Why is art so expensive? There is no simple answer to that question. For many, art feels inherently costly, wrapped in cultural associations with wealth, status, and exclusivity. People often assume that collecting art requires an art degree, a big budget, or insider knowledge. This misconception is further fueled by the art industry itself that spotlights million-dollar sales and eccentric works, making the art world seem intimidating and out of reach. The truth is, art doesn’t need to be intimidating, and buying art is more accessible than you may think.
It is true that art pricing is influenced by many factors, but understanding a few basics including the artist’s career stage, their level of expertise, and the materials and craftsmanship behind each piece, sets the foundation to understanding the cost of the art.
In this second article of The Collector’s Palette, my goal is to shed some light on the basics of art pricing and dispel the notion that art is too expensive and reserved only for the elite. I’m not here to convince anyone of art’s value but for those who already appreciate art, I do hope to equip you with some understanding of the foundational factors that contribute to an artwork's cost.
What Factors Influence the Value of an Artist's Work?
Art’s value in the contemporary world isn’t one-size-fits-all. There are many people in the art world determining art's value, from the artists themselves, to curators, museums directors, the marketplace, and the culture at large. Everyone who touches an artwork has a roll to play in determining it's value.
Though if we take out some of the players in the art world and just dial into the artist and the art itself, we can better see what determines the foundational cost of an artwork. The cost of an artwork is influenced by a blend of an artist's career milestones, visibility, and cultural impact that together create a kind of hierarchy within the art world. Think of this hierarchy as a ladder that artists climb throughout their careers, where each step represents an increase in recognition, reputation, and the value placed on their artwork. As an artist’s visibility grows, so does the influence of their work within the broader cultural and artistic landscape.
Just as in any field, where experience, accomplishments, and skill translate into higher compensation and respect, the art world uses this progression to inform pricing and appreciation of an artist’s work. Understanding these levels will help you to see how an artist’s journey impacts both the market price and the lasting significance of their creations.
Artist Hierarchy
Where an artist is in their career plays a significant role in determining the price of their artwork. In the complex and often intimidating institution that is the art market, there are many paths for an artist to take, and each can influence their pricing differently. However, artists are generally categorized into three main stages: emerging, mid-career, and established. Each stage reflects an artist’s experience, reputation, and recognition within the art community which directly impact how their work is valued.
Emerging
Emerging artists are often new to the art market and are typically early in their professional careers. They might have recently finished art school, begun showing in galleries, or are gaining recognition in local exhibitions and smaller art fairs. Their prices are generally lower as they work to build a collector base and recognition.
A common misconception is that emerging artist are young. An emerging artist can be any age. Being an emerging artist speaks to where an artist is on their artistic journey not their level of artistry or their age.
Just to make my point, here are five artists who emerged and gained significant recognition much later in life. It proves that the concept of an "emerging" artist isn't bound by age and that dedication to one’s craft can be recognized at any time in life.
Grandma Moses (Anna Mary Robertson Moses) – After spending most of her life as a farm wife, Grandma Moses began painting seriously in her 70s. Her folk art scenes of rural America gained widespread popularity, and she continued painting well into her 90s.
Alma Thomas – Although she had a lifelong passion for art, Alma Thomas didn’t focus on her art career until she retired from teaching in her late 60s. She became known for her vibrant, abstract paintings and was the first Black woman to have a solo exhibition at the Whitney Museum in New York.
Bill Traylor – A self-taught artist, Taylor started creating art in his 80s while living in Montgomery, Alabama. His work, which often depicts scenes from his life and imagination, is now celebrated for its historical and cultural significance.
Carmen Herrera – Born in 1915, Herrera painted for decades without recognition, and it wasn’t until she was in her 80s that her minimalist, geometric works gained attention. She achieved widespread acclaim in her 90s and continued to paint until her death at 106.
Leonard Cohen – Known initially as a poet and musician, Cohen began focusing more seriously on visual art and painting in his later years, even as he continued with music. Though lesser known for his visual work, he became a multi-disciplinary artist in his 60s and beyond, expanding his creative legacy.
