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Young artists: make and conquer. Part 5
ARTinvestment.RU   29 апреля 2020

The primary value of the works of the young artist, established a gallery, and the factors determining its growth

In the previous material we have described the approaches of the artist to the formation of the presentation of his art in a separate document and on the Internet-сайте. The ensuing public discussion in the framework of webinars ARTinvestment.RU found an increasing interest of artists to the issues of pricing. What price should be put on their work at the first meeting with a foreign gallery? And whose opinion is decisive? Following the wishes of the listeners, we decided to release this material a little earlier than planned.

to understand the pricing strategy of foreign galleries in respect of unknown in the region of the authors, we present 3 basic postulate, that should guide a young artist.

1. The artist, without experience of participating in international competitions, residencies and grant programs, having solo exhibitions and initial circle of collectors, from the point of view of foreign galleries is a young artist. If its age more than 40 years — he is young unsuccessful, the artist.

2. Prices of auction sales related works at home, do not mean for foreign galleries nothing. Otherwise, the gallery must simultaneously move with the artist and his audience — and that, you know, expensive.

3. Regardless of the desired numbers of foreign gallery itself will form and will offer the artist to its primary cost. The latter will have either to accept it or to withdraw from the contract.

If at the time of treatment of the artist in the foreign gallery of his works have auction sales and exhibition history abroad, prices are formed by the gallery as follows:

• the initial price of the gallery sets at the lowest level, which is only valid level of income for its collectors. Thus, it shows your customers that they opened a new sentence at the initial level value (eng. entry level) — young name at a low price that will grow, given a contract artist with a gallery and a history of success in the education of their predecessors. In practice, many galleries traditional approach is the "Primary cost = production cost × 2", where the doubling of the prices are hidden concepts of creative thought and talent invested in work;

• the second step is the comparison with other artists of the same age group with similar backgrounds and education. Key objectives of the gallery are the same age of the artist, making the first steps of the exhibition, and the more senior creative units in the region — their performance will compare with art and prices of the desired artist;

• the third step is to determine the cost of work on the basis of technology and size: while the artist is young and most valuable period of his work is not defined to the fore precisely these characteristics. The greatest advantage, according to statistics, there will be traditional materials — canvas and oil. Just look at the continued momentum of the auction last 100 years: most expensive painting sold, followed by sculpture, drawing, work drawing, watercolor, [email protected] semicolon closes the procession of the sketches and drafts, as well as personal belongingsartist. Price dependence on the size of the following: on the one hand, the larger the area, the greater its value, the other — overall items of the road from the point of view of international logistics that can influence the decision of the collector (especially if the artist is unknown and the works are acquired primarily as part of the interior). Ideally, a young artist should be able to create works with a common theme or series in different formats.

note that foreign galleries are building their pricing policy, focusing on the solvency of their collectors, and I try always to act within a certain price level within which those willing to pay. For example, if the gallery works in the range of $100 to $1, thousand for a piece of art, it will not offer a contract to a young artist with large-format figurative painting: the work will soon exceed the "ceiling" of her clients. Similarly, the gallery level above the average ($100k — $1 million) will undertake a young artist without serious international portfolio, because it will have nothing to substantiate the high initial cost. The Western collector would like to see purchased, the artist increases in value — even a little, but visually noticeable. As soon as the price level of the artist will exceed the purchasing power of the customers of the gallery (assuming that he will have room to grow in creative and marketing terms), the artist will replace the gallery, and the level of collectors. And those who bought it earlier and cheaper, will be emotional (and financial) gain.

As a rule, young artists from emerging economies are beginning to engage in the gallery, working in the range of $1–$10 thousand and less — $10–$100 thousand Based on the specifics and dimensions of the works of the young artist, the first series may be estimated at from $1,5 thousand to $5 thousand (do not forget that in the last five years, the average value sold at the art-ярмарках of art objects amounted to about $5 thousand, but in General, on the international private market sales — about $10 million)

How the activity of the artist and its driving forces contributes to increased cost? In a recent reviews AI in the book of Olav Vueltosa "Talking prices" we mentioned that the Dutch Explorer first systematized and publicly explained the approach to pricing in the private market — patrimony galleries and art-дилеров. According to his work, in world practice it is accepted to divide by three factors: demand, time and reputation. Each of the factors able in a year to add 10 to 20 percent to the average cost of the last sold works (the word "last" is important because many people mistakenly believe that you should start with the highest sale of the artist).

Factor demand, and when successful sold out exhibition all works: appeared after this on the auction item is sold out series will be fairly valued by the auction house above. The demand also rises when the buyers are totally at odds the draw series of the artist.

Factor of time can be applied to all active artists, it is sufficient to define "step";, it can be one year, the period between major exhibitions or auction sales. In the second case, the increase in the priceis the management of the artist (if he's young) or gallery.

the increase in the cost associated with the third factor, reputation, occurs sporadically and is followed by a loud unusual events: participation, access monographs, public actions of the artist or serious information occasions. Depending on the level of projects and involvement of names (museums, publishers, auction houses, etc.) the increase in the average cost of the artist's works in a year ranges from 10 % (a small gallery in new-Йорке, Biennale in Istanbul, local European publishers) to 20 % (MoMA, the Venice Biennale, Taschen).

the question Arises: is it possible to rely on the simultaneous action of all three factors? In other words, could the artist be the favorable scenario to increase the capitalization of its work in one season at 60 %?

Olav of Feltus in his book and in a number further studies the pricing of art-рынка argues that this is impossible, and leads to substantive arguments. In particular, for a positive outcome must be matched (deliberate and planned) of all factors: high-profile exhibition at the gallery with the sale of all work until its completion and report to the environment collectors this information, the simultaneous participation of one of the works at public auction is a serious auction house, a solo exhibition of the artist in one of the leading museums with the publication of a monograph, several major news events — and all in one season!

it is Clear that such activity is (1) very costly, and the artist should be bound hand and foot by a management company who invests in the funds, and (2) is impossible to repeat in the coming seasons in full — otherwise the market will feel that he is dealing with a "project" and not a creative entity, and there will be a drop in demand (as was the case with Chinese contemporary art after the rapid development of the market in 2009-2011). Besides, one thing — to increase demand and justified to raise the cost of the work, and quite another — to implement them for the stated price. Because there is such a thing as competition. Upstarts from among the artists usually strangled with their own weapons — money invested in another artist. Therefore, 20% of the annual increase of capitalization of the author should be considered the best result, unsuspicious of the market.

In the following article AI for young artists we will return to a specific schedule and we will tell you about the placement of the portfolios on third-party online-платформах and key parameters, which draws attention to the collector — visitor online-ресурса encountered you for the first time.

Attention! All materials of the site and database of auction results ARTinvestment.RU, including illustrated reference information about the works sold at auctions, are intended for use exclusively for informational, scientific, educational and cultural purposes in accordance with Art. 1274 of the Civil Code. Use for commercial purposes or in violation of the rules established by the Civil Code of the Russian Federation is not allowed. ARTinvestment.RU is not responsible for the content of materials submitted by third parties. In case of violation of the rights of third parties, the site administration reserves the right to remove them from the site and from the database on the basis of an application from an authorized body.

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