In the art market, knowing an artist’s work price helps a lot when buying their work. As a reflection of the market, it helps to make a reasonable estimate of the price of a work. But how are prices calculated? To help you better understand the subject, here are a few factors that influence the estimation.
Artistic and media reputation is an important criterion for assessing the price of an artist’s work. Organisations specialising in this exercise base their ratings primarily on the public’s attraction to their work. As this does not always reflect the quality of a painting or a sculpture, the rating of the artist depends in part on the recognition of his or her work. In other words, his reputation is measured by the fame and number of his collectors. The more renowned collectors are interested in a painter’s work, the higher the price will rise.
In addition, the number of exhibitions in which the creator of a masterpiece has participated is also a factor, especially if the exhibitions are held in famous galleries, foundations or museums.
The characteristics of the work
Art professionals also take into account the characteristics of the work to determine the price of an artist’s work. In this respect, rarity plays a considerable role in the price of a painting, a statue or any work of art. In the market, this makes sense given the system of supply and demand.
In the same way, experts also value a work of art according to the techniques and materials used. For example, the most complex and widely used technique in the production of a painting is oil painting. This explains why painters who master this technique are more highly rated on the art market.
Results in the secondary market
Auction results are a reliable basis for rating the author of a work. Calculated on the basis of the hammer price, the price of an artist’s work refers in this sense to the range of appreciation of his or her works at the time of the sale. It refers to the value between the high and low estimates below which the painting will not be sold. Artists are therefore given a figure for each painting sold. However, the ratings generally only relate to the results of the largest sales. With the help of the other variables, these results make it possible to establish the “official estimate”, which is different from the one in galleries or at fairs.