Because emerging artists are at the beginning of their careers, their prices are generally more affordable, appealing to collectors who enjoy discovering fresh perspectives and supporting artists early on. The average cost of artwork by an emerging artist varies widely, influenced by factors such as the artist's medium, size of the piece, materials used, and the artist's reputation. Generally, prices can range from a few hundred dollars to several thousand dollars.
Mid-Career
Artists with ten to thirty years of professional experience generally fall into the mid-career category. At this stage, artists typically have a solid foundation of exhibitions, a record of sales, and are steadily gaining recognition in the art world. Their expertise and craftsmanship add layers of value, reflecting years of skill development and dedication to refining their artistic voice.
For most mid-career artists, pricing is a balance between fair compensation for their work and what the art market will allow. Many artists use a multiplier formula (e.g., cost per square inch) to price their art. The multiplier accounts for the artist's niche, medium, and experience level. Additional costs, such as installation and framing, may be added after applying this formula.
Artists at any stage must account for the standard 50% gallery commission. For mid-career artists, where budgets are often tight, this split requires careful consideration to ensure they are adequately compensated for their work. A clear understanding of studio costs, materials, time, and market expectations is essential to how an artist prices their work.
The average price for an artwork by a mid-career artist typically ranges between $1,000 and $20,000. This wide range reflects the diversity within this broad category.
Established
Contemporary artists who have established the weight of their artistic legacy and who are influencing the art world with their art are considered established. Typically, established artists have an extensive record of exhibitions and have critical recognition through top-tier awards, grants and residencies. Their work is most likely being collected by important institutions and high-profile collectors, and also being frequently discussed within contemporary art discourse for their cultural and historical relevance.
Artworks by establish artists can sell anywhere from $200,000 to several million dollars. These prices reflect the skill artists bring to their craft, the weight of their legacy, and their influence in the art world. Demand from high-profile collections and museum acquisitions can also drive up prices, especially through competition at auction.
Some influential contemporary artists: Yayoi Kusama, Gerhard Richter, Cecily Brown, Jeff Koons, Jenny Saville, Ai Weiwei, Banksy, and Kara Walker.
Re-Emerging
A re-emerging artist is someone who initially began their career in the emerging category but had their professional journey interrupted by family obligations, illness, or other personal challenges, then, returned later to their art career. Many re-emerging artists are in mid-life and would likely be considered mid-career if not for the gap in their trajectory.
Re-emerging artists bring a unique blend of experience and wisdom to their renewed studio practice, which can add depth and maturity to their work. Their prices generally fall between the late-emerging and early mid-career range, reflecting both their skill level and the nuances of their interrupted journey.
Dirtying the Water
While this hierarchy may seem straightforward, it’s actually shaped by a complex mix of market dynamics, artistic merit, and even subjective trends. Putting these complexities aside, however, understanding the stages of an artist’s career can give us a clearer picture of how their progress in the art world influences their pricing, making it a bit easier to navigate art buying with confidence and appreciation.
It’s important to remember that these categories are only broad guidelines. An artist’s experience, the complexity of their work, and market demand can all influence where they fall within this hierarchy. Regardless of their position, every artist must establish their pricing, build a collector base, gain visibility, and gradually raise their prices as their reputation, and the demand for their work, grows.
The art world is no different from any other profession—everyone starts somewhere, and reaching a level where your art commands higher prices requires dedication, time, and growth.
The Art
While an artist’s career stage significantly influences the price of their work, it’s only part of the equation. The artwork itself plays a critical role in determining its value. Factors such as the skill and dedication invested in creating each piece, the quality of materials used, and even the emotional impact it has on viewers all shape an artwork’s price. While these elements have a monetary component, they also contribute in ways that go beyond financial cost, offering collectors a deeper understanding of the true value of art.
Art as a Reflection of Craft and Skill: Many contemporary artworks are the product of extensive training, precision, and a refined eye. An artwork’s price often reflects the artist’s level of skill, the time invested in its creation, and the expertise required to achieve a certain effect or technique. Similar to other handmade luxury goods, the artwork itself can reflect back the artist's craftsmanship and represent a certain level of dedication to a craft that often spans years of an artist’s life.
Unique and Limited Nature: Original artwork is inherently limited, quite literally, a one-of-a-kind. Even in the case of prints, unless they are mass produced and in every home good store, are limited and can maintain exclusivity. The artwork's uniqueness adds a sense of ownership that’s impossible to replicate, making each piece a singular part of the collector’s life.
