A bit of original artwork can make a room, be treasured for many years and be passed down for generations. Plus it can be unbelievably inexpensive or very pricey. Why do some types cost more? “Artwork has to be among the most difficult items to price,” says Kate Singleton, creator of Arthound. “There is no standard framework as there is for a pair of underwear or a bottle of champagne. Major aspects come into play.”
The artist, gallery, moderate, style and charm of a bit all can affect how much it costs. And if you come upon a one time function you enjoy, it may be worth any price to you.
Interested in using the power of art to power your interior design? Here are three experts’ hints before you shop to think about.
Guidelines for Purchasing Art
Buy what you love. Should you feel strongly about a piece of artwork or it really speaks to you, buy it, regardless of trends or expertise.
“Art is worth the additional money once you really enjoy it and feel fairly confident you won’t find anything else you like just as much,” says Singleton.
Do your research. Proceed to galleries and exhibits, and ask a great deal of questions. Individuals in the art industry are enthusiastic about their job, and you’ll be able to find out a great deal about what goes into certain mediums and artists’ work. Looking at a great deal of artwork will help train your eye, also. You will create a style and start to find out what prices more and why. Visit art and design websites to find out what emerging artists do and how artwork is being used in houses.
Take your time. “Give yourself time to come up with your taste in artwork and, once the moment comes, to contemplate whether you really love a bit and want to live with it,” says Singleton.
Think long term. Alex Farkas, gallery manager at UGallery, recommends using the exact same buying fundamentals for other home objects when you’re purchasing artwork. What is practical? What is Well worth the cost? What will you still love in five years? “A year or two back, everything was coated in resin,” says Farkas. “However, do you really need that in your house? Think of what’s popular versus what is classic.”
How to Establish a Budget
Learn everything you’re working with. Have a good idea of how much art prices before you set your budget. Visit local galleries, art fairs, student shows and online galleries to find out what different kinds of art cost normally. Once you set your budget, you can choose how much artwork you need to purchase: one big bit or several smaller pieces? What can you manage in the medium you desire?
Consider repayment programs. If you’ve found “the one” and it is way beyond your set budget, don’t stress. Talk to a gallery staffer (whether it is online or in person) to find out what custom payment programs are available. “Depending on the price of the item and the customer’s budget, we are pleased to work out a custom payment program,” says Farkas.
Get creative with framing. Framing can be the costliest portion of the art-buying process for some. Forget the framer and try hanging it as is instead. Stretched canvases and posters specifically can look great with no frame. “We encourage our musicians to always finish the border of the pieces so the work could be hung unframed,” says Farkas. I have been hanging artwork unframed in my home for many years and have observed a great trend towards this in decorating”
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What Determines the Cost
The performer. A artist’s profession, popularity and scope of job have a big impact on a piece’s price. Examine the artist’s education, past exhibitions and earnings history. Many artists base their prices on what previous pieces have sold for. “Some artists purposefully price their work around the lower end because they need it to market,” says Singleton. “Others will continue to keep their prices higher and await the right buyer to come along.”
Prices tend to be lower when an artist is new out of school, “emerging as a artist and yet [appearing] to have many exhibitions,” states Rebecca Wilson, head of artist relations in Saatchi Online and manager of Saatchi’s London gallery. “As an artist sells more works and has more exhibitions, then their prices will increase.” Where the artwork is sold — straight through the artist, at a little gallery or inside a high-end gallery — affects price too, as the entire price in a gallery will include a commission.
The moderate. The medium of the work plays a huge role in pricing, also. Farkas notes that paper works are the cheapest, and drawings often cost significantly less than paintings. Consider how much time it took to complete, how big the bit is, how much the stuff and framing cost, how much it will cost to ship and what the need is for this particular style — all will affect the price.
Wilson says photography is usually less expensive as a music genre, because photographs come in editions and it is rare to purchase a one-of-a-kind work. That said, photographer Andreas Gursky once sold a picture for $4.3 million. “Once you gain fame and an international reputation, the prices of the photos can increase dramatically,” Wilson says.
Originality and style. Sometimes style has an effect on price, especially when the style is in high demand. Farkas notes this will be especially true of expressionist works.
Original artwork is almost always more expensive than prints. Make sure you know what you’re purchasing: Original artwork is the only one of its kind; a limited-edition work is just one of quite a few copies, each signed and numbered; an open-edition print is among any number of copies.
A Caution About Art as Investment
All three specialists agree that first-time artwork buyers should avoid purchasing for investment reasons. There is a lot to think about, and it brings an entirely new level to the choice process. While something you purchase in the emerging artist may increase in value, there are no guarantees. “it is a mistake to purchase art as a financial investment, unless you’re extremely knowledgeable about the art market,” says Singleton. “Even so, it is a gamble. Most artwork never makes it to the secondary industry.”