Saturday, June 09, 2007

SK's art, part 2

Thanks for your comments on SK's art. I really appreciate it.

I/we periodically take a look at the prices of SK's artwork and try to decide if the prices are working (I do most of the figuring the prices and then I discuss -- well sometimes his response is only "ok sure" :-) -- them with Steve). Usually I do this at the end/beginning of the year, but it came up now (the addition of the 10x14 size and possible return of the 14x20 size -- he has the block of paper, but hasn't used any from it yet -- are what precipitated the re-evaluation). We try to strike a balance where Steve gets a good price for his work, yet it is still reasonably affordable for most buyers. A big part of why Steve started doing smaller pieces was to offer originals at a more affordable price. Believe it or not, Steve is very concerned with giving buyers a fair shake. The 9x12 size is not only the least expensive in terms of outlay but is also proportionally the most affordable of SK's original pieces. And we do offer cards and prints (using pigmented ink and archival acid free paper so they are more lasting) of just about every painting for those on a tighter budget.

Anyway, after doing a bit of calculating we decided to lower the price of the 12x16 paintings to $375 USD and the price of the 14x20 to $475 USD. This change keeps them more in line with the prices of the other sizes. The other sizes will remain at the prices I listed in my last entry. These base prices will remain for at least the rest of the year. And unless our costs go up dramatically between now and the end of the year or SK suddenly becomes "the next big thing" in the art world, I think they will most likely remain the same through 2008 also. Eventually I would like the prices of all the sizes to go up, but overall I think they are pretty good, both for the buyer and for SK.

Snowfaller, you brought up the celebrity aspect of pricing and it is true. Yeah, Steve can get a bit more for his pieces than many artists because he has fans that want them. It's a built in clientele. We all hear about the massively (commercially) successful artists and musicians, but for most of both it's a struggle to be get noticed and actually make money at it. You may have heard of an Irish artist named Guggi. He gets excellent prices for his work and his exhibition receptions are attended by many celebrities. He grew up with and is a good friend of Bono. He might well be making a living off his art even if he had no well known friends, but I seriously doubt he would get the attention or the prices he does without those friends. I don't think that's necessarily wrong though because the art market is tough and if you have a name people recognise or have famous friends, by all means use it. Steve's work is most likely priced higher because of who he is than it would be if he was Joe Smith from Peoria, Illinois (or Fred Jones from Bondi for that matter). But because he is known in certain circles it is also more sought after and therefore more valuable.

Art is tough because the pricing is so subjective. Artists with similar subject matter, style, size of work, medium, and experience levels may charge vastly different prices for their work and all think their prices are fair. I mean when you look at cars, all the cars within the same basic category are going to be similarly priced. Sure there might be a few thousand dollars difference between similar models, but once you know the price of one brand you have a ballpark figure for the rest of the brands. But art pricing is so subjective that knowing the price of one artist's work doesn't mean squat when you look at the next artist. Of course, if you are in a gallery the prices may be similar because the people running the gallery pick work that fits their clientele and so the prices are often more consistent. But if you are buying from individual artists you will find prices can vary wildly. One artist may charge $100 for a piece that another artist with a similar piece may charge several thousand for. It's very much a matter of you charge what you can get for your work.


Blogger snowfaller said...

I can only imagine the humor in his blogs if SK becomes 'the next big thing' in art... :-)

2:30 PM  
Blogger veleska1970 said...

i'm experiencing a similar dilemma of my much am i worth??

11:25 AM  

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