 1991! Artist (pictured here): Damien Hirst. Damien was not a “starving artist” who rose to international stardom…he was sponsored and his famous piece was fully commissioned by Charles Saatchi, an art enthusiast and British businessman (also the owner of the world’s largest advertisement agency in the 1980’s. Current net worth: $100 million).
Do you have any millionaire/billionaire sugar-daddies to help your artwork make international headlines? Neither do I!
This large, colourful abstract painting by famous German artist Gerard Richter, titled Abstract Bild, sold to an anonymous bidder for £30.4 million in 1986 (equivalent to ~$46 million US today). “The records keep being broken and every time my initial reaction is one of horror even if it’s actually welcome news. But there is something really shocking about the amount,” Richter said. (No kidding! At least he has remained humble about his fame and fortune.)
Perhaps you found this blog depressing, but that was not my intention! I was merely showing that people are willing to pay for the artwork they enjoy, even if the art seems absurd to some, even if the price is absurd to some. Keep believing in yourself and don’t get discouraged!
Related blog entries:
Prices are about to increase (and I'm not talking about oil)