What To Pay For Art? Understanding Prices In The Art World

If you’ve recently been searching for an original piece of art for your home, or perhaps just been browsing a gallery exhibition, then you might be wondering what determines the price of art. This can feel like something of a mystery: who decides whether an artwork is worth £300 or £300,000? Here’s a look at how prices in the art world work. 

Factors that influence the price of art

Art is unique in that it doesn’t have a fixed market value, and ultimately it’s worth what collectors are prepared to pay for it. However, there are a few tangible factors that will generally influence the price bracket of a piece of art, including the following: 

• The career stage and reputation of the artist

• The size and complexity of the piece 

• The medium and materials used

• Market demand and rarity value 

• Gallery representation

• Awards or critical acclaim 

Generally, emerging artists such as Carla Raads will have accessible price points for those looking to make an investment in original art. There are plenty of good reasons to invest in work by early-career artists, besides of course the fact that you love their work and it will add to the beauty and ambience of your home. 

Many collectors become emotionally invested in the career journey of the artist, particularly if their subject matter aligns with their own passions in life, such as nature and the sea. Their understanding and appreciation of the artists’ work evolves and deepens over time as the artists’ style matures and develops. 

Furthermore, the artwork may well appreciate in value over time, as the artist becomes more established and their work is sought after by international audiences. 

Of course, this might not be how a career pans out, but it’s a point worth noting. Ultimately, if you follow your heart and buy a piece that you love, you’ll see the return on your investment everyday, and it will also help to sustain the independent creative community.