How to price artwork: a method for galleries and artists

A painting's price is more than what the artist asks. Collectors compare it with the artist's other works, with similar artists and with auction results. If the price isn't explained, the sale is postponed. Here is the method galleries use.

1. Start from the artist's sales history

The main benchmark is what the artist's works have already sold for — in the gallery, at fairs, at auction. Primary-market prices should not fall: cutting prices publicly devalues works already owned by collectors. Start cautiously and raise gradually, often by 10–20% after a successful show or a notable sale.

2. Size and medium

Within a series, price is often calculated by size (a price per square centimetre or a "length + width × multiplier" formula). Oil on canvas usually costs more than works on paper; unique works more than editions. Keep the scale consistent.

3. Compare with similar artists

Look at artists of the same generation, movement and institutional recognition — museum shows, publications, awards. Public auction results are an honest benchmark because they are real transactions, not asking prices.

4. Demand and interest

Rising interest — more press, page views, enquiries — supports higher prices; falling interest is a reason to wait. These signals can now be measured: Art Index shows monthly public interest since 2015, media coverage and auction results for each artist.

5. Explain the price

The best price is one the gallery can justify: "here are the artist's sales, here is the rise in interest, here are the museum shows." Charts persuade better than words.

Common mistakes

• Starting too high with a young artist — works don't sell and prices can't be cut.
• Different prices from the gallery and from the artist on social media.
• Private discounts that other collectors hear about.