How do I find the right price for my work/artwork?

Many "artists" are interested in this question and many people have often asked printolino about it. Here is a small compilation of the most relevant criteria, starting with an explanation of the terms. Wikipedia says the following about this:

Artwork and labour

The terms "artwork" and "work" are used to describe individual products of artistic creation. The sum of all products of an artist is referred to as a "work". "Work of art" and "work" therefore have different meanings: "work of art" refers to an individual object and "work" is the sum of these objects.

Price

The price is the consideration paid in monetary units for a certain quantity unit of purchased products or services as a result of supply and demand on a market.

Interesting view on price

Prof Dr Jack Nasher, business psychologist at Munich Business School, makes the following statement about prices:

Prices are always a matter of negotiation between buyer and seller.

Know intentions

In order to achieve a "good" price, it is important to know the buyer and his motives and to answer the question. What are the reasons for his intention to buy? Of course, you should also be clear about your own intention to sell. More about your own intention to sell in a later article.

Just a few words to get you started. If you are selling work for the first time, it is advantageous to know why you are doing this and where you want to go. How many pictures you want to sell. The principle is that the more pictures you sell, the better known you become. The better known you are, the more stories* are told and then you are recognised on the market. Market prices are then paid.

Hobby and sideline - or professional?

It is therefore important to know for yourself whether you see your work as a hobby on the side or whether you seriously want to establish yourself as an artist - it makes a difference. This difference lies partly in the fact that you should differentiate between the friendship price and the market price. Whereby Market prices and Friendly prices nevertheless subject to the laws of supply and demand.

A sales price has nothing to do with manufacturing costs.

Friendly prices

A friendship price is not subject to the same laws as a market price. If you don't want to operate in the art market, other prices apply, because only rarely does an unknown person buy a work by an unknown artist. The first customers are often friends and acquaintances and this should be taken into account.

Market prices

Galleries, museums, investors and art dealers usually determine the market prices.
Moreover, there are only a few hundred people in the world who have a decisive influence on what art is. What is meant here is contemporary art. Artists or works of art that fall into their favour are then traded at really high prices and are generally regarded as capital investments.

Reasons why people pay high prices for works of art

If someone wants to buy a work by a famous artist, such as "van Gogh", they have to dig deep into their pockets. The reasons for this are:

The number of paintings is limited - the artist is dead and there are no new paintings.
There are few pictures on the open market - most of them are in museums.
A museum with a work by a very well-known artist is very likely to receive more visitors and may even be able to increase its admission prices - in other words, it can make money.
One of the main reasons for high prices is the fact that everyone knows the artist. The artist has a history and when someone owns a work, they become part of the artist's history and collectors are prepared to pay a lot of money for it.

Good story

Good stories have been important since time immemorial. People love stories and are storytellers themselves. Ideally, the work of art itself "tells" a good story. If you want to be successful in the long term, it is advantageous to tell stories or have stories told and thus become part of stories.

A practical option for price calculations

Under à www.blitzrechner.de/kunstwerk there are many interesting tips on how prices for works of art have been calculated since the Renaissance. In addition to the formula used, you will find lots of useful background information and practical tips. The following questions are all answered.

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How do I find the right price?