Market Value - Testing the Limits

toni-wallachy_venus reclining
Originally uploaded by Toni Wallachy

I get asked the question all the time .. "How much should I price my work for?". I really don't think there is a hard science to it, so many factors need to be considered.

Input factors to consider:
• Years in the art business
• Reputation
• Quality of work
• Previous history of sales

If the answers to the above reflect someone who has history and a reputation, then I would take cost times 3 for a base retail price. The Base retail then can be tailored to reflect the venue that the piece is being represented. I.e a piece selling in a gallery would go for more money than say an outdoor art show or private web site sale.

If the answers reflect someone who is new to the scene, as I once was, then take cost times 2 for a base retail price. The Base retail then can be tailored to reflect the venue that the piece is being represented.

Another way to gauge is to donate images for Charity auctions and see how many pesos' they fetch. Case in question: the attached image, print only fetched a hefty $450 at a recent silent auction benefiting AIDS. If purchased directly through myself, it could have gone as high as $290 depending on quality of paper.

This tells me two things:

• The image is of high quality and people would be please to hang on their walls;
• and that they are willing to part with their pesos to have such adornments in their homes