Medium and Material Costs: Oil paint, linen canvas, precious metals, marble, all come at a premium. The artist’s choices affects both the creative process and the finished work’s longevity. Art materials are costly, and many artists invest in quality supplies that are archival to ensure their work retains its vibrancy and durability over time. This commitment to quality materials often influences the work’s price. This is one of those cases where the adage is true — you get what you pay for.
Cultural Relevance and Market Trends: All artists are subject to the time they are living in, in their work, they are often responding to the current world, addressing social issues, and working out emotional experiences. An artwork’s price may rise if it captures a cultural moment or resonate deeply with contemporary themes. Buyers are investing not only in the object but also in the ideas, conversations, and messages the piece represents within the time it was created.
Potential Appreciation: Some artworks appreciate in value over time and some artworks are purchased as an investment. Mid-career and emerging artists in particular are often valued for their growth potential in the market. Purchasing pieces from artists whose careers are gaining momentum can be both personally satisfying and financially rewarding, as the value of an artist's work can increase alongside their reputation.
The Emotional Value of Art: A quick Google search can show you that there is a lot of science that proves art has value far beyond its price tag. Art also comes with intangible benefits to those who live with it. A study released last month says that looking at original art lights up your brain more than a reproduction of the original. The research also suggests that looking at art elicits a strong emotional response. Which may explain why collectors often report that the works they invest in become invaluable as they grow personally attached to them. This emotional connection has value that extends well beyond what you might pay for the piece.
Tips to Evaluate Art Pricing with Confidence
To make art buying a rewarding experience, here are some tips for evaluating pricing while staying true to your preferences and budget:
Set a Budget You’re Comfortable With: Art collecting should feel exciting, not overwhelming. Decide on a budget range that allows you to make purchases that add joy and meaning to your life without stress.
Research the Artist: Learning about the artist can offer insight into their pricing. Knowing what stage of their career they are in and what types of materials they use in their art practice, will give you the confidence that you are buying quality artworks that are worthy of their cost.
Understand the Edition: When buying prints, make sure you understand what type of print you are getting - artist's proof, limited edition, or open ended. The type of print and its scarcity impacts both the price and the print’s future value.
Trust Your Instincts and Connection: Ultimately, the art’s value is determined by what it means to you. Trust that connection, as it is often the driving factor and the reason collectors feel satisfied with their purchases.
Buying original art is a unique experience because its value goes beyond mere cost; it encompasses the enrichment it brings into your life. By understanding the factors that shape art pricing—career stages, market dynamics, cultural significance, and personal resonance—you gain the confidence to choose pieces that truly resonate with you, your budget, and your space.
The categories and vocabulary in this article are just a starting point, meant to spark curiosity and provide a foundation for exploring, discussing, and selecting artworks that interest you. Next time you find yourself asking, Why is art so expensive?, I hope you’ll pause and consider instead, Why is this artwork priced the way it is?
A Deep Dive Into the Art Market
If you want to explore the state of the art market, I suggest these recent reports:
This report from Art price covers topics such as:
The market's rebound after the COVID-19 crisis
The challenges facing the prestige segment
The resilience of the art auction market
The emergence of female artists
This report from UBS Global includes:
A macro-economic analysis of the global art market
Insights from a survey of over 2,800 collectors
Findings that 54% of HNW collectors plan to buy art in 2024
A new regulation for collectors that will make it more difficult to establish art foundations with personal names
This report from Forbes covers topics such as:
The growth of the prints and multiples market
The growing divide between established and emerging segments of the market
This report from Artsy covers topics such as:
The role of online marketplaces in artwork sales
The importance of email newsletters and in-person events as marketing channels
The Collector’s Palette, is an ongoing series of articles that explore the vital roles both artist and collector play in shaping and preserving our artistic and cultural legacy.
Buying art isn’t only about owning beautiful objects—it’s also about embracing your unique role as a cultural steward. As an art collector, you’re part of something bigger - a whole world of preserving creativity, history, and human expression for future generations.
My intension is to help you understand art better, expand your connection to art, and empower you to enjoy the thrill of discovering, purchasing, and collecting art.
** See below for more articles to expand your understanding of art and art collecting.
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