Every year or so, people wake up to the art world again when something silly sells for an outrageous price, like a banana duct-taped to a wall. Yes, Maurizio Cattelan's piece, Comedian, that a collector bought for $120,000 from a gallery in Miami Beach, has been eaten.
When the buzz of this one dies down, artists will still be grappling with how to price their work. This includes photographers who sell their work as prints or through galleries. What is the formula you use or would recommend? For example:
= Time to create the art (hourly or monthly wage)
= Cost of materials (averaged for major pieces of equipment)
= General overhead costs (averaged)
= Agent percentage
= Derivative works (potential)
= Name recognition (could this be scored?)
And then you have whatever people are willing to pay. Some schools of thought advise starting out with ridiculously high prices so your art will be perceived as having great value. I guess that's fine if you can afford it, lol. But working artists, and those starting out, need practical guidance. Thoughts?
This article looks at pricing in-depth.