Recovering costs is a tool for setting a price for a work of art. I’ve seen original paintings for sale in a gallery for as low as $300.00. I’m shocked that any artist will under price their work. Some will do it because they believe that they will be guaranteed to make a sale, and feel good about themselves. But if they sat down and considered the cost of doing business, I guarantee the good feelings won’t last long. All that is happening is that the artist is subsidizing the gallery and collectors.
Consider the $300.00 original painting scenario. Most gallery commissions today are 50%, $150.00 to the gallery and $150.00 to the artist. Out of the artists $150.00 are supplies; the canvas, paint and frame. Assuming supplies were purchased at a bargain and only $100.00 is invested, does this give a profit of $50.00? No. We still have not considered time, time painting and seeking the subject matter. Artists will often discount time and say they love what they do therefore time doesn’t matter. Another consideration is the cost of overhead (the studio space), brushes, easels, flat files, photographing the work, insurance, vehicle operations, etc., the cost of doing business? Artists who price their work too low do a disservice to the profession, themselves, and to collectors.
Just about the only time an artist might consider mitigating the recovering of costs is to place work in important public collections. Many museums have small budgets and cannot acquire all the work they want, they depend on gifts from collectors and artists. This should be done carefully and judiciously, and done only for a brief time in an artist’s career to help build a reputation.
Gail Niebrugge, Alaska artist
