There are many ways to describe the value of an object, whether it’s a work of art or anything else. One of the simplest to understand is in terms of money. We understand concepts like 50 cents, five euros, twenty, fifty, a couple hundred, 15,000, 30,000, 75,000, 150,000, etc. We know intimately, what it takes and how long it takes to save up these amounts, and what one typically saves it for: a piece of candy, a nice dinner, clothes shopping, a new car, a really nice new car, a new house…
But, sometimes money isn’t enough to describe value, because money is all about buying and selling ––replacement value – not the love you feel for something that can’t be replaced. This sentimental value can make an ordinary object a treasure––to you. It could be a childhood toy, or blanket, a first car, a favorite hat, or, even an artwork. Sentimental value usually doesn’t raise the monetary value, but there can be exceptions. If you own something that’s rare and famous, and you refuse to sell it, despite many people begging to buy it off of you, then the price can climb dramatically.
But, intrinsic value is different. It’s a value based on quality, immediately recognized and prized by everyone. When an artwork is excellent, people want it, even if they don’t know who made it. It’s not the sentimental love we have based on nostalgia, like your first videogame that no one else cares about, or the teddy bear your mom gave you when you were five. Intrinsic value is what makes art extremely valuable. It’s what makes the artist famous, it develops a reputation as a serious, knowledgeable, intelligent creator. Sometimes intrinsic value doesn’t match with monetary value – if you find an incredible artwork by someone no one’s ever heard of, you might be able to buy it cheap. When this happens, you’re lucky, and you should go for it, because if and when that artist becomes famous, the value will skyrocket.
Factors to Value:
Quality: So, no matter what other factors come into play, a primary question has to do with the quality of an artwork. People don’t just want a work by that famous painter or sculptor, they want her best, most famous work. They want the one that’s most memorable, with the greatest message and emotional impact, that’s most representative of the artist, the magnum opus. That one will always demand the highest price.
Taste: This is why prices can rise and fall quickly. Taste represents changing trends. When an artwork is finished, the quality will never change, but people’s appreciation of it can change. Taste is problematic for many reasons. People form their tastes partially by worrying what others will think, and how they will be judged. Many art collectors today see art as a business investment. With many competing art movements to choose from, many collectors argue over the definition and meaning of great art, not as a philosophical issue, but a financial one––they don’t want to lose their money.
Materials: In terms of value, materials play the smallest role. The quality and name of the artist make the most difference. If an artwork is of high quality, it is worth much more than the cost of the materials. However, materials can affect the price as well. In terms of high prices, few artworks are more popular than oil on canvas. An oil painting will almost always demand more money than a watercolour or drawing by the same artist, or any other work on paper. It’s assumed that paintings allow for a greater range of colour and texture than works on paper, and require more time to finish, and are therefore greater artworks. It’s not necessarily true, but that’s the trend. Acrylic may look like oil, and might sell for as much, but some collectors fear it as a new material, which may degrade or spoil over time. Oil paint is seen as time-tested, having been used by all the greatest artists in history.
A finely crafted sculpture may demand a higher price, but collectors typically prefer paintings because it’s easier to collect and store many of them. Sculptures take up more space.
Size: Generally, the larger an artwork, the more expensive it is.
Artistic Fame: This is probably most important in determining price. The same artwork could fetch a wildly different price if made by a famous artist. Many people consider this unfair, without considering all the work and thought that artist did in order to become famous. Anyone has the opportunity to become a famous artist, but only a few ever do so. One can argue that certain artists have become famous for silly and unethical reasons, such as Richard Prince, who took other people’s photos from Instagram, and sold prints for over $90,000. And, it’s true that the art market often helps these artists, as investor-collectors try to find new trends to profit from. But, the main reason why an artist’s name makes the work valuable is because, like any other consumer brand, that name tells you the artist was a dedicated professional, who spent her life making the best art she knew how, demanding the highest quality from herself, and only selling the best of her creations. A great artist won’t put her name on everything she does, only what she feels worthy of selling.
Dealer Status: There are some art dealers in the world who are famous for their great eye in spotting new talent. If they like your work, they will commission you to make new art for their gallery. If they like your work and showcase it, they can demand very high prices, even if you’re a new artist, and relatively unknown. Dealers like Saatchi have made many young art students into stars, helping them make millions of dollars.
