I like that photograph … How much does it cost? How much should it cost?
January 8, 2008
Here it goes, a new record in photography auctions. As reported by PDN online, Richard Prince set the record for the most expensive photo sold at Sotheby's in New York for $3,401,000 USD. Among all images that are available for purchase in the fine art marketplace, one has to believe that this one has to be really unique to command such a price.
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The record-breaking Prince image is from his untitled cowboy series – in which Prince photographed sections of Marlboro cigarette ads and enlarged the photos to an enormous size. The photo sold at Sotheby's measures 100 by 66 inches and was one of an edition of two plus one artist's proof. It is dated 2001-02.- PDN online
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What? An image of a Marlboro cigarette advertising selling for how much?
Besides the artistic merit of this image -of which I have my reservations - what it is clear to me is that I have no clue in general about what is a reasonable price for photographic prints. Sometimes I see prints that I like, and even consider to purchase, but I often get cold feet when I consider the prices for the prints because I have no way to know if the prints that are sold at galleries command reasonable prices or not.
How much it is reasonable to pay for a print?
My guidance is "reasonable is the price that I can afford for a print I love" ... but what if I am paying way too much? or perhaps I am getting a good offer? Often times, even affordable prints are costly enough to ask those questions.
A couple of months ago I inquired for the price of a print of one of my favorite images from Elliott Erwitt (image). When Magnum told me the price of $4000 USD, I decided not to purchase it; it was too much money for me. But I really love that image and would love to have a print. Is $4000 USD too much money for that image? Is perhaps a reasonable price? How can I know?
How do you know what is a reasonable price of a photographic print?
I searched to see if I can find more information about pricing of photographic prints and I found the site, iphotocentral, that has a wealth of information about photo collecting and pricing. One of the articles, On Connoisseurship and Photography Print Values: A Discussion, is quite interesting. There are many other articles that are also worthwhile to read if you are interested in collecting photographs.
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This article is devoted to a very important subject: connoisseurship and the print. This should be a topic of primary concern for any collector, institution or dealer. What goes into evaluating and determining the collectability of any photograph is not easy to discuss, because so much is subjective and determined by the experience of the viewer. And price–on at least rare items–can be equally subjective and determined even by environment, as much as the image itself. More on this later. [article by Alex Novak]
If you would like to read more about the photo market, go to the News & Archives page and look up Issue 28, 4/1/2001: click here, for a surprisingly still very relevant discussion about the issues and trends.
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If you have any suggestion or information on how best to estimate the price of photographic prints, please let me know. It looks to me that pricing of photographs is much of an art as the capture itself. I will surely need to learn to deal with it, before a use my money. Any ideas, any suggestions? Any information?
Miguel Garcia-Guzman
Posted in Photography
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January 9th, 2008 at 10:23 pm
Wow, this is a potentially sensitive subject! Although this is one of those subjects amoung artists that can get talked to death.
Regarding Prince and the like, if the same print gets sold and resold 2-3 times per year for increasing amounts, we are not talking about ‘art’ but an investment portfolio. Not unlike the realestate seculators a year ago in the ‘Hot’ markets, like Southern CA.
I notice that the conversation is very different between the buyers (collectors) and sellers (artist or gallery). Reading the recent photo blogs on this, as an example, http://www.auspiciousdragon.net/photowords/?p=1355
you will find a variety of views, such as the $20 USD 8-1/2 x 11″ Edition prints from Brooks Jensen up to $600 or $800 for the same size Limited Edition prints from others.
I will only say that for me, the price of my print should be more than the cost to frame it. I want my print to be more valuable to the collector than the framing that goes around it. Simple, eh?
Otherwise for many artists, a subject best left to their gallery, as long as they receive enough cash to meet ends and continue their artistic development. I know that this kinda of side-steps the subject, but it is a sticky subject;- )
Best regards, Doug
January 10th, 2008 at 3:39 pm
Hi Doug,
You are right that this is an sticky topic. In a way, it is just a reflection of the difficulty to price art work, as it has both objective determinants (cost or materials, production, distribution) and subjective factors (value of the artistic value of the image).
What it could be very clear to the seller (the seller knows well how it is pricing the image) the buyer usually has no idea about the amount that is requested for the artistic value of the image.
Often times I will see prices for images that I -honestly- find quite inexpensive and I wonder how it can cover costs. Other times, for artists that are equally known -or unknown- the prices are much higher … so it becomes a subjective evaluation of what is reasonable to pay.
The art if collecting images, expecting appreciation in value is a different subject matter as you well say. In this care the trading value is very much determined by the art market, and pricing in that area is quite difficult to predict for people who are not fully dedicated to the task.
Have a great trip!
Miguel
January 10th, 2008 at 4:33 pm
Just as fascinating is the nature of Mr. Prince’s work in relation to current [debates / arguments / skirmishes / battles / wars] over copyright. The NYTimes published an article in December called If the Copy is the Artwork, What is the Original? Mr. Prince repeatedly recreates photos by photographer Jim Krantz as his artwork (in short, copies them precisely then attaches his name to them, without credit to Mr. Krantz), and the art world eats these prints up like vaccine — although what virus these pieces are eradicating in the bodies of patrons is beyond me — I have a feeling the virus should be allowed to do its natural born work.
http://www.nytimes.com/2007/12/06/arts/design/06prin.html
I wish I had something to add to your question about the value of a print, but I don’t at this time. Thanks for raising the question, though.
have fun,
~Brian
January 10th, 2008 at 11:52 pm
[…] 10, 2008 by Miguel Garcia-Guzman Brian was kind to share in the comments to my previous post [thanks Brian] an interesting article published in the New York Times about Richard Prince and the […]