How do artists place a value on their work, and is it always in monetary terms? If it is sold in a gallery or auction house the issue is resolved and the market prevails. But if the artist sells the work directly then he or she has to set the price, trying not to over or under price the art. For the past 10 years I have been using a set price per square inch for my work in an effort to maintain some consistency. This has worked well until recently, when dire economic conditions have made it necessary to make some adjustments.
This weekend I am turning everything around and asking the client to set the price, and since I first had the idea I realized this was not going to be easy for the buyer. Will they embarrass themselves by offering a price that is too low, and offending me, or will they pay more than the work is worth in the market? I could set a price range, but since this is not an auction, and all offers will be accepted on a first made basis, that basically sets a price, which defeats the purpose of the event. It is possible for someone to take advantage of me and walk away with a real "steal". But I'm confident that people will make an honest effort to set a fair price.
I expect that some of the work will be under sold and some will be over sold, and I am OK with that. In either case, the buyer is establishing the value of a piece of artwork for themselves, and for me, that is the point of this whole experiment.
I am really looking forward to this, and want to encourage potential clients...you will not embarrass yourselves, and I will not be offended. This is a win-win situation for both of us. I would rather have my art on a wall in your home than gathering dust in a corner of my studio.
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