How Much Should I Spend on Art?

Have you ever fallen in love with a piece of art, but had no idea how much to spend on it? Maybe the price wasn’t shown, or perhaps you saw a number and wondered: is this too much? Too little? How am I supposed to know? 

Price guidance is not accessible today and is an enormous barrier for people to confidently purchase art. A study from UGallery found that 67% of people feel like the perceived barriers to accessing art are too high, and 20% found buying art from a gallery to be the most intimidating shopping experience, more so than shopping for real estate or a car(!).

As a buyer, it’s important to remember that artists are trying to figure out how to price their work at the same time that you’re determining how much to spend. Like any negotiation, everyone is hesitant to say the first number. With no set standards, many artists and buyers are weary of starting the conversation – which often results in a lost opportunity for both parties.

At Cohart, we help artists price their work and help new buyers understand how much to spend. In this article, we provide color into both perspectives to open the conversation.

As a buyer, it’s helpful to start by understanding how artists think about pricing. So how do artists decide on how to price their work?

Generally speaking, artists price based on two key factors:

1. Their experience: seasoned artists with established networks and a defined aesthetic often command higher prices. They can justify a higher value with a clear track record.
2. Artwork size: larger pieces have higher price tags. The material and labor costs will increase as the size increases.

Here's a basic guideline for how artists benchmark their prices:

Two additional variables that are not included in the graph above are:

1. The materials and production costs (i.e. a glass sculpture might be small, but glass is extremely expensive and requires specialized machinery).

1. The artist's reputation (i.e. if the artist has a huge following, they can sell directly to a large fanbase where there is established demand).

Now that you understand how artists are going to set their price, it’s time to figure out how much you want to spend. 

Similar to a luxury or designer item, you’ll want to invest in art you can see yourself admiring and enjoying for years. Your art collection should also reflect your tastes and values. Ask yourself if you would pass down this artwork to loved ones, or if this art reflects who you are as a person.

If you are looking at an artwork and hear an internal “hell yes” when you answer these questions, then decide if you’re comfortable spending that amount of money to live with this artwork every day. If not, you can ask the artist if they offer prints of the work, or you can look for work in a similar style from an early-career artist.

How do I know what type of art I can buy with my budget?

There are basic guidelines to understand what types of art you can purchase based on your art budget. Here’s a cheat sheet to get started:

How do I understand the credibility of an artist to feel confident in their pricing?

At Cohart, we verify all artists who sell on the platform, personally ensuring their pricing feels aligned with market standards. We also make the credibility vetting easy with a highly transparent discovery experience. On Cohart, we make sure you can do the research yourself:

• Check an artist’s sales history to see how they’ve priced their last five sales. Based on their price points, you can determine what career stage they’re at, and understand the likelihood of resale, as well as the risk-reward opportunity.
• Look at the artist’s social media profile to see if they have a large following. If they do, they will likely have higher price points.
• Review the details on the artist's Cohart profile (which is structured like a CV) to learn more about their background, experience, previous collectors, and testimonials. If they have a bunch of collectors who are singing their praises, they’ve been at this for a while. 

How do I start the conversation on price?

The majority of buyers don’t know this, but most artists are open to negotiation! On Cohart, artists who are open to negotiation will allow you to “Make An Offer” on their artwork pages. As mentioned above, finding a price that works for both parties can involve a bit of back and forth. By making an offer, you jumpstart the conversation!

Still have white walls and not sure where to start?

We’re here to help! As we build all the tools you need to make a confident purchase on Cohart, we can directly support you in finding exactly what you’re looking for within your budget. Art comes in all shapes, sizes, and prices, and we're confident we can help you choose a piece that will speak to you, forever! Fill out this short discovery form to get started.

Price advising tools are coming onto Cohart this summer, so stay tuned for more.

More Soon!

Kendall & Team Cohart

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