I thought I would write this article for the collectors and buyers of original art, about pricing Original art work & purchasing it. Common questions I get from the buying public are these:
"Why does it seem to be so costly?" " Do you accept discounts?" " Is that price firm?"
People seem to be fixed on the price of a piece and not the actual piece of art. I think we are all in this mind set when we have to open our wallets for something that isn't a necessity, like food, gas, and a roof over our heads is.
This can be stressful for the Artist. Many artists are professional Artists. They run their studio as a business, not as a hobby. When you have a product to sell, discounts can be costly to the business and to the artist who needs to collect a paycheck. It is also an insult to the artist when a discount is asked for. It tells the artist that you feel their work isn't worth the price they have put on it. So, then the artist feels as though they should sell for less, because their work carries no value. This can also cause a spiral of events for the artist, that is not good.
Another reason I am writing this article is because
I am about to raise my prices on my original paintings, in the New Year. This price increase will make a few drop their jaw to the floor. But it is a necessity to keep my studio in operation. I report to the IRS just like any other business. And I don't like claiming a loss at the end of the year. I want to stay in business and I want collectors to enjoy my paintings and to reap the benefits of investing in a work of fine art, created by me.
I am going to list what the collector and purchaser is really buying when they purchase an original piece of art.
You, the collector, is purchasing the Artist. And also helping to keep that Studio in operation. So in a sense, when you purchase original art, you are also investing in your own purchase, because if the artist stays in operation, your purchased art holds its value and often goes up in value.
What does it cost to run a Studio and keep an artist afloat?
Memberships. Most Professional Artists are affiliated with prestigious art groups. These groups collect yearly dues. As an example, I am in the National Association of women Artists. This annual membership dues are over $100.00. I am a member of the Equine Art Guild, the National Watercolor Society and the American Watercolor Society and the Society of Childrens Book Writers and Illustrators. I'm also looking into some other affiliations for my Genre of painting. All these memberships cost. But they are needed so we may learn more, keep up with the art world and learn about our art.
Workshops, Books, Magazines all keep us at the top of our game. We never stop learning and need to stay in touch with what is happening in the art world and to learn our fine art and materials.
Websites Artists have to pay for web hosting and if they don't have time & knowledge, then they need a webmaster to design and keep the website updated. This is all very costly. Don't you love going to your favorite artist's website to look at their art?
Photography equipment or a Professional Photographer to take images of our work so we can post it on our websites, blogs, have Prints made, cards made, for the buying public. Artist also use those images to enter Art shows and submit to Galleries. Many artists also work from their own photographs to produce a work of art, so they need a decent camera (and all the equipment to help it run) to capture what they need.
Computers. I think we all know why an artist needs a computer. That goes back to that website idea. And to also communicate through email with clients and customers. To write Blogs, like this one. To write and store business documents. I know I would be completely lost to the world if I didn't have a computer.
Studio Rent is costly too. I rented a studio for several years. Paying monthly rent. If an artist doesn't rent a studio, they still have a room in their home that creates expenses. It probably evens out to what they were paying for rent in a public place.
Exhibit, show fees & shipping. These add up very quickly. All artists have to pay a jurying fee, to get into a show. If it is an out of State venue, then the artist has to ship the art. Some artists travel to those venues. All booth shows collect a booth fee from the artist. We have to rent our space to sell there. Plus buy gas, food and sometimes lodging while at this booth show. To ship work, we have to buy "Airfloat" boxes made specific for shipping fine art. These are very costly boxes, but thankfully they can be reused over and over.
Advertising and print material. Business cards, postcards, and advertising in magazines and newspapers are all costly. We must advertise, to get our product out there and our name known. We need business cards to hand out to potential clients. Post cards to mail out to Galleries and spread the word about our art. Brochures to give a little more info about us. These all costs and they add up quickly.
Time taken from the artist to write Blogs, to post images of the paintings and to answer emails. This is all necessity time, but still takes the artist away from creating. Updating the Books, and secretary work.
Materials. finally we get to the materials needed to create the art. Have you ever gone to an art supply store? Online or in your City, the prices there would scare you!
Framing. This one really hurts! If the artist does their own framing, then the right equipment is needed to cut mats, and properly frame the piece. Or go to a Framer in the City and pay loads to have it professionally done.
Sculptures: To have a Bronze made from a clay work, the clay work has to be shipped to a foundry to be fired. Many foundries are in another State from the artist. I'm not knowledgeable in all that is involved with this type of art, but I do know it is very costly!
Galleries. Galleries take anywhere from 50% and up of the original asking price to cover their expenses in selling that work of art. When you walk into a Gallery and see $10,000.00 on a piece, the artist does not get all of that. If the artist is lucky, they may get half. But that artist had to either drive that work of art to the Gallery or ship it. Either way, it costs, so saying the Artist even got half of that $10,000.00 is a long shot.
So, when you look at a piece of original, hand made, fine art, please remember, that there is more than just the artist sitting up to that drawing table or standing at the easel or working at the potter's wheel, that is involved in keeping an artist afloat. There are many factors involved with that price tag you are looking at. You are investing your belief in that artist and in the work you have purchased.
Thank you for taking the time to read this article on "prices affixed to Art". I hope that it enlightens all to the real life of a professional Artist.
Happy collecting,
Debbie
