Value Your Work

Leonora Carrington's Les Distractions de Dagobert

A 1945 Leonora Carrington painting just sold at Sotheby’s for $28.5 million. That fact raises an important question: is it time to rethink the prices for your art?

Record-breaking sales like this happen when an artist has entered the canon and collectors decide to make an investment, speculating that the value will go even higher.

Most artists will not reach these dizzying heights, but the idea of placing value on your work is a critical first step in establishing your prices. An emerging or mid-career artist can think about value by paying attention to the time, effort, and talent needed to create each work of art. 

If you want to test this theory, do the math. Begin to track the time and effort you spend on a new work of art. Start with noting when the idea first appears in your mind, and then add up the time spent doing research, experimenting with materials or processes, in addition to the hours creating the work itself. If you’ve spent 40 hours on a painting, and are charging $400 for it, you’re earning $10.00 an hour. Is that a living wage?

Next, your prices need to reflect the market you’re in. An emerging artist should study their local art market carefully. Visit galleries and nonprofit art spaces in your city, and note the range of prices charged by other artists making work similar to your own.  

Finally, your prices should reflect your own reputation and achievements. The auction prices for famous artists are high because they’re already famous. If you’ve been in a few group shows, but never had a solo show, keep your prices at the lower end of the range in your market.  

As you build your career you’ll be able to gradually raise your prices.