What is art collecting? If you own two or more pieces of original art, a painting, sculpture, handmade jewelry, you are a collector. Cost, value does not matter, and your heart skipped a beat when you first laid eyes on that unique piece. You had to possess it!
As a new collector of art, the number one confusing or disturbing issue you will encounter is price. Why is there such a diversity and range of prices for some works of art?
Some works of art with what appears to be very little detail sell for a high price, and other more detailed intricate works are priced low. Why? There’s a very long answer for this, however, I promise to keep it brief.
I’ll use my pricing structure as an example. When I started this art journey, pricing created a lot of anxiety. I spent hours researching YouTube and other internet resources to come up with a comfortable consistent structure.
I start out using the square inch method. I take the width, height and multiply, then take that number and multiply with a dollar figure. This gives me a base rate for any size of an artwork.
I then spent some time searching the internet for emerging artists with a similar background and style. Reviewed their websites for their price range.
I searched my target market area for what art similar to mine are selling for, and I adjusted down or up my prices. In this manner, my price range is not that drastic from one piece to another. There are also other factors to add in, framing, material, shipping, packaging, etc. But with this article, I wanted to remain brief.
As a new collector, look for consistent pricing, across all sizes, and price growth. Large swings up or down may be a risk, unless the artists can justify a major event in their career. For you, the collector growth in pricing is a good thing, as long as there is a gradual climb.
Life does get in the way of your collecting passion. The focus of these postings is for the budget range of $100 to $5000 or less. You can build a wonderful collection as a legacy for your children and grandchildren, and have fun.