How do you price art?
There is one aspect of economics that everyone understands: the law of Supply and Demand. It’s pretty obvious: useful/desirable things will be valued more highly than stuff that isn’t as in demand, and scarce things will cause people to offer to pay more.
I’ve found somethingWire, Single K.O.
No one else is looking for
I’ve found something
That there’s no use for
And what’s more
I’m keeping it to myself
For this discussion let’s assume that the art in question is “desirable”, so that there is a certain level of demand for it. The determinant for price will therefore be how scarce it is.
There is a fundamental difference between a painting, in which the creative effort results in a single item, and a recording of a performance, which can be duplicated and replayed an infinite number of times. The artist can only sell their painting once, but can sell as many videos as people want.
This same issue comes up with media such as photography and print making: there really is no limit to the number of copies of a single art work that can be made. In the days of negatives, the act of making a positive print was itself part of the creative process, because the printer (usually the photographer) had to have a feel for how to balance overall exposure with local dodging and burning. The great photographer Edward Weston trained his son Cole to learn his precise printing techniques, so that Cole could continue to make prints that would be as close to the artist’s vision as possible. So while in theory an infinite number of prints could be made, there is a practical limit.
But digital photography throws all of that out the window. The artist can make whatever corrections or other changes they want to the digital file, which can then be reproduced without loss forever. So how does one determine a price for something like this?
I’ve recently begun to submit my work to several galleries, and have had some success – just yesterday I got notice that one of my photos was accepted for a show! But I’ve seen several Calls for Entry for exhibits that have a requirement that any submitted work be part of a limited edition. A Limited Edition is when the artist decides that there will only ever be a certain number of prints made, and each print is “numbered” so that they buyer knows that they are one of the few owners of that piece.
I call bullshit.
Art’s value is in the piece itself. If it moves you, makes you think, or just is stimulating to look at, it has value. The fact that only a few other people can enjoy that particular piece doesn’t change the experience; it just creates an artificial scarcity to prop up prices that otherwise can’t be justified.
Paintings are scarce, by their very nature. Digital photographs are not.
I’m not playing this game. Sure, this might keep me out of some galleries, but those are probably not compatible in spirit with me. With a calibrated monitor, I can create a digital file that can be printed exactly the same anywhere in the world. If you like my work and want a print, I will sell you a print. I won’t say “sorry, but I’ve sold all the prints I can make of that image. You’ll have to find one from some art dealer or collector”.
The digital transformation calls for new ways of thinking about art. The music business learned that lesson with the advent of the .mp3 file. The photographic business will need to grow to accommodate this new digital reality.