How much cost contemporary art?
The most frequently asked question in the contemporary art market from people visiting an Art Gallery is: ‘’How do you determine the price of one artwork?’’, or also: ‘’Why this work costs so much more compared to that one?’’
How much cost buying contemporary art? Legitimate questions which have to receive a clear and exhaustive answer as well.
An artwork listing is not a dice roll, neither a competitive offer, but a true mathematical calculation accompanied with elaborate evaluations from art market professionals.
How to calculate artwork’s price?
The coefficient associated to each living artist in the contemporary art market is a number, which permits easily to calculate per price of each work. This coefficient is determined from a series of essential values: the artist’s personal story, his market solidity, personal or collective exhibitions which he has joined, prizes and distinctions reached in his career, auction participations, critiques and reviews obtained.
An emerging artist, who is overlooking for the first time the market, could have a coefficient around 0.5; to calculate one artwork’s price is sufficient to sum height and width, multiply the result for the coefficient and then multiply again for 10.
The result will be an initial estimate which will be modified over time for every single piece, looking also at the technique, the support etc.