Creating original artwork is a significant investment of time and money that involves taking risks. The artist’s talent is the foundation for this investment, and the lack of support from those around them can make it even more challenging. When you purchase original artwork, you not only support the artist’s vision, but you also invest in the future of their craft.
Without artists taking risks, the world would be a duller place. They pour their hearts and souls into their work, hoping to be rewarded for their bravery. But all too often, buyers ignore the artist’s courage and judge the artwork based solely on its price tag. This leads to a great misunderstanding and a devaluation of the artist’s hard work. Let us acknowledge and celebrate the bravery of these artists and reward them accordingly. After all, it is their creativity that brings color and joy to our lives.
The COVID-19 pandemic created the biggest recession in the art market since the 2009 global financial crisis. Unlike that period, virtually all of the mid-sized and larger art markets, including China, experienced a drop in sales values in 2020.
Global sales of art and antiques reached an estimated $50 billion, down 22% compared to 2019.
It’s important to know the international standard canvas sizes. These sizes are represented by the letters “F” for “Figure,” “P” for “Paysage,” and “M” for “Marine.”
One point is equal to “1 F”, “1 P”, or “1 M”.
For example, a canvas size of “20 F” that measures 72×60 cm is equal to “20 points.”
The value of a point is interconnected with the selling history, the fame of the artist, and if applicable, the gallery network.
It is important to understand that the point value of a famous artist will be higher than the points of an unknown artist.
Based on Ricardo Casal’s sales history and fame, his point’s value before the pandemic was $150. However, due to the COVID-19 pandemic, a 30% drop in value is applicable following international art market prices.
This painting, “Bodboron Fish”, was painted in a 50x75cm canvas, which is the equivalent of 20 points in international measurement.
Therefor, the price of “Bodburon Fish” since 2020 is 120,000 PHP, calculated as 30% discount.
However, there are several other factors that affect the price…
As we mentioned before, when determining the price of art, we consider the artist’s sales history, fame, and the cost of living in his location of production.
The last consideration can significantly impact the price. Producing in Paris, New York of Cebu City is very different.