Know Your Art and Your Artist
Are you considering buying art? If you are, whether now or in the future, you'll need to ask yourself a few important questions. Although you will have others, these questions come to mind... How is the cost of a work of art determined? Why is the piece I'm looking at so expensive? or... How could the artist sell that painting for only $200? What relationship exists between an artist and the price they can set for their work?
These are common questions that we all ask at some point during our art buying quest. Furthermore, when you buy art as an investment, you wonder if you've made the right investment (or if you've even made an investment at all). Let's take a look at these questions and provide you with some answers. Hopefully I'll teach you how to do your own research so you can pay the fair value for the work of art you want.
How is the cost of a work of art determined? Several factors determine this. The first thing to ask -- "Is the artist established?" 'Established' in the art world means that the artist has been around long enough to have produced and sold a fairly large body of work. Being established also means that the artist's work is collected. Very important. The more the work is collected, the higher the price. Ergo, the higher the sale price, the higher the resale price.
Copyright 2022. Eric Jonsson. All rights reserved.
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