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How Do We Cost Our Artwork?

The most common question I get from potential art buyers is why a tiny painting of a vase of flowers (a flower study) costs more than this let say a harbor scene with the ocean and boats etc. So let me take this time to introduce you to the foundational principal’s of art.

In most instances, the price of a painting is influenced by a series of factors:

1. The medium used with oil paintings being most expensive.
2. What the painting is painted on (oil on canvas again being the most expensive and durable)
3. The size of the painting with larger paintings costing more
4. The subject matter portrayed (this does not refer to how busy the content of the painting is but rather, how well that subject is executed)
5. How well known the artist is/was? (This is not about personal popularity but exhibitions, auctions and recognition by major institutions.
6. Deceased artists  (Old Masters) tend to cost more because supply is limited whereas demand is not.

This one normally follows the first question I mentioned. “How do galleries set prices of art?”

A few years ago, galleries determined the price of art based on what artists wanted for their products and the gallery mark-up. However this is no longer the case, at least not always. It is now auction houses that determine the price of art. This is because auctions determine what the market is willing to pay for a particular name, medium, size etc.  Then working from the results of these auctions galleries are able to determine the average price range for given pieces plus or minus their own mark up and other pre-existing terms.

Proudly presents,
Maggie Laubser

In 1903, at the impressionable age of 17 Maggie visited Cape Town and its cultural life inspired artistic ambitions, she studied art briefly under Edward Roworth

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Before you get caught up in the excitement of an auction or the persuasiveness of a sales person, there are a few decisions every buyer, even the most seasoned, should make before heading to a gallery or auction and making a purchase that yields neither investments nor pleasure.ts!

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