Originality: Originality is important in art, although this concept can lead artists into making poor choices. Originality must still include quality. A new idea isn’t necessarily a good one. Artists should beware of gimmicks, which are silly, thoughtless ideas, meant more for selling a work than making it great. As an example, there’s an artist who 3D prints miniature sculptures, that you need a microscope to see. They don’t look so nice, but they’re really small. The 20th century saw an explosion of different artistic movements and styles, almost like a race to see who could think of the newest, most original idea. This race is still ongoing, but it’s important to also recognize the originality and subtle differences in the work of the past, between masters in the same genre, such as Monet and Renoir, or Frans Hals and Rembrandt. There are characteristics that make their art unique and original, you just have to look a bit closer.
Historical Significance: Historical significance is closely linked to originality, as I described above. There are many expensive artworks that have only one claim to fame–– they were the first to come up with the idea. Examples include blank canvases, Duchamp’s “Urinal” sculpture, and Manzoni’s “Artist’s Shit” in a can. When historical significance combines with a really good idea, such as the mystery of Mona Lisa’s smile (one of the first portraits to show any emotion in the sitter’s face) then the work can become priceless.
Provenance: Of all the factors in raising a price, this is the silliest to me, and it’s mostly about bragging rights. Provenance is the history of who owned an artwork after it was made. If an artwork was highly valued and owned by a famous person, say a politician, or a businessman, then the work becomes even more expensive. People who own it can say, “Hey, this was owned by a Kennedy,” or, “This used to hang in Rockefeller’s office.” It may be silly, but it matters to collectors.
Methods of Sale
How an artwork is sold can also affect it’s price.
At Auction: This form of sale typically demands the highest price, but it’s risky, because you never know if people in the audience will like a particular work of art. It can also take a lot of time to prepare and advertise.
In a Gallery: This form of sale is more open for change, based on demand. It’s generally more expensive, because the gallery charges a large commission (usually 50% of the price) for storing and showcasing the art.
Direct From the Artist: This is usually the cheapest and simplest way to get an original artwork, and you can request commissions as well. Artists are usually desperate for money, and will be happy to get artwork out of their studio.
On the Black Market: This can be even cheaper, depending on the artwork and people involved, but then you have to deal with criminals. It’s a situation where everyone involved is desperate. The thieves want as much money as possible, but they know they have to be very secretive, or they will be caught by police. And, if the artwork is famous, the buyer may be desperate to save the work. So, the price depends very much on negotiating skills.
Typical Prices
Works on Paper (Drawings, Prints, Photos, Watercolour): Usually, if a work on paper is of exceptional quality, it can demand between $100-200, even if the artist is unknown, or a student. That’s a base price for an original artwork. If the artist is a professional, known locally, that price could go up to $500-1000, and if the artist is known internationally, they can ask anything for it. People and galleries are often willing to demand ridiculously high prices, and waiting twenty, fifty, even a hundred years before selling it at that price. Having said that, I imagine few works on paper are regularly sold at over $100,000. But, I could very well be wrong.
Painting on Canvas: A high quality work by a student or unknown artist could fetch between $150-500 for a smaller canvas, and maybe around $500-2,000 for a larger one. The materials involved for such a painting usually cost around $150. You can make a business out of this if you make high quality works on a regular basis, and can find people ready to spend so much for your work. This usually requires finding galleries, who are only interested, if you’ve worked long enough to establish your name–– typically requiring around ten years of constant painting. Famous paintings by internationally renowned artists regularly sell for over $1 million, and some for over $50 million.
Sculpture: The price of a sculpture can vary greatly depending on material, size, and all the factors listed above. Stone can be very expensive and hard to work with, typically demanding a higher price than wood, clay, or plaster. Any metal that requires casting, such as bronze or silver, also demands a higher price. But again, what’s most important is the artist who makes it, and the quality involved. A great artist can make a masterpiece of clay, whereas a student could ruin a bronze sculpture, and the result would be worthless. I imagine a small, quality sculpture by a student could fetch between $200-1000, depending on the material, and where it’s sold. From a famous artist, we’re again talking about millions.
Murals: Murals are very hard to sell because they’re large, and they are painted on walls, so they’re impossible to move. Artists are usually commissioned to make them, so the price may have more to do with the cost of materials, and the artist’s living expenses. It’s rare to find an artist so famous that she can demand a high price for a mural. Often, it’s the artist who finds the perfect wall, and begs the owners, or town for permission to paint there.
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