Set the price too low and you could leave money on the table, set the price too high and your artwork could start stacking up in your studio.
How to buy affordable art: a beginner’s guide
Abstract art, modern art, expressionist art. You may know what you’re into, but not necessarily how to go about buying it. Find yourself an affordable masterpiece with this beginner’s guide from some top experts in the field.
By Helen Glaberson Published: 30 January 2014
Preparation is the key to anything and art buying is no exception.
Be prepared
Preparation is the key to anything and art buying is no exception. Have a think about what you want before you arrive.
Nicky Wheeler, Director of Affordable Art Fair
Look around
When you get to an art fair, pick up a stand plan or catalogue and take your time to look around, making notes on galleries and pieces that you like, plus essential details including artist name, the size of the piece and price.
Nicky Wheeler, Director of Affordable Art Fair
See the art in person
The internet is the best place to start nowadays, but nothing beats actually seeing art. Art and furniture have a completely different dimension when you see them up close – you might be pleasantly surprised, or you might be disappointed.
Jonty Hearnden, Antiques Roadshow expert
Go for limited edition
When looking to invest in affordable art, find out if the piece is a one-off or part of a limited edition. As a general rule, a painting is usually a one-off while photographs, limited-edition prints, video art and sculptures are editions, which means there will be at least one, if not many more made. Buying a limited edition adds value to your purchase: the first 1-5 of an edition are more expensive than the rest, and the editions will become more expensive as they sell out.
Isobel Beauchamp, Director of degreeart.com
Buy what you like
Buy something you like, not what you think you should like! Don’t feel pressurised into buying something you are not sure about. Art is subjective. It is important that you are given the opportunity to try the work at home and return it for a full refund within a set period of time. Do your research and look for artists represented by galleries, as they will be investing in ensuring the artist has an enduring career.
Have a theme
Your art collection can be an extension of your interests and passions. Many great collections have a theme that runs through them. The works may be varied, but connected.
Christopher Holder, avid art collector
Frame it imaginatively
Be imaginative with your framing, don’t be fearful of using materials such as mirror to add a further dimension.
Christopher Holder, avid art collector
Don’t miss the Affordable Art Fair this year: 13-16 March in Battersea Park, London. 12-15 June in Hampstead Heath, London. 19-21 September, Temple Meads, Bristol. To find out more, visit affordableartfair.com/uk
Image: Byard Art, Beckie Reed: Jubilant Beginnings
DO: Research the Prices of Comparable Artists
How much do similar artists charge for their work? Thoroughly researching your market will give you a better idea of how to price your art. Consider other artists’ work that is comparable in style, medium, color, size, etc. Also look at those artists’ accomplishments, experience, geographic location, and production rate.
Then search online, or visit galleries and open studios and see their art in person. Learn what those artists charge and why – as well as what price sells and what doesn’t. This information can be an excellent gauge to help ensure your pricing is in the right ballpark.
DON’T: Undersell Your Work or Yourself
Creating art is time consuming and many materials can be expensive. Think about a reasonable hourly wage and the cost of materials when pricing your art – that includes framing and shipping, if applicable. The US Dept. of Labor lists the average hourly wage for a fine artist as $24.58 — use this to help you estimate. Your price should reflect the money and time you put into creating your art.
Art biz whiz, Cory Huff of The Abundant Artist, uses this trick: “if my prices don’t make me feel at least a little uncomfortable that I’m charging too much, I’m probably undercharging!” Charge what you’re worth (within reason).
DO: Keep the Same Price For Your Studio and Galleries
If you’re thinking of selling work from your studio at lower prices than your gallery, think again. Galleries put time and energy into their sales and generally aren’t happy to learn you’ve been selling work for a lot less. Take it from art business coach Alyson Stanfield, they will drop you like a hot frying pan.
What’s more, other galleries could learn about this and be less inclined to work with you. Make sure you have set prices that are generally the same for your studio and your galleries. That way people can buy your beautiful work from either place, and you can maintain a positive relationship with your galleries.
