A pieces value depends on the potential patron's willingness to purchase at the price offered. The price should not change dependent on your cost. Its value is NOT attached to the cost of production. Any article offered into a market is subject to a market force called "pricing tolerance". Price tolerance is actually more art then science. Some articles sell better, much better because of another market force called "perceived value". This is why a purse with the right label can be priced at $1000 while an extremely similar article can't be sold at $100. All articles in the market are commodities. The value of a commodity is based on supply and demand. If you sell corn, the value of corn is based on how badly the market demands it and how much supply is available.
Now let's try to nutshell this: Your art is not widely available, which is good if this article is in demand. You then must move to price tolerance which is where percieved value rears its confusing head. If you under price your work, people will assume it's not worth much and then choose not to buy. The best way to achieve another market force called "price equilibrium" is to enter the market place and go on a price discovery mission. A mission, isn't this getting exciting? Simply put, you shop the market, find similar works and price your stuff competitively.
Here is where the nut takes root: So now, with out caring about price of production, you have gone on your price discovery mission and you now know how the market values your work (pricing tolerance). From this you have now understood the perceived value of your work and you have your price point discovered of your work. Now with this you take a look at your cost of production. Now you have your profit margin. then you ask; "is this enough for this to be a worthwhile proposition?".
Now you have a formula, my work is worth xxx per square inch, and you sell (hopefully) consistently at this price.
Probably more info then you need, but I did my best.
The California artist Jerry Lipp is regarded as an instinctive master of acrylics. He achieves strength, drama and richness of color in a medium not easily controlled. His masterful techniques and incredible palette have long been recognized as unique and interesting as his works have earned international accolades.
Lipp was born in Los Angeles, California in 1962 and has always been immersed in art. Talent courses through him via his bloodline. Both of his Grandmothers were accomplished professional oil painters. His interest in art was guided by this constant exposure, guidance and tutelage of his family. This gave Lipp an incredible opportunity to learn from those master artist’s who were in the circle of his grandparents. Soon after this he was able to gain access to the newly developed world of acrylics. Frustrated by the “drying time” of oils, he took to this medium immediately. As acrylics gained popularity he grew his knowledge and abilities. He sat at the knees of some of the earliest artistic successes in the world of acrylics. He was able to digest a myriad of techniques as they were first developed. As the world of this new medium exploded so did his intimacy with this incredibly diverse ever expanding exciting new universe.
His earliest works proudly hang and are still highly regarded in collections worldwide. The artist sold his first piece in 1971 at age 9; “Man Pushing a Rock” was a sculpture of copper wire and stone, thoughtfully created with the mythical Sisyphus portrayed with all the emotion and frustration stunningly captured at just under one foot tall. He went on to create dozens of these works as well as hundreds of acrylic, oil paintings and sculptures all sold through the formative years of his life.
Though already an accomplished and successful professional artist, in 1981 Lipp attended the California Institute of The Arts. He was able to work his way through the Institute with his continuing success as a highly regarded artist. The artist continued to study under many internationally recognized abstractural masters. He continues to learn and grow as an artist. Lipp believes that arts creation is a practice, much like many other professions. “The longer you do, the more you create, the better you get.”
In 1987 Lipp went on to teach, unfortunately now with the demands on his time he will only occasionally be able to budget time to instruct a few workshops. Lipp regrets that his teaching career has been limited by these demands, he states “I love to teach, my biggest regret is that I haven’t enough time to do both, teach and create. I learn so much from teaching.” Though Lipp continues to give back with his participating in a number of foundations and charities, he still plans to teach in the future.
With this latest venture, the resulting works manage to convey effortlessly the particular emotion of each subject. We anticipate that his very personal vision and interpretation of these sensual subjects will appeal to his audience for years